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The simple answer is, yes!
Let's go from the standard cause and effects. At the day you purchase your car, you sign a contract agreeing to pay a certain amount of money monthly of a period of time. If during that time frame of that contract you either voluntarily surrender the car or it is repossessed for non payment, the standard contract agreement states that even if the car is surrendered or repossessed, you must pay the remaining amount of the contract.
Each style of contract is a little different. If you are in a lease contract for an example of 36 months, and must pay $1000.00 a month. The total amount paid over the length of the contract is $36,000.00 if it is completed. But let's say you turn the car in after the 26th payment. That would leave $10,000.00 remaining owed. The finance company can pursue you for that amount, as well, any additional fee's IE: Lawyer fees, court fees, collection fees, etc, etc.
Now if you were going to purchase the car and had a 72 month contract. The final price of the car once you signed the final paper work on the agreed price was $30,000.00. After making 50 payments and paid $22,000.00 so far. You surrendered the car; the finance company will auction the car at the standard Automobile Wholesale Value. You owe the finance company $8,000.00 still. But the car only sales for $6,000.00 in auction, you will still have to pay the $2,000.00, as well any additional fees. Now let's say the car sales for $8,500.00. The finance company must return to you any overage amount it receives. Keep in mind they still will take out the fee's there.
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Do we the people have to submit my bank statements to the bank holding a car loan?
Not after you are approved. if you can't afford to pay, surrender it/
Will a bank buy back your car and pay on the auto loan for the amount of purchase?
yes
What is the difference between a policy loan and a partial surrender of a life insurance policy?
A policy loan is a loan against your cash value that you would have to pay back and they charge you an interest on the money you took out. The partial surrender is taking some of your cash value but it in effect will lower the death benefit. Careful!!
What happens if don't pay the car loan?
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
How do you you get out of a car loan when moving overseas?
Sell the car!! Just because someone is moving out of the country does not remove their responsibility of paying the car loan. You agreed, in writing, to pay back all monies loaned to you to purchase the vehicle. You must pay the loan one way or the other.
Do we the people have to submit my bank statements to the bank holding a car loan?
Not after you are approved. if you can't afford to pay, surrender it/
What if in bankruptcy you ask to keep your car and then can't pay it?
The car will be repossessed, unless you surrender it. If you owe more than the car is worth, the lender will not likely want to accept a surrender unless you can pay the balance due on the loan. Your state may not allow creditors to go after loan balances if they repossess a vehicle. Consult a local bankruptcy or consumer debt attorney.
Can you be arrested for owing a title LOAN anD longer have the car?
No, you will not be arrested but you are still liable to pay back the loan.
How can you get a car loan while on unemployment?
Get job or ask your mamma or dada for loan and you wll pay them back
Do auto cash title loans put a lien against your car?
Auto cash title loans do not put a lien on your car. What happens is you surrender the title to the loan company and they give you cash. If you fail to pay back the loan, they have the title and are now able to legally come and take your vehicle.
Can a cosigner take your car and pay off the loan then do you have to pay him back for the loan and fixing the car?
It sounds entirely reasonable that you would pay them back for the remaining amount of the loan and for the needed repairs. I assume that the co-signer was trying to get the loan off of his credit and that perhaps you were not paying regularly or on time. There may be other circumstances that are not addressed here.
If you cosigned on a car loan and the car got repoed can you get the car back if you pay the loan off?
Yes, You are still considered a signer of the note. You will have to pay repo costs and any other charges that may have occurred, but you have every right to get vehicle back. talk to your bank where the loan was processed and they should help.
Can a family member take your car if you signed over the title to them for a personal loan?
Yes, if you did not pay back the loan. That is what "signing over" the car is all about.
When your car is repoed and you pay the loan off how long do they have to give the car back?
they usually do not give it back. once they take it, it is theirs.
What happen when you have a title loan and the car gets booted?
It's still your car as long as you pay for it. You are expected to pay impound to get it back.......................but they have the title
How do I get rid of car that I don't want?
take out a loan on it and just don't pay it back! (:
Is it better to buy a car with cash or a loan?
cash, then you dont have to pay anyone back
