answersLogoWhite

0


Best Answer

Yes, you are legally bound to pay the difference is what the lender sells the car for and the balance on the loan.

User Avatar

Wiki User

โˆ™ 2012-06-24 13:46:26
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards

Economics

30 cards

The existence of an international division of labor among countries enables those countries to have what

What provides a bank with collateral on a car loan

What is one of the disadvantages of getting a government-sponsored mortgage

What does a good credit history do for consumers

โžก๏ธ
See all cards

Economics

31 cards

The existence of an international division of labor among countries enables those countries to have what

What provides a bank with collateral on a car loan

What is one of the disadvantages of getting a government-sponsored mortgage

What does a good credit history do for consumers

โžก๏ธ
See all cards

Add your answer:

Earn +20 pts
Q: Do you still have to pay the difference in the Loan?
Write your answer...
Submit
Related questions

Can they make you pay back the loan if you turn in your vehicle?

In a word YES any difference in the amt. of loan and amt. lender recovers can still be collected.


Do you have to pay the difference on a repossession car loan?

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


Can you trade in a loan car?

Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.


What difference does it make if you get a grant or a loan?

You have to pay back the loan with interest.


Do you still have to pay off the loan once your car is repossessed?

In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.


What is an unsecured loan used for?

The difference between an unsecured loan and a secured loan is very big if for some reason bankruptcy is declared or the loan cannot pay repaid. Secured means that the buyer still needs to repay and unsecured mean he doesn't if bankruptcy is declared.


Do you have to pay a Tennessee title loan back if you never had a clear title?

Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.


How can you sell your home to a bank and pay the difference in the loan?

You go to the bank and ask for a loan.


What is a reaffirmed loan?

A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.


If you don't have a job and your car gets repossessed do you still have to pay for it when you didn't have a job when you first got the car and no credit was checked?

Read your loan agreement.Yes you will have to pay for balance of the loan after your vehicle is sold or auctioned.Your current or past job status makes no difference to the bank.


How can being a car loan co signer affect applying for a mortgage?

If they pay the loan late it will report on your credit and effect your credit score--which effects your rate. But if they do pay late, and you can show from cancelled checks that they pay the loan you can still get a loan.


What happens when your return a car to finance company?

It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.


Define outstanding loan?

Difference between loan disbursed and loan outstanding; the unpaid remainder that you still owe.


Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?

YES, you pay all the loan amount, sooner or later.


Can you still get a pay day loan if you are unemployed?

YES


Can you pay on student loan while still in school?

no


What is the difference in a car loan and home loan?

The difference is that one is for your vehicle (car) and the other is for your home. For both you are being loaned money and will need to pay them back but basically that's the difference.


If you have a student loan from Sallie Mae and you dropped out after two semesters do you still have to pay it back?

If it is a loan, you have to pay it back. If it's a grant or scholorship, you don't. Doesn't matter who you got the loan through.


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.


When a car is repossessed in Texas do you still have to pay the loan?

The car will be sold to satisfy part of the loan. Any money left over after paying for the repo man, and any admin costs will go toward the loan. After that, whatever is left on the note is your responsibility. You STILL have to pay off the loan unless you file bankrupcy.


Should you use your home equity loan to pay off your car loan?

I would need more details but in general, the answer is no. If you don't pay your car loan, you lose the car. If you get a home equity loan and can't repay it, you lose the house - big difference.


If you moved to another country but still have a car loan can you refinance that loan in someone else's name?

The "someone else" needs to apply for a loan to pay off your car loan. With your loan paid off, you can sign the title over showing it free & clear. Don't sign off on the title until you know the loan is paid--or you could find that you no longer own the car but still have a loan to pay.


Is a cosigner's spouse responsible for the loan if he dies?

No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.


You are a cosigner can you still pay the loan when the primary loan holder files bankruptcy?

yes, and you may be required to do so.


Do you still have to pay off a loan for a stolen vehicle?

Yes. If you signed for the loan, you signed up to pay it in its entirety. Hopefully, your insurance will cover most of it, but the rest is your responsibility.