In a word YES any difference in the amt. of loan and amt. lender recovers can still be collected.
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.
Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.
You have to pay back the loan with interest.
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.
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.
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.
You go to the bank and ask for a 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.
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.
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.
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.
Difference between loan disbursed and loan outstanding; the unpaid remainder that you still owe.
YES, you pay all the loan amount, sooner or later.
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 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.
No, you will not be arrested but you are still liable to pay back 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.
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.
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.
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
yes, and you may be required to do so.
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.