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Yes, you are legally bound to pay the difference is what the lender sells the car for and the balance on the loan.
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∙ 11y ago
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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.
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.
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.
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.
What difference does it make if you get a grant or a loan?
You have to pay back the loan with interest.
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.
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.
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.
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 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.
Define outstanding loan?
Difference between loan disbursed and loan outstanding; the unpaid remainder that you still owe.
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.
