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What else can I help you with?
What happens to the car and title if primary person on car loan dies and the secondary person has survived?
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
What education do you need to become a car mechanic?
2 years of secondary school
Is it possible for a cosigner to become the primary borrower on a car loan?
Yes, it is possible for a cosigner to become the primary borrower on a car loan through a process called refinancing. This typically involves the cosigner applying for a new loan in their name only, which pays off the existing loan and transfers the responsibility solely to the cosigner.
What can you do if you become ill and owe car loan payments and you can no longer pay?
Depends how ill you are. But I'm sure no matter what, they'll make you pay off the car loan.
What is a senior loan?
If you were to loose your home for example...and the forclosure took in 100k, and you had a primary loan of 90K, and a secondary loan of 90K, then ... the primary (senior), loan gets 90K, and the secondary loan gets 10K.
If you are primary on a car loan but the secondary is the one actually making the payments who owns the car?
Both of you. The payer may have greater rights to the vehicle, but both of you legally own it.
Can a co-signer take over a car loan?
Yes, a co-signer can take over a car loan if the primary borrower is unable to make payments. The co-signer would then become responsible for repaying the loan.
What happens when you default on a car loan?
When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.
What happens if you co-sign a car loan and the primary borrower passes away?
If you co-sign a car loan and the primary borrower passes away, you may become responsible for repaying the loan. It is important to carefully consider the risks before agreeing to co-sign a loan.
Can a cosigner take over a car loan?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. The cosigner would become responsible for the loan and would need to make payments to avoid default.
After you've paid your car and the interest rate is left on the loan and you don't pay can they repo the car?
after paying the auto loan to cover the car and more. What's left is the interest rate the lender adds on at the end of a loan, if you become delinquent in paying on the interest added, can the care get repo'd?
Can a financed car be used as collateral for a loan?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
