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How do you get a car loan with an open bankruptcy a total loss car and no co-signer?

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2015-07-15 19:18:19
2015-07-15 19:18:19

go to a buy here pay here car lot with a nice down payment you will get a car. BUT ask your trustee for permission.

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It is very risky and difficult for one to get a bank loan after going bankrupt.But you can actually go for a loan considering what kind of business or project thefund is to be invested on. Besides before this loan can be granted to you, theyhave to be collaterals and security measures put in place outside the otherbusiness collaterals that led to your bankruptcy in order to prevent reoccurrence or loss.

Unused loan loss reserves represent an overestimation of the bad loans on the books. Ultimately, the unused loan loss reserves would be taken into income

loan loss reserve: loans are going to default so banks use part of provision to book reserve. loan loss provisions: percertage of gross loans that all banks have to keep in their balance sheet as regulated

On the high side 15 bips of the loan amount should be set aside for loan loss reserves. example a $100,000. loan amount $150.00 should be set aside for the llr.

Bankruptcy can happen to anyone and it can be caused by several factors. Divorce, lawsuits, job loss, medical bills, and business failure can all be cause for bankruptcy. Visit my profile/site For more bankruptcy information.

You are certainly responsible for the actions of primary to the extent of the loan. No. In no way could a person be held legally responsible for an accident on grounds that they were the cosigner of the loan that procured the vehicle. You are neither responsible, and the other side of the issue, nor at any particular risk of loss. Even if the owner is entirely liable, and unresponsible to the degree of not having insurance or other assets to pay for damages they caused, any judgment against them would probably try to get other $ first, and could only try and get to the equity, that is the amount of value above the amount of the secured loan on the car, if any, AFTER paying off the secured creditor - which is the loan you co-signed, releaving you of any responsibility. But, it would make just as much sense, and maybe more, for someone to sue the bank that made the loan as to try and get you, a co-signer of the loan, involved.

The person or business may not pay the loan back and the bank has to take the loss

The duration of Total Loss is 1.58 hours.

Circuit City declared bankruptcy because of poor timing and bad management which resulted in constant profit loss.

Amount of money that a bank might lose because of its loan not being fully repaid.

GAP insurance helps cover the difference if your car is deemed a total loss and is worth less than what you owe on the loan. GAP insurance only runs out when you pay down your loan enough that you have equity in the vehicle.

>80% The total loss of a species is called extinction.

the safe bet is to call them about it. I would assume no though because that's how it works with federal loans and such. there is probably some legal work that needs to be done with sallie Mae for sure so contact them. im sorry for anyone's loss.

Time to break out the policy and have a look. Most the time they will not give you enough to pay off your current loan. Even though your car is no longer salvageable, you still are responsible to pay for the remainder of your loan.

they gave up trying to collect and call it a loss.

After a total loss if the loan is not completely paid off by the settlement then the one who has been responsible for the payments will be responsible for any remaining balance with interest. There are so many different insurance and finance companies and they all have different rules you should make appropriate contacts to get the actual answers.

That depends on the state you live in and the loan company. Talk to your lawyer about this. The bank can always agree to rewrite the loan, which is essentially what has to happen for it to be given a new interest rate. Why they would provide a bankrupt a loan, especially one at a lower rate, I don't know. Maybe they don't want the security back, and feel they would have a greater loss by doing so and in order to prevent a loss by your BK they would rather get less on the existing one. So while you may be able to reaffirm (or get someone to give or maintain your creditability)...you cannot just decide to change the terms to what you want and reaffirm.

Some factors which lead to the Bankruptcy.1. Due to job loss unemployed.2. Poor/Excess Use of Credit3. Unexpected Expenses4. Medical Expenses

Your equity loan has no bearing on your ability to file a claim. You just call the insurance company and report the loss.

No, dividends cannot be paid out of a retained loss. In order to pay out your retained losses, you will need to get a shareholder loan.

If your vehicle it considered a total loss, your Total Settlement Value will include Taxes, Transfer Fees, Deductible and your Loan/Lien. *This is with State Farm Insurance, I am not sure about other companies.

The fact it was charged off means nothing to you...it is simply an accounting entry by the lender so his financial reports record the loss on the loan. You still owe it and they have the right to collect it.

The criteria for eligibility for unemployment has to do with circumstances of loss of job, not whether you are in a bankruptcy.

Partial or total loss of voluntary muscle use is called paralysis. Paralysis can lead to the loss of an independent lifestyle.

No, most lenders will be looking at your credit before they accept you as a cosigner. They are looking for someone responsible since you are in essence saying that you will be paying the loan if the primary signer can't for any reason--sickness, death, layoff, loss of job etc. It will be your job as a cosigner to follow up and making sure the primary person is making payments...if they are not you will need to. This will affect your credit if you let it go...and it will not be good. It could also last for years affecting both of your credit reports..


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