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If I default on my personal loan agreement, can they repossess my collateral?
Wiki User
∙ 14y ago
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Wiki User
∙ 14y ago
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Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
What is collateral agreement?
A collateral is nothing but any asset (Bank deposits, your house, jewels, machinery etc) that the bank can convert to cash by selling it if you default on your loan repayment. The presence of a collateral enhances your credit profile and improves the chances of your getting the loan. An agreement wherein, the loan customer accepts to the conditions of the loan granting banks control over the collaterals is termed as a collateral agreement
Can the lender charge off the remaining balance of 850 dollars on a car loan of more than 13 thousand dollars which has been paid and then repossess?
As long as there is a contract with your car as collateral and the contract is in DEFAULT, the leinholder can repo(excluding B/K).
Can you get a loan at 18 for an apartment with no credit or parents help?
It may technically be possible, but it's unlikely. At 18 you will have no credit history, which makes you a bad risk, and "a loan for an apartment" doesn't sound like there would be any collateral to repossess should you default.
What is the difference between security and collateral security?
Security is broader, including guarantees etc. Collateral is something specific that can be seized upon default, like a house, car, or shares.
What circumstances other than overdue payment permit a creditor to repossess collateral?
The answer to this question depends on your contract terms. Usually, a contract will spell out what constitutes a default. The contract should also say that if you default, they can repossess the collateral.
Can they repossess your car the day after they receive a partial payment?
As long as you are in DEFAULT of the contract, the lender can repo the collateral.
What can a creditor do if you stop payments on a secured loan that was not reaffirmed?
Repossess or foreclose on the secured property if the agreement is in default.
Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
If creditor has threatened to repossess if a certain amount is not paid and you have paid partial can the vehicle still be repossessed?
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
What is collateral agreement?
A collateral is nothing but any asset (Bank deposits, your house, jewels, machinery etc) that the bank can convert to cash by selling it if you default on your loan repayment. The presence of a collateral enhances your credit profile and improves the chances of your getting the loan. An agreement wherein, the loan customer accepts to the conditions of the loan granting banks control over the collaterals is termed as a collateral agreement
What will happen if you do not have insurance on your car and the lender is about to repossess it?
If not having ins. puts you in default of the contract, that may be why they are going to repo the car. lenders insist that the collateral be covered by ins. to protect them, not you.
If a car payment is due on the 14 but a payment will not be made until the 29 can the dealer repossess the car in Georgia?
YES, if you are in default of the contract, the collateral can be repossessed. Read your contract again.
Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?
IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?
Will the government repossess your home for student loan default?
No, they will not.
Can they repossess your car if your living in it?
yes, it is a default on a loan
Can a lender repossess a vehicle if you send less than the asked for monthly payment?
AS long as you are in DEFAULT on the contract, the lender can repo the collateral. Usually that also means have full coverage ins also. Read your contract again.
