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If you default on an auto loan and the lender repossesses the vehicle, they will sell it (usually at auction) and get what they can for it. The amount they receive is (almost 100% of the time) less than you owe on it. Using round numbers, the vehicle's contract cost was $20,000. When it was repo'd you owed $15,000. The lender sold it at auction and received $8,000. You owe the lender $7,000. And you have no car. If you do not pay this difference and you have an asset (like a house) they can come after you. Depending on the laws of your state, the lender may place a lien against your home so that they get their money when you sell your home, or there may be other legal remedies available to them. Be smart. Do not wait. Start asking questions of people in your state (i.e. an attorney) who can tell you what you are REALLY up against.
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If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
Will a bank help you take out car loans?
Auto Loans - Save time and money with an auto loan from Capital One. Apply for auto loans online in minutes and lock in our competitive auto loan rates.Looking for an auto loan calculator? Bankrate provides car loan and auto loan calculators to help with your buying decision.
I have an auto loan in my name can i get another auto loan in my name?
If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.
Does an auto loan calculator help you figure out your final amount paid including interest?
Yes, an auto loan calculator calculates all the aspects of what you would pay when you take out an auto loan. It includes the interest and will give you a good idea of how much would be paid overall on the loan.
What are auto loan rates used for?
Auto loan rates show the person receiving the loan the amount of interest a receiver will pay for the loan. A high rate will mean that it will take longer to pay off due to more money needing to be paid for the interest.
If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
Will a bank help you take out car loans?
Auto Loans - Save time and money with an auto loan from Capital One. Apply for auto loans online in minutes and lock in our competitive auto loan rates.Looking for an auto loan calculator? Bankrate provides car loan and auto loan calculators to help with your buying decision.
I have an auto loan in my name can i get another auto loan in my name?
If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.
Can you take out a used auto loan and use the 'to be purchased' used auto as collateral for the loan?
In most areas yes, it is called collateral.
Are auto loans secured loans?
Yes, they are. An auto loan is secured loan based on the collateral of your vehicle. If you don't pay the loan they will unfortunately come take your car away.
Can they take income tax check if get repossession in Arizona?
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
If you default on a loan in UK can they take your house?
This will likely depend upon the type of loan you took out and whether or not your house was placed as collateral on the loan.
Why do you need to use an auto loan calculator?
An auto loan calculator allows you to tailor an auto loan quote, taking into account different aspects and conditions of your financial situation. In tern you can take the information gathered and determine the best deal.
Does an auto loan calculator help you figure out your final amount paid including interest?
Yes, an auto loan calculator calculates all the aspects of what you would pay when you take out an auto loan. It includes the interest and will give you a good idea of how much would be paid overall on the loan.
If you are behind on an auto loan can the bank take money out of your checking account to pay the loan?
Read your loan agreement....it probably has a clause specifying they can.
Can you take out a personal loan for a house?
No. It is unlikely any lender would grant an unsecured loan for a house. They want to be able to take the property by foreclosure in the case of a default.
What are auto loan rates used for?
Auto loan rates show the person receiving the loan the amount of interest a receiver will pay for the loan. A high rate will mean that it will take longer to pay off due to more money needing to be paid for the interest.
