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If you fail to make three car payments can the lien holder say your act is a felony?
Wiki User
∙ 17y ago
Total nonsense...They are trying to get their car back. Scare tactics. But that does not make it true. Failure to make payments on a loan is NOT a felony. You are defaulting on a loan and they have every right to repossess your vehicle, sell it, and you pay the difference in what it brings at sale and the total left on the loan. You will also be assessed repossession fees. Of course your credit will be ruined for 7 years, but you for sure are not going to be charged with a felony.
Wiki User
∙ 17y ago
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What happens when you fail drug test for felony possession of cocaine.what happens when you are on probation for felony posrssion of cocaine and you fail drug test for cocaine?
If you are on probation for felony possession of cocaine and fail a drug test for it, you go back to prison to complete your sentence.
If someone made payments to purchase vehicle then changed their mind are they entitled to a refund of payments?
Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than the loan amount.
Can a vehicle be impounded or forfeited?
Yes, it can if you fail to pay the legal fees or fail to make your monthly payments on a loan.
Does a co-signer have the right to take the car if you are behind on payments?
When you fail to make payments, they go after the co-signer. It can affect his credit. If he makes the payments he can take the car. You wouldn't want to make payments for someone else's car.
When does your car get reposessed?
When you fail to make the car payments. Usually the bank or financial institute that holds the lien will give you fair warning for payment and then they will tow the car if no payments are made.
If you cosign for a car does your credit rating improve?
Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.
Can a cosigner help your credit?
from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.
What kinds of jobs cant i get with a felony?
almost anything depending to the company's policy. if everything else fail open your own business.
Will you lose your vehicle if a lien is put on it?
If you make your monthly payments on time each and every month then no. A lien basically means whoever you owe money on the car to can take it should you fail pay off the loan by not making the payments. In exchange for borrowing thousands of dollars so you can own the car, your car is put up as collateral so the finance company can take it should you fail to make payments.
After three shakes is it playing with yourself?
FAIL!
If you fail to pay credit card payments on time how long will the missed payments be reported on your credit report?
Seven years. However, they will have less effect as time goes by. For example, late payments over a year old do not harm your credit as much as late payments from last month. Late payments over 2 years old are generally ignored.
Can a mechanic put a mechanics lien on your car as long as you are making monthly payments of some kind?
If you fail to pay the mechanic for services then they can put a lien on your car and this has nothing to do with you making the monthly payments on time.
