Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
No. A lender needs to have a "security interest" with anyone who has rights to the vehicle. If an owner is listed on the title they have the right to sell a vehicle. A lender does not want to be in a position where a non-borrower has rights over property used as collateral on a loan.
No, they just have to have proof you borrowed money and used the car a collateral for the loan. The contract you signed promising to pay them back is that proof.
The difference between an unsecured loan, and a secured loan is pretty substantial. A house, or a car is used as collateral and therefore secures the loan for the lender. For an unsecured loan, there is no collateral available to the lender.
No. If they do, that would be considered theft and that is obviously against the law.
No, it has a lien on it. You cannot sell it without permission from the lender.
The lender can sue for the amount of the loan (including interest and late fees), and any legal fees (such as court filing fees and attorney's fees). They COULD garnish wages and repo any collateral used to "get" the loan.
you owe somebody money and your car was used as collateral
Only if you put a lien on the title
You need to know who the leinholder/lender is OR which repo company is looking for it. The VIN is used to trace the leinholder. IF you need more help, email me.
turning over the title is NOT the only way to record a lien on your car. IF the lender did it correctly, YES, it can be repoed.
Yes, unfortunately. The land will be on the deed of the property along with the mobile home, therefore, it will go to the lender.
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.
Each lender has their own way of disposing of a repo. Most will sale them at dealer only auctions. You can purse getting a used car dealer licenses from the state you reside and attending these auctions.
The most comonly used types of collateral used to secure a loan are: real estate, cars, investments, future payments but high value objects like pieces of arts or valueable jewelry may also serve this purpose.
No what he did is called assault.....is this a repo co. or a private individual? If your car is up for repo the police will not arrest you it is a civil matter between you and the lender.
what are the types of collateral securities used in bank lending
There will be a lien on their title from their lender. You need a title in your name with them only as the lienholder. Unless you are paying cash, then there would be no lien on your title.
Securities lending is a term that is used in borrowing loans where the borrower is to provide the lender with some form of collateral. This can be inform of government securities, documents for assets owned or letter of credit.
A mortgage is is used to secure real estate pledged as collateral for a loan.A mortgage is is used to secure real estate pledged as collateral for a loan.A mortgage is is used to secure real estate pledged as collateral for a loan.A mortgage is is used to secure real estate pledged as collateral for a loan.
After the lender gets a judgment they can garnish your wages but they cannot getyour house unless you used it as collateral for the car loan.
Call a local attorney for state/case specific advice.
Don't think so , unless you used your house for collateral when you bought the car. Generally they will repo (take it) it and you may be responsible for the remaining balance that is owed.