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If you let your dad and his wife use your truck for collateral on loan in their name and he died shortly after who has to pay this back to bank?
Wiki User
∙ 13y ago
Well, the estate does. Unfortunately, if there are no funds available in the estate to pay the loan balance, the vehicle must be surrendered or it will be repossessed. To avoid this, you might discuss with the lender options for you to pay ort assume the loan. This will protect your truck from recovery.
Wiki User
∙ 13y ago
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What is collateral as it relates to the business?
The word collateral in business is that the bank has rights to take away your collateral or something that you put in stock that you own. For example, John owns a farm and he took a loan. The problem is that he didn't deposit his loan in the bank back, so the bank took his collateral that he put in the bank if he didn't pay his loan back. So that is why the bank has John's farm. So I prefer that if you take a loan, then pay your loan back. Or else your collateral is bye-bye.
Collateral securities used in bank lending?
what are the types of collateral securities used in bank lending
Can a bank refuse to release collateral if they have excessive collateral?
They can refuse if the loan outstanding is much more than the collateral provided. Ex: If you have a loan outstanding of 100,000$ and you have provided a collateral of 50,000$ you cannot expect the bank to release any collateral. Lets say your outstanding is only $30,000 then you can expect the bank to release a certain portion of the collateral atleast $20,000
Can you get an additional loan on property already collateralized?
If it is with the same bank/financier then - Yes (Depending on how much loan you already have and how much collateral you have provided) Ex: Lets say you have a bank CD of $100,000/- as a collateral for a loan of $50,000 then the bank may give you extra loan against that CD. But if you already have a loan of $150,000 then the bank may not give you any further loans on the same collateral If with a different bank/financier then - No. If you provide something as collateral you need to submit the original docs to the bank. So any other bank may not grant you loans on that collateral.
What provides a bank with collateral on a car loan?
The car itself
Can you help me by giving me a collateral loan on my SUV Ford Escape. I need a collateral loan of about $6, 500 or so. I can pay it back within a 12 month period?
No I have no money to loan but you might get a personal loan at a bank. They are fairly easy to get.
Is a collateral loan considered a repossession if you don't pay it back?
Failure to repay a loan which has been secured by means of collateral may result in the seizure of that collateral. This would constitute repossession only if that collateral was something that you had purchased with the borrowed money. It could be something entirely different, though. Any valuable possession can be used as collateral, if the bank agrees. If it is, let us say, a piece of jewelry that you had inherited from your grandmother, it would be something that the bank had never previously possessed or financed, hence, the seizure would not technically be a repossession. You can only repossess what you previously possessed.
How do you use Check as a collateral?
You cannot use check's are collateral. Either cash or bank deposit receipts or property can be used as collateral. Usually check's have a validity period of 6 months after which they are useless. So banks would not accept them as collateral
What is Regions Bank Collateral Insurance lienholder address?
Regions Bank P.O.BOX 1984 Birmingham, AL 35201
If a persons owes on a truck and dies leaving no estate can the bank sue?
The bank doesn't need to sue. If the truck loan isn't paid the bank can/will repossess the truck.
Can you get a bank loan with an IRS levy?
Sure. Be prepared to put up collateral.
How can I apply for a line of credit with your bank?
To apply for a line of credit one must go into the bank of their choice and speak to a loan officer. One must have collateral and a reasonable income that will show that if your project fails the loan can be paid back.
