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You could go to jail for selling a car that you owe money on. Felonies are different in different states. Call a local attorney and ask for a free consultation. If it is a felony in your state, you're gonna NEED an attorney.

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โˆ™ 2015-07-15 19:50:44
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What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

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Q: If you sell your car after using it as collateral on a loan can you be prosecuted?
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Can you sell a car that you used a collateral?

No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.


Can you sell your car if it is being used in a cross collateral loan?

No, it has a lien on it. You cannot sell it without permission from the lender.


Can credit union hold title on car if car used as collateral and loan is default?

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.


What does secured loan?

A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.


What companies sell a fixed home equity loan?

A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.


What does secure loans mean?

A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.


Term describes the right of a lender to sell collateral to get back the principal if the borrower cannot repay the loan?

Lien is the term


What services are offered by a pawnbroker?

They basically offer high interest loans in exchange for holding collateral which they sell if the loan isn't repaid.


How can you be approved for a sba small business loan?

You would have to first find a product to sell. Then you have to have investors, your own money, or collateral to put up for the loan. Contact a bank to make an appt.


Can you sell your paid for home if the loans you co-signed for are not paid the loans are being deferred and your home was the collateral?

Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.


Can you sell your car if they sent you the title by accident and continue your payments?

Not a wise idea because your contract with the finance company probable holds the vehicle as collateral. If you no longer have the collateral they can demand payment in full to satisfy the loan.


Who holds the collateral in a loan with collateral?

Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.

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