No, unless that dealership is of the buy and driver variety. Dealerships are that, a dealer in vehicles. Dealerships do not typically provide financing; this is typically the venue of the finance company. In the event the dealership is a buy and drive, then yes, they are a secured creditor. That is, of course, they are lax enough to not actually secure the vehicle they sold in the loan contract.
A secured creditor is one who has a contract with you that says if you fail to pay, the creditor can take a specified item you own to satisfy the debt. Most common are purchase-money loans, such as mortgages or car loans, but it can be any item.
A creditor is a person or organization to whom one owes money. A secured party creditor is one who has a lien on tangible property, such as a car or house, until the money is paid back.
In a Chapter 7 bankruptcy, a secured creditor has the right to repossess any secured property and sell it. However, if the car does not bring enough at the sale to pay off the entire loan and cost of repo, the automatic stay prohibits the creditor from pursuing this deficiency balance.
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
If it is too difficult to maintain payments on a car loan, it is possible to voluntarily give it back to the creditor or dealership. In some states, however, a creditor can sue for the remaining balance owed on the loan.
* An unsecured debt, generally, is a debt that is not backed by collateral. For instance a car loan is secured by the security interest the lender has in the car. A credit card which is not backed by collateral is not secured by collateral therefore it is an unsecured debt. Generally, yes a creditor can sue for unsecured debt, the creditor just doesn't have any interest in the good that formed the basis of the loan.
Yes, in Connecticut it is a basic form of fraud instead of specific (Other states name it as a separate crime; Hindering a Secured Creditor): To hinder, defraud, or unlawfully delay possession by a secured creditor; is a basic act of fraud.
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.
To receive the proceeds, before others, fom the sale of the secured property.
Hindering a secured creditor means hiding or concealing property that is theirs. It can also mean not releasing information about a debtor that you would know.
In law 48, what is a creditor? Is law 48 fair to creditors?
A secured loan application is different because the person who takes out the secured loan pledges an asset. An asset must be something of value such as a home or car. They then use that as the collateral, so that way if one does not pay the secured loan the creditor takes possession of the asset.