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Is a collateral loan considered a repossession if you don't pay it back?
Wiki User
∙ 11y ago
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.
Wiki User
∙ 11y ago
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Where can I gert a loan using my car as collateral?
I dont have great credit & need a loan bad I have a 2004 Chevy Venture Van paid for that i can use for collateral where can I go to get a loan?
What happens when you dont payfor a car if you dont pay after signing a agreement to keep the car after bankrupty.?
Delinquency of 3 months or more (in some cases 2 months) will result in repossession of the vehicle. If you are unable to keep your payment arrangements I would suggest contacting your financial institution to see if they are willing to work out a different payment arrangement with you. If that is not an option than voluntary repossession is the way to go. It will save you money in the long run.
Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
What are the common problems of lending company?
you dont get it back.
Is it likely that the original lender will accept a settlement offer on a charged off repossession if repo and charge off happened one year ago and you have been making payments?
They wont if you dont ASK or make the offer. Call 'em...
Is it considered a repossession if you take the car back before the first payment is due because the dealer lied about what he would do to the car and how many miles were on it?
Charlie, if you signed a contract promising to pay X number of dollars for X number of months and dont pay, then the collateral will be taken back and considered "repossessed". Doesnt matter how the collateral gets back to the lender. Its a businness deal.
What if you dont have the car you put up for collaterall?
This is foolish if you cannot pay the payments. Get the car back or risk repossession.
What is needed to become a repossession agent in Oklahoma?
my answer is to just go to oklahoma and just you becomes a repossession agent..........this is not real DONT DO IT.
What if you are getting your car repoed but you dont have the car?
Then tell the Repossession agents where it is and who has it.
Is it fraud if you sell something that is collateral?
Collateral meaning there is a lien or chattel against the object, then the answer is yes IF YOU DONT INFORM THE BUYER, and get approval from the lien-holder.
Will you be able to get any financing after something has gone into repossession?
I dont see why not... Anything is posible..
Where can I gert a loan using my car as collateral?
I dont have great credit & need a loan bad I have a 2004 Chevy Venture Van paid for that i can use for collateral where can I go to get a loan?
Can boat motors be repoed in Florida since they have no title?
I honestly dont know BUT they have a SERIAL number. Soo they can be identified as collateral for a loan and traced as stolen. Might be hard to find a serial number quietly to repo the rught notor. Boats can be repossessed in Florida if the serial number (hull number) is listed as collateral on the loan documents. HOWEVER - If the motor and trailer serial numbers are not listed as collateral in the loan documents, those items might not be considered as collateralized.
Do toblins have back bones?
they dont have back bones they dont have back bones they dont have back bones they dont have back bones
What happens to the deficiency of a repossession after chapter 7 bankruptcy is discharged?
IF you list it on the B/K. it goes away, you dont owe it anymore.
How collateral blood flow can affect to development of stroke?
scientist dont know for sure how it deals with a stroke. though it is know to of inlarged the brain.
What does surrendering collateral to a secured creditor mean?
It means giving up the stuff you put up to get the loan in the first place. It means giving up the collateral before the creditor comes for it. Or of course, it means giving up the collateral before there is a legal fight about it. Depending on the state and the contract you agreed to before you put up to get, surrendering collateral before litigation (going to court) might help avoid some further legal problems. Not always. Sometimes creditors want to go after the entire debt, not just what you paid off with the collateral, and your really nice attitude. Check your contract. Your debt begins and ends with the contract. If you dont have a copy, you better get one. NEVER, NEVER, NEVER dont keep your contract when you borrow money!
