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Is it illegal for a finance company to use a financed vechicle as collateral?
Wiki User
∙ 14y ago
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
Wiki User
∙ 14y ago
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Can I be financed $10,000 for my restaurant business?
Advance Restaurant Finance is a great company to go through to help furnish your restaurant. The best part about this company is that they require NO collateral.
What happens if you part out a financed car?
You still owe the finance company the balance owed.
Can you sell a car and hold the title for collateral?
Of Course! That's what the bank/finance company does!
Does the finance company own your car if the dealership is out of business?
If you financed your car then it is always owned by the finance company, regardless of if the dealership is in business or not, until you finish paying it off.
Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?
No
Who is the lienholder in car buying?
Who ever is holding the title as collateral for a loan. The bank or finance company typically.
In California does a finance company have the right to repo a car from a police impound when payments are not behind?
No, They would have to be behind on the car payment The above is not always the case. It can depend on what the car was impounded for. If it was impounded for something like drugs where asset forfeiture comes into play then yes the finance company can take the car regardless of payment status. The reason for this is because there are times when the authorities will tell the finance company that if the vehicle is returned to the registered owner the finance company will lose their rights to it as well. The finance company does not have to hand their collateral back to you if it means loss of collateral, it is their car after all.
You voluntarly gave your car back to the finance company and then bought a used car in your name can the finance company place a lien on your used car to get their money?
This could go either way because it depends on the contract you signed. Generally, I would say yes, because it is not likely that they would have financed the newer car without some sort of collateral provision (meaning the car is collateral for the loan). Unless, you paid for the newer car in full and do not owe any money on it. In that case, I would say no they probably do not have the provision needed to repo your car.
How do you sell a car that is still financed to a provate party?
Legally you can't ! The car belongs to the finance company until it's paid off !
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.
What to do when your financed car breaks down?
When your financed car breaks down, you need to get it fixed so you can drive it and keep paying your loan at the same time. If you can't afford to get it fixed, you can give the car back to the finance company.
Can timeshares be financed?
Certainly timeshares can be financed; the companies which sell them do it all the time. On the other hand, finding a lending institution, such as a bank, or some other lending institutition to finance the timeshare is sort of like trying to find a bank to finance a piece of real estate on the Moon. Timeshares are profoundly illiquid. Purchasing a timeshare interst is easy; selling it is much more difficult. Getting some company other than the company which originally sold it to the buyer to finance the purchase is really difficult. (Obviously, the paper can be transfered to another company which basically collectes for the probable original vendor.) There are rare cases where timeshares are being financed. Usually, owners look for lending institutions to financed their timeshares. Yes, it can be financed. Some owners go to banks if they have a good credit history.
