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The loan company takes the car. You loose it unless you make up the missing payments and pay the fees.
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∙ 15y ago
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If a car loan has been approved and first payment has been made on the loan can the lender change their mind and repo the car?
If there was any fraudulent information on the credit application, the loan may be in default. Check the loan agreement and the credit application for terms of default/recision.
How does defaulting on a car loan affect your future credit?
Any default on any loan will damage your credit in the future.
What is loan default?
If you don't pay a loan when due, you default on the loan.
Can a lender repossess your car if you were behind on your loan but made it current before the repo agent got to it?
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.
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.
Can they repossess your car if your living in it?
yes, it is a default on a loan
Are you in default of a car loan if the vehicle is not registered?
Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.
Can you get a car loan if a student loan is in default?
Auto finance companies are very leary to lend to people that owe the government, so the answer is most likely no. Yes of cours you can get car loan if a student loan is in default there are many online sources which provide car loans for students.
What is the law for a repo to happen on a car note. I thought it had to be 90days?
If you are in "default" on the loan and your creditor has sent you a repossession notice then they can take it back at any time.
What do you do if you lose the title to your car and it has a lien on it that you are default in?
You didn't have the title to begin with. The loan company or bank does. So, you didn't loose it, but you may loose the car since it is in default . The loan company/bank owns the car, not you.
What happens if you Car title loan in default and car is totaled?
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
What happens if you are in default on a car title loan?
The creditor reposseses the car, and you take the bus.
If a car loan has been approved and first payment has been made on the loan can the lender change their mind and repo the car?
If there was any fraudulent information on the credit application, the loan may be in default. Check the loan agreement and the credit application for terms of default/recision.
How does defaulting on a car loan affect your future credit?
Any default on any loan will damage your credit in the future.
What is loan default?
If you don't pay a loan when due, you default on the loan.
If i cosign a loan for refinancing a home for a family member and they default what can happen?
You will be responsible for the money.
