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What happens if you Car title loan in default and car is totaled?


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Answered 2012-12-07 00:02:24

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.

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The creditor reposseses the car, and you take the bus.



The only way to get your car title back from the Bank of America is to pay of the loan that the title is collateral for. If the loan is paid off, they will send you the title in the mail.


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.


IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.



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.


In most places the money goes to the BANK! Their name is on the title of the vehicle until you make all your payments and they sign a "release of lein".


Yes. With the lender's permission, you can reaffirm the loan at the time your bankruptcy is executed.


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what haapend if a loan is sold with recourse and it goes into defualt


If you don't pay a loan when due, you default on the loan.


If someone has a loan default statement, it means that the person who took out the loan has not met the terms of the contract, for example they have not met the payments. If this happens then the person who gave out the loan and who the debt is loaned to can take action to recover the money, for example re-possession.


There are a few disadvantages to a car title loan including high interest rates. Loss of equity in the event of default and a short period of time to pay back the loan are also drawbacks to a car title loan.


IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.


what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/


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Payday loans are considered illegal in the state of Georgia. However, if you default on a payday loan, the company can sue you in court. The judge will decide how a judgment will be carried out if the loan was given in Georgia illegally.


If in the US, then yes. The default will be replaced with paid in full. Simply send proof of the payment to the three credit bureaus.


Most loans have consequences when you default like reporting negatively to the credit bureaus, garnishment of wages to repay the loan, ineligibility to get another student loan if needed; many late fees, and even a lawsuit to collect on the loan.


The short answer is yes, if you want to keep the car. Otherwise the loan will go into default and it will be repossessed. If you did not sign for the loan, it will not affect your credit.


The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.


You will lose the car if the Auto title loan is not paid. The lapse in repayment can result in reposession of the car.


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.


If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.



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