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The creditor reposseses the car, and you take the bus.
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∙ 14y ago
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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.
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.
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 are the disadvantages of car title loans?
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.
Your son gave you a truck as a gift you are on the title vehicle is insured and registered in your name He is in default on his loan Can the bank repossess your vehicle?
If there is a loan against the car then the bank is on the title and they own the car, your name would be on the registration but not on the title, so yes they can repo it. If you have the actual title in hand then their is no loan on it and you own the car.
What happens if you don't pay off your car title loan?
they take your car
What happens if I don't repay an auto title 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.
What if you sold a car that was in default What happens next Can the new party register car?
It is illegal to sell a car that you do not have a title to, and someone else will not be able to register it until they have one. To be in default means you do not as yet own the car the finance company does, any arrangements made to get rid of the car must include paying off the loan in its entirety or letting it go back to the holder of the title.
What happens to balance on car title loan when car is stolen?
Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.
Can a car be repossessed in California without a lien being placed on the title?
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 to the car and title if primary person on car loan dies and the secondary person has survived?
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
What happens if you default on car loan in divorce?
The car will most likely be repossessed unless you make up the missing payments and penalties.
