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What happens if you financed a car and you stopped paying on the loan the loan has been charged off and you still have the car?
Wiki User
∙ 16y ago
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
Wiki User
∙ 16y ago
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I financed a vehicle for one amount now my first payment is due and the payoff amount is higher than the borrowed amount. Is that correct or legal?
Are you including the interest that is being charged on the borrowed amount? When you borrow money, say $10000, you are charged interest on that amount. So you'll end up paying far more than the $10000 you borrowed.
What happens if you stopped paying credit cards and you own 2 condos with someone else?
Sorry, our crystal ball predicting the future is in the shoppe for repairs, so we cannot foretell what will happen.
What if your husband files bankruptcy and you have a leased car?
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I financed a vehicle for one amount now my first payment is due and the payoff amount is higher than the borrowed amount. Is that correct or legal?
Are you including the interest that is being charged on the borrowed amount? When you borrow money, say $10000, you are charged interest on that amount. So you'll end up paying far more than the $10000 you borrowed.
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