0
What happens if you sell a vehicle that you used as collateral?
Wiki User
∙ 14y ago
some one will come looking for you for money or blood
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can you sell a car that you used a collateral?
No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.
Can you sell your car if it is being used in a cross collateral loan?
No, it has a lien on it. You cannot sell it without permission from the lender.
Can you add someone to the title but not the loan?
No. A lender needs to have a "security interest" with anyone who has rights to the vehicle. If an owner is listed on the title they have the right to sell a vehicle. A lender does not want to be in a position where a non-borrower has rights over property used as collateral on a loan.
Your car was used a collateral on a personal loan and you want to sell it to pay off the loan how do you go about this either to an individual or a business that buys used cars?
Talk to the lender who holds the lien on the vehicle and tell them you plans. They will help you do this. You will need their permission and a lien release.
If they repossess your vehicle can anything happen to the other vehicles that you own in your name?
No, Not unless you used one of the other cars as collateral for the loan that bought the car the was repossessed. Then they can take the collateral too.
Can you use your car as collateral for a loan?
Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.
Can you sell your paid for home if the loans you co-signed for are not paid the loans are being deferred and your home was the collateral?
Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.
What kind of collateral is used for a personal loan?
It depends on the type of personal loan. It is possible to get a loan using only a good credit score as collateral. If you do not have good credit, it is still possible to get a loan without collateral, but you can expect to pay a much higher interest rate. It is also possible to use a vehicle or property as collateral.
If you get a cash loan against your car title can the lender reposses your car?
You DON'T have the title if you have used as collateral, remember, you signed it over to the them.....Yes, they can get the vehicle
What happens if collateral used for loan is sold before the loan is repaid?
You are still responsible for paying the loan as before.
What are credit default swaps?
I believe that what you are referring to is an exchange of collateral. This is used in cases where a vehicle is a total loss but the insured owes more that the value of the vehicle. Sometimes in this type of situation an insured, a auto sales lot, and the auto finance company work out a deal where a similarly valued vehicle is substituted as collateral for the loan currently on the books.
If a creditor garnishes wages for debt can they take your car?
If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!
