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What happens if your car loan is illegal?

Updated: 8/20/2019
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12y ago

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then they take your car and repo it.

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12y ago
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Q: What happens if your car loan is illegal?
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Is it illegal to reposses a vehicle outside the stste?

No it's not illegal to repossess a car outside the state. It is illegal to leave the state with the car that you have defaulted on the loan.


What happens if don't pay the car loan?

If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.


What happens to your car loan if you die?

The estate has to resolve the loan, either through selling the car or returning it to the lender.


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Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.


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 don't pay off your car title loan?

they take your car


Is it illegal to use a financed vehicle as collateral on a loan?

Well yes.... The car in question is already collateral for the first loan.


What happens if you stop paying your car loan?

Repo.......homo


What if you sell the car and you have a title loan out on it?

That's illegal. Technically, if you 'borrow' money against your vehicle, the car becomes the property of the loan company until you've repaid the loan. If you sell the car before the loan is repaid, you're likely to land yourself in court !


What happens if you are in default on a car title loan?

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


Can you get a loan modification on your car?

Car loan modification is one such option to avoid repossession of your car. So what happens here.... the service provider(loan modifier) studies your loan history and they directly deal with the lender and they modify your car loan .... meaning they help you in Reducing payments and keep your car, boat, SUV or truck.


What happens to a existing car loan when trading your car?

You need to make arrangements to pay it off.