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What happens when you default on a car loan?

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βˆ™ 2014-09-18 00:12:21

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When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.

2014-09-18 00:12:21
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Related Questions

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

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


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 default on car loan in divorce?

The car will most likely be repossessed unless you make up the missing payments and penalties.


What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?

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.


What happens if you do not pay your check n go installment loan?

The loan will be a default loan


What happens if I Default on a business car loan?

the car will most likely be repossed and a court order issued against you for what is owing plus costs


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.


If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?

Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.


Can they repossess your car if your living in it?

yes, it is a default on a loan


Are you in default of a car loan if the vehicle is not registered?

Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.


What happens if a loan is in default and is deceased but has a co signer?

The cosigner now owes for the loan.


Can you get a car loan if a student loan is in default?

Auto finance companies are very leary to lend to people that owe the government, so the answer is most likely no. Yes of cours you can get car loan if a student loan is in default there are many online sources which provide car loans for students.


What happens I could not pay the car loan because I left the country?

If you are in default (for any reason) they have the right to seize the asset (car)


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 happens if you default on a loan used to purchase a lot?

If you default on a loan used to purchase a piece of property you usually lose the property through foreclosure.


What happens if you default on a car loan in California?

Two possible answers. One, you get to keep the car, and the lender has no rights to it, or two, a tow truck will repossess your car in the middle of the night. The answer is pretty easy.


If a car loan has been approved and first payment has been made on the loan can the lender change their mind and repo the car?

If there was any fraudulent information on the credit application, the loan may be in default. Check the loan agreement and the credit application for terms of default/recision.


Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?

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.


What happens if a loan is sold with recourse and it goes into default?

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


What is loan default?

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


Can your car be repo'ed if you have the title?

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


What happens when a car payment go into default for the cosigner?

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.


What happens if someone has a loan default statement?

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.


One of my friends is subjected to deportation for a feloney offense and he is loaning a car for the worth of the car and he may not be able to pay the loan if deported but what happens to car loan?

In this case, the loan would still go into default unless your friend sells the car before his pending deportation or makes arrangements to transfer the loan to someone else willing to take over the payments.


What happen if default on car loan?

The loan company takes the car. You loose it unless you make up the missing payments and pay the fees.