bank 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.
Heirs pay loan or bank takes car.
no, your car loan is secured by your car, your mortgage by your home
Sell the car for the price of the loan. If you can't get that price out of it, then talk with the bank about your options.
You need to pay off the bank to get the title to the car. You can either give your father the cash needed to pay off the loan, or you can get a loan from a bank. If you get a loan, the bank will send the payment amount to the lien holder, which is the other bank, and anything over the amount of the loan balance will be sent to your father. assume the loan in your name.
YES.
You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.
you took a loan to finace the car from the dealer- the bank holds the title to your car- you are the owner and respondsilbe to pay the loan or the bank or fiance companmy can reposses your car
Not after you are approved. if you can't afford to pay, surrender it/
yes
What you need to do is get a new loan from a different bank and work it out with the car dealership. If no bank will fund you, then you have no choice but to turn over the car - since there isn't a bank to pay them for the car, they can take it back.
If you still owe on the car (whether matured or not), the bank can take it if you don't pay. It belongs to them until the loan is paid and the title is sent to you.