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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 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
My car is collateral for a loan can i sell if i hold the title?
The bank should be listed as a lienholder on the title. If you sold it, the bank would have to be paid the amount you owe them from the proceeds. Otherwise, you could be inviting possible criminal and civil charges for selling an item that technically wasn't fully yours, not to mention, whoever you sell the car to may not be able to even get a title due to the existing lien.
What to do if someone wants to sell a car with out a clear title due to the death of original owner who didnt sign off on title?
A title that is not clear typically means it has a lien on the car meaning money is owed to someone and the car was used as collateral. It doesn't mean someone didn't sign the title.
Can I use my car's title as collateral for a car equity loan?
When it comes to using collateral for a car equity loan using your car title is an option through certain loan providers it just depends on their qualifications and the value of your car.
Can you sell your car if they sent you the title by accident and continue your payments?
Not a wise idea because your contract with the finance company probable holds the vehicle as collateral. If you no longer have the collateral they can demand payment in full to satisfy the loan.
What does a lien on your car title mean?
you owe somebody money and your car was used as collateral
Can you sell a cr without the title?
no you may not sell a car without a title if you want to sell a car you need a title
Can a title loan company put a boot on your car if you do not own the the car in AZ?
In Arizona, a title loan company can only place a boot on a vehicle if they hold the title to that vehicle as collateral for the loan. If you do not own the car or the title is not in your name, the company does not have the legal right to impose a boot on it. However, if someone else is the owner but has used the vehicle as collateral for a loan, the title loan company may have rights related to that vehicle. Always consult legal advice for specific situations.
Can bank hold on to your car title as collateral on a bank credit card went the car loan was paid off prior to bankruptcy?
The bank should not have your car title if it is paid off. If you declared bankruptcy and it was discharged, your bank credit card account should be dismissed.
Do you need a title to sell a car in Arkansas?
You can sell a car with no title but the consumer cannot register it without a title.
How can I borrow money using my car as collateral?
To borrow money using your car as collateral, you can apply for a car title loan. This involves giving the lender your car title in exchange for a loan amount based on the value of your car. If you fail to repay the loan, the lender can take possession of your car.
