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What can you do with a car after you defaulted on the loan and it was not repossessed but sent to collections instead?
At this point, payment would be for the retrieval of your title.
Depending on the time elapsed, you may still be able to make payment arrangements to settle the debt by two methods:
Pay the full amount:
a) You can pay the full amount in one large lump sum and request that the negative report be removed from your credit report. Remember that it never hurts them to remove anything from YOUR credit report. Be sure to get it in writing before you submit your full payment.
b) Ask for payment arrangements. You can still settle your debt over a few months and receive your title.
Make a settlement offer:
a) Although this will still leave a negative impact on your credit, both parties will at least come to an agreeable outcome. Often they may be willing to settle for 80% to half the debt owed. You may be able to make payment arrangements on your agreed settle amount. Be sure to ask to have this removed from your credit report* It never hurts to ask. Usually they are willing to do so and can have it removed within 30 days.
What else can I help you with?
Can your car be repossessed on a title loan after gone into collections?
Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.
How can you register and make legal the car whose loan you defaulted on but which was never repossessed?
You'll have to pay off the bank and get the title cleared.
Can you be sued by a finance company once you have defaulted on a car loan?
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
Can your car be repossessed after filing bankruptcy if you are up to date on payments?
On the surface, no. As long as you have not defaulted on the loan contract, there is no reason for repossession. The lender wants your money, not your car.
When a defaulted secured loan is charged off and the property isn't repossessed but the account is turned over to an attorney do you still have to pay the loan?
Absolutely, a charge off does not affect the validity of a debt. The issue of the account being referred to a collections attorney or law firm may indicate that the creditor has decided to file a lawsuit or enter into arbitration action to recover the debt.
Where can repossessed cars be bought?
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
Can you default on an auto loan if there is a cosigner and you are the primary?
Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.
What is the benefit of getting defaulted loan off of credit report versus paying off defaulted loan?
ask an asian.
Can a cosigner on your college loan sue you?
Yes, if you defaulted on the loan.
Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
What is a sentence with the word defaulted?
If you have defaulted on a loan in the past, your request for a second one may be denied.
