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What happens if your co-signer dies and you still owe money on your car loan?
If your co-signer dies and you still owe money on your car loan, you may be required to repay the remaining balance on your own. The lender may also have the option to repossess the vehicle if you are unable to make the payments. It is important to communicate with the lender and explore your options in such a situation.
What is the collateral for an auto loan and how does it work?
The collateral for an auto loan is the vehicle itself. When you take out an auto loan, the lender uses the vehicle as security in case you are unable to repay the loan. If you default on the loan, the lender can repossess the vehicle to recoup their losses.
My car's final payment is due on Jan 31st of this year what happens if I am unable to come up with the 1700 that is remaining by that date?
The contract will be in default and the lender may take steps to recover the debt owed.In such a case it is unlikely that the lender would repossess the vehicle. It would be in the best interest of the borrower to contact the lender before the due date and try to extend or refinance the loan.
Can a cosigner repossess the car if other party is unable to pay?
Co signer does not have the right of subrogation. ( the power to recoup the losses). His agreement is only with the lender who will demand payment in case the principal borrower fails to pay. He has to honour the agreement. If he pays to the lender, he can have a legal remedy through court and can repossess the vehicle only if the court orders so. ( This is on an assumption that there is no agreement entered into between the principal borrower and the cosigner. Even if there is an agreement it can be enforced through a court only.)
Can the finance company report a car stolen if they are unable to locate it to repossess it?
As much as they would like to, NO. It wasnt in their possession to be stolen from. YOU can report it stolen. The Lender has OTHER legal options to get the car, so dont think you will slide forever. LOL NO. Only the registered owner can report the car stolen, or whomever had the vehicle in their posession. If the lender tells you this, they are only bluffing you, using scare tactics. They will say anything to you in the hopes that you do not know the law, or your rights. Most people don't. You can always call an attorney or the police to pose a question about what is legal. YES..In the state of Arizona pursuant to ARS 13-18-13 after 90 days of non payment a lien holder can report a car stolen and is a class 6 felony.
Repo question state of nm title co in Ca went into default due to economy am in oil and gas industry Laid off and unable to pay lender not on title as lienholder can they repo vehicle?
Simple answer: in the state of New Mexico, if you default on your vehicle loan, and are not able to bring the payments current, the lender has the right to take possession (to repossess) the vehicle. You can try to contact the lender and see if they will make some sort of arrangement. Unless you do this quickly, though, it is unlikely they will work with you, and you may be asked to surrender it voluntarily.
What happens in a home?
A housing foreclosures usually means the owner of a home has defaulted on their mortgage or has gotten seriously behind and are unable to negotiate or workout a solution with the financiers (bank or lender). In this case the bank or lender may take legal action to repossess the home and sell it. All of this takes a lot of time (6 months to a year) and must be done through the local courts. If the owner cannot work something out with lender they will be required to surrender the property and move out or face eviction. It's a painful and humiliating process. Hope this helps.
What happens in a home foreclosure?
A housing foreclosures usually means the owner of a home has defaulted on their mortgage or has gotten seriously behind and are unable to negotiate or workout a solution with the financiers (bank or lender). In this case the bank or lender may take legal action to repossess the home and sell it. All of this takes a lot of time (6 months to a year) and must be done through the local courts. If the owner cannot work something out with lender they will be required to surrender the property and move out or face eviction. It's a painful and humiliating process. Hope this helps.
If you ask a dealership to buy back a car does it count as a repo?
No it does not, that counts again as a sale exchange, so long as the full amount of debt do the lender has been paid back. A reposession is when you are unable to fulfill your agreed upon contract (paying your debts as agreed) the lender will then Repossess the "goods" and resell them for what it left on the loan to equal out the debts. However in the case of "goods" that depreciate in value (like a vehicle) sometimes they are resold for less than the loan is, and you can owe money on the vehicle still.
What is a deed of postponement?
Deed Of Postponement(DOP) If the customer has a mortgage with Lender 1 then this lender already has a charge at the land registry. How if the customer approaches Lender 2 for a Secured Loan, then Lender 2 should send a DOP asking Lender 1 if they agree for them to be second charge holder. This letter gives Lender 1 priority over Lender 2 when it comes to releasing the charge. IF the customer is unable to continue with the mortgage and would like to sell the house, Lender 1 will first get the proceeds that the customer owes to them and if anything is left goes to Lender 2
Is there such a thing as the aurthur act?
Unable to locate anything using that title or similar spellings.
Can a carlot repossess your vehicle and then resell it in a week in the state of Oklahoma?
If you ever see USED CAR!...It was probably some guy's present to his wife then was unable to pay the bill.
