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What else can I help you with?
Can you explain how bank loans work for purchasing a car?
When you take out a bank loan to buy a car, the bank lends you the money to purchase the vehicle. You then agree to pay back the loan amount, plus interest, in monthly installments over a set period of time. The car itself serves as collateral for the loan, meaning the bank can repossess the vehicle if you fail to make your payments.
Can you explain how financing a car through a bank works?
Financing a car through a bank involves borrowing money from the bank to purchase a vehicle. The bank pays the car dealership on your behalf, and you repay the bank over time with interest. The bank holds the title of the car until the loan is fully paid off, and if you fail to make payments, the bank can repossess the vehicle.
If you cosign for a car does your credit rating improve?
Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.
Can a cosigner help your credit?
from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.
What is a purchase loan for a car and how does it work?
A purchase loan for a car is a type of loan that you can get from a bank or a financial institution to buy a vehicle. The loan amount is used to pay for the car, and you then repay the loan amount plus interest in monthly installments over a set period of time, usually ranging from 3 to 7 years. If you fail to make the payments, the lender can repossess the car to recover the remaining loan amount.
Can a finance company repossess your car if your license is suspended?
They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.
Will the bank repossess your car if it has been stolen and in an accident and the insurance was expired?
As long as you continue to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan. The previous answer overlooked one important point. INSURANCE WAS EXPIRED If they don't repossess it, it is only because it is worthless after the accident. What they would prefer to do in this case is "accelerate the payments", i.e. make you pay the remainder of the loan immediately. Then you can worry about disposing of the carcass.
Can people be charged with a crime for taking back a repossessed car?
Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what is already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.
Can people be charged with a crime for taking back a repossessed car?
Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what it already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.
Can conns appliance physically repossess an unpaid appliance?
Yes, Conn's can physically repossess an unpaid appliance if you fail to make payments as agreed upon in the purchase or lease agreement. They have the legal right to take back the appliance if you default on payments.
Do dealerships take trucks back when you still owe money?
If you are asking, can you simply return the truck, cancel, the deal, and walk away, the answer is NO. If you are asking do dealers repossess trucks when you fail to make your payments, YES, if the dealer holds the lien on the truck. The only people involved with this truck are you and the party that you borrowed the money from to purchase the truck.If you are asking, can you simply return the truck, cancel, the deal, and walk away, the answer is NO. If you are asking do dealers repossess trucks when you fail to make your payments, YES, if the dealer holds the lien on the truck. The only people involved with this truck are you and the party that you borrowed the money from to purchase the truck.
Can a car dealer take your car back?
If the dealer holds the lien and is the one that loaned you the money to purchase the vehicle he can repossess the vehicle if you fail to make your payments on time. Otherwise the selling dealer has no claim on the vehicle whatsoever.
What if the owner refuses to register car in your name even though you are on contract and making payments?
Simple answer - RUN. This may indicate that he does not own the vehicle or still has a lien on it and violating his contract with his own lienholder. I have seen many unfortunate people fall into this trap and end up losing the vehicle and everything they put into it. Most often what I see is people who get sucked into the, " taking over payment trap or sub-leasing trap." The problem comes when you pay the person or sublet company but they fail to pay the actual lienholder (Lender). Somewhere down the line the lender will assign a repossessor who will find and repossess the vehicle. When that happens you will have no rights to the vehicle or the contents inside it at time of repossession. At this time you have lost everything!
Can a vehicle be impounded or forfeited?
Yes, it can if you fail to pay the legal fees or fail to make your monthly payments on a loan.
Can a bank repo for not paying late charges?
If you are still making payments to the bank, then legally it is the property of that bank. If you fail to make the payments, the bank reserves the right to take back their property. Property can usually be returned to the purchaser if the the purchaser can make the payment in full, within a certain amount of time set by the bank.
Does a co-signer have the right to take the car if you are behind on payments?
When you fail to make payments, they go after the co-signer. It can affect his credit. If he makes the payments he can take the car. You wouldn't want to make payments for someone else's car.
If you fail to make three car payments can the lien holder say your act is a felony?
Total nonsense...They are trying to get their car back. Scare tactics. But that does not make it true. Failure to make payments on a loan is NOT a felony. You are defaulting on a loan and they have every right to repossess your vehicle, sell it, and you pay the difference in what it brings at sale and the total left on the loan. You will also be assessed repossession fees. Of course your credit will be ruined for 7 years, but you for sure are not going to be charged with a felony.
