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Can it? Yes, by the lender in some case. If the debtor is actively attempting to hinder repossession in many states, or if the vehicle is in possession of a third party who is not on the loan or vehicle registration, then a repossession agent may file a stolen vehicle report. Most will not, preferring to allow the lender to take such action instead.
Can it be reported stolen by the debtor once repossession takes place? Often vehicles are reported stolen after repossession happens. However, this is a cautious area. Most debtors already know the vehicle is being sought, and law enforcement takes a dim view of filing false or malicious reports.
What else can I help you with?
Should you pay off a default loan before or after you apply for a Mortgage?
You should pay off your default loan before because you may not qualify for a mortgage loan because you already owe money.
What is loan default?
If you don't pay a loan when due, you default on the loan.
Can the bank report the car stolen if you default on a car loan?
NO, it wasnt stolen. No, why would they report it stolen? If you default on the loan they will simply have it repossesed in order to sell the car and recoup some (and if they are lucky all) of the funds needed to payoff the debt. Yes they can actually. If you are leasing or financing you signed a contract. Once you default on that contract, the contract can be deemed void and therefore your rights to drive the car can be terminated. If they are unable to reach you and you are "not cooperating" they have the right to report their property as stolen in order to get the vehicle back. For further help, look over that contract you signed. = )
Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.
Is it a criminal offense to default on a loan?
It is criminal to default on a loan only if you know going into it that you will not be able to pay it back. You must be honest when agreeing to the terms of a loan.
If a person is 4 months late on a car payment can it be reported stolen?
NOT unless it was stolen. Stolen cars are reported stolen. Cars securing a loan in DEFAULT are reported as DELINQUENT to the credit bureau. If you choose to report the car stolen, go ahead. I would not reccommend it though. Filing a false police report is illegal in most jurisdictions.
Can a co-signer ask the bank to repossess the property covered by the loan?
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
Should you pay off a default loan before or after you apply for a Mortgage?
You should pay off your default loan before because you may not qualify for a mortgage loan because you already owe money.
What is loan default?
If you don't pay a loan when due, you default on the loan.
If you default on a student loan does that stay on your record after you file for a Bankruptcy?
Any debt listed (or should have been listed) in your bankruptcy can be reported as discharged for the ten years the bankruptcy can be reported. Since a student loan cannot be discharged without proving a hardship (the difficulty of which varies from state to state and even court to court), the default can probably be reported as long as it remains unpaid.
Can a parent get out of a co-sign default student loan?
Probably not - the reason a parent had to co-sign on the student loan is so the bank gets its money back if the student defaults. Unfortunately, you are probably on the hook for all the money and the default will be reported on your credit report.
Can the bank report the car stolen if you default on a car loan?
NO, it wasnt stolen. No, why would they report it stolen? If you default on the loan they will simply have it repossesed in order to sell the car and recoup some (and if they are lucky all) of the funds needed to payoff the debt. Yes they can actually. If you are leasing or financing you signed a contract. Once you default on that contract, the contract can be deemed void and therefore your rights to drive the car can be terminated. If they are unable to reach you and you are "not cooperating" they have the right to report their property as stolen in order to get the vehicle back. For further help, look over that contract you signed. = )
Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.
Is it a criminal offense to default on a loan?
It is criminal to default on a loan only if you know going into it that you will not be able to pay it back. You must be honest when agreeing to the terms of a loan.
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
If you default on a auto title loan can they report the vehicle stolen?
If you have signed the vehicle title over to them as security for the loan, or they hold some kind of legal paper giving them ownership, yes. If you don't pay back the loan, or fail to surrender the vehicle to them, legally the vehicle belongs to them. ----------------- No, it is a civil matter. They can repossess the vehicle, report as a default on your credit and sue you for defaulting on the contract. ------------------ READ YOUR LOAN CONTRACT! If you default, and then conceal the vehicle from them, or their repossession agents, you have "converted their asset to your own use" - which is the definition of larceny - which is a criminal offense.
If you default on your pay day loan will that affect your credit?
Yes, if you default on any loan it will affect your credit rating negatively.
