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No because if they have no way to pay off the loan to start with. because they have no money to not be bankrupt. If it was for a business opportunity or something they may get some money back on, they might've but for a car they will never get their loan back with the amount of V.A.T. put on to things these days.
What else can I help you with?
Can you transfer car payments to another person?
Yes, car payments can be transferred to another person through a process called a loan assumption or a loan transfer. This typically involves the new person meeting the lender's credit requirements and agreeing to take over the responsibility for making the payments on the car loan.
What is another term for refinancing a car loan?
Another term for refinancing a car loan is "auto loan refinancing."
Can you include someones income on a car loan without their bad credit affecting you?
A person cannot include someone's income on a car loan, without their bad credit affecting the outcome of the loan. If another person is placed on the car loan, that other person will also be run through a credit check. This includes cosigner applicants.
Can a person with very bad credit get a car loan if they have a co signer with excellent credit?
Yes they can if they have had another loan with your name and their name.
You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
Can you transfer car payments to another person?
Yes, car payments can be transferred to another person through a process called a loan assumption or a loan transfer. This typically involves the new person meeting the lender's credit requirements and agreeing to take over the responsibility for making the payments on the car loan.
Can a car be reposessed if its under another persons name?
The car can not be under another's name legally. Cars with a loan must be in that person's name. If you bought a car that was not paid off and the loan was not cleared you bought the car and the loan. Yes, they can get the car. That is why they put liens in the car. It prevents anyone from buying the car!
What is another term for refinancing a car loan?
Another term for refinancing a car loan is "auto loan refinancing."
Can you include someones income on a car loan without their bad credit affecting you?
A person cannot include someone's income on a car loan, without their bad credit affecting the outcome of the loan. If another person is placed on the car loan, that other person will also be run through a credit check. This includes cosigner applicants.
Can a person with very bad credit get a car loan if they have a co signer with excellent credit?
Yes they can if they have had another loan with your name and their name.
You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
How can I refinance a car under another name?
To refinance a car under another name, the new person will need to apply for a new loan in their name and use it to pay off the existing loan on the car. This process typically involves a credit check and approval from the lender.
What is a Straw purchase on a car loan?
A straw purchase is when someone else signs for a car loan but the loan is being paid by someone else. For instance person "a" has bad credit and person "b"does not. Person "a"signs for a loan under the idea the car is for them, but it is actually for person "b." Person "b" then gives the car to person a to drive as their own. Person b is responcable for payments, but hopes person a will make them. This type of loan is not allowed. If a dealer knows this is taking place, they will not sell the car.
One person car loan and death?
Heirs pay loan or bank takes car.
Is it difficult for a person with damaged credit to get a car loan?
Yes, because the car loan companies/banks will need the proof to see that the costumer can pay the loan back with ease. They need to know that the costumer will be paying them back. Most cases if someone has a good reputation/past with another case and that person have proof then it will be easier to get the loan.
Does a person who shares the title on a car but who is not on the loan have any legal responsibilities if the car is repossessed?
NONE on the loan.
Will you lose your car if you make the payments but the loan is in someone else's name and they go bankrupt?
What will happen depends on the decision of the bankruptcy judge. If you are making the payments but the loan is in someone else's name, you do not have a legal leg to stand on. Still, the bankruptcy law in the United States, recognizes the need for an automobile. So, that person may keep the car.
