Does anyone know if your car is put in default what is the next step? Car I pay what is owed for the 3 months or does the full balance on the car have to be paid? Does anyone knoW?
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.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
The lender is likely to report this to the credit reference agencies within a week of the default
That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.
The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..
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.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
In the event that the possessor of the vehicle is not a contracted party, or if the contracted party is actively seeking to hinder repossession, then yes, the lender can report the vehicle stolen.
Yes, it can still be considered a repossession if the lender takes back the vehicle due to issues such as default or breach of contract, even if you returned it voluntarily and have not missed payments. If the company had problems with the vehicle or if there was a misunderstanding, they might report it as a repo on your credit report. It’s important to review the terms of your agreement and communicate with the lender to clarify the situation and resolve any inaccuracies on your credit report.
The lender is likely to report this to the credit reference agencies within a week of the default
First of all, a lender does not report a vehicle as a repossession until they actually have possession of the vehicle. Then immediately via computer the code is entered and authorities notified. The credit reporting company may be a little slow getting the repo on your report however, but any new lender is going to check your report before giving you a new loan. After a vehicle is repo'd you usually have a few days prior to sale of that vehicle, to get the vehicle back if you pay the account current plus any repo expenses if it was a voluntary repo. If it was not voluntary, and the lender had to take the vehicle, they probably will not redeem the vehicle back to you, but it never hurts to ask.
They won't call the police, but the vehicle will be repo'd
That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.
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.
The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..
If they are valid debt default entries they cannot be removed from the report until the required seven years have expired.
Contact the lender immediately to review. If the report is WRONG because you did not assume and default on the mortgage, contact the credit reporting bureau immediately to flag the defaulted account as fraud.