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If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
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.
Are you still covered by gap insurance if my loan is in default?
In many cases you would still be covered, but not usually for the amount by which your loan is in default and not for any additional charges and interest applicable to that default amount.
Can you default on an auto loan if there is a cosigner and you are the primary?
Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.
Can a bank charge off an auto loan and still accept payments from you at the same time?
Yes, if the account was in default. If there were arrearages payments being made could be applied to such making the account still in default and subject to additional action as well as a charge off.
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
What is the Florida law pertaining to grace periods on used auto loan?
The Florida law pertaining to grace periods on a use auto loan is centered around Florida's 10 day grace period. The money for the auto loan must be given to the creditor before 10 days or else the loan goes into default.
If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
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.
Are you still covered by gap insurance if my loan is in default?
In many cases you would still be covered, but not usually for the amount by which your loan is in default and not for any additional charges and interest applicable to that default amount.
Can you default on an auto loan if there is a cosigner and you are the primary?
Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.
What is result of default on RV loan?
Default on an RV loans is a serious consequences. Besides losing your RV, your credit score is affected negatively and you will most likely still owe the bank money. It is good to avoid defaulting on your RV loan.
Can a bank charge off an auto loan and still accept payments from you at the same time?
Yes, if the account was in default. If there were arrearages payments being made could be applied to such making the account still in default and subject to additional action as well as a charge off.
When is an auto loan considered to be in default?
At the time any terms of the loan agreement are not met, (late or missed payment, lapse in insurance, etc.).
What is loan default?
If you don't pay a loan when due, you default on the loan.
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.
Can you get a car loan if a student loan is in default?
Auto finance companies are very leary to lend to people that owe the government, so the answer is most likely no. Yes of cours you can get car loan if a student loan is in default there are many online sources which provide car loans for students.
