0
No, a charge-off on a car loan is not a judgment against you. A charge-off occurs when the lender considers the loan uncollectible after a period of non-payment, typically after 180 days. This status is reported to credit bureaus and can significantly impact your credit score. However, a judgment is a legal ruling from a court, often resulting from the lender taking legal action to recover the debt.
What else can I help you with?
What happens if you don't pay your car loan?
The repossess the car, can get a judgment against you and your credit is badly damaged.
Can your wages be garnished in Texas if you are default n a car loan?
Yes it can if the loan company taKES it to court and gets a judgment against you, then by all means they can take your taxes, pay, etc.
Is your home in jeopardy if you cosign a car loan?
In the event the loan defaults, and the lender obtains a judgment against you, AND the judgment is also defaulted on, the lender could petition the court for an order to sieze or liquidate other real property. The likelihood of this is small, and the occurrence of it is rare, but it is possible.
Can you take a loan against your car?
Can you take a loan against your car if it isn't 100% paid for? I have one more year on Lexus.
If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
What happens if you don't pay your car loan?
The repossess the car, can get a judgment against you and your credit is badly damaged.
How does a lender get a judgment against you for a loan when they repossess a car?
You owed more money than the car was worth and they wish to collect the balance.
What if you cant pay the judgment against you have no job but have one car that is paid for?
If it's against the state you can probably take jail time instead of paying your judgment. If it's against the another person I have no idea, but you might be able to get a loan using your car as collateral but it might be hard with no job and you risk loosing your car.
Can a bank put a lien against your house if you cosigned on a car loan that has 1500.00 left on the loan unpaid?
Yes. The bank must get a court judgment and can then record a lien in the land records against your real estate.
Can your wages be garnished in Texas if you are default n a car loan?
Yes it can if the loan company taKES it to court and gets a judgment against you, then by all means they can take your taxes, pay, etc.
If there is a judgment on a repossessed car can you still drive it?
If the car has been repossed, it means the person who borrowed money from a bank to purchase the car has not met his obligation to pay and the car is now owned by that bank. When that bank re-sells that car, the sales amount is sometimes not sufficient to cover the loss to the bank. The bank may then take second recourse by filing for judgment against the original purchaser to recover the difference. A judgment is a court decision regarding (usually) a debt. So...if you bought the repo from the bank, you signed a new loan agreement which is your legally binding contract to repay the loan. That means you can drive the car as long as you pay on the loan. If the judgment is against the original owner, it has nothing to do with you. The judgment may be for the debt against that car, but you have a legal contract allowing you ownership. If the judgment is against you...and is on the repo'd car - it would have been physically taken from you and you wouldn't have access to it anyway, so of course you couldn't drive it. If none of these scenarios answers your question, then be a little more specific and you'll get a more specific answer.
Is your home in jeopardy if you cosign a car loan?
In the event the loan defaults, and the lender obtains a judgment against you, AND the judgment is also defaulted on, the lender could petition the court for an order to sieze or liquidate other real property. The likelihood of this is small, and the occurrence of it is rare, but it is possible.
Can a civil judgment result in the repossession of a car that is co owned?
If the civil judgment is due to not making payments for an auto loan on the car that is in question, then yes, that car may be repossessed as a result of the judgment. If there is a judgment against both owners of the car (i.e., if the co-owners are both listed as defendants), then the car is considered an asset and may be repossessed unless there is proof that the car is required for one or all of the co-owners to earn money in order to pay the judgment. If there is a judgment against only one of the owners of the car (i.e., if one of the co-owners is listed as a defendant, but ANY of the others are not), then no, the vehicle may not be repossessed.
Can your car be repossessed if you have the title in your possession and the bank is not the lien holder?
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.
Can a loan company charge for car insurance when they weren't on the loan until afyer the car was purchased?
YES!!
Can you take a loan against your car?
Can you take a loan against your car if it isn't 100% paid for? I have one more year on Lexus.
I had a car loan 20 or more years ago A are faced with a bank trying to take wadges from my pay check. can this be legal?
Yes if they got a judgment against you or the bank made the loan but you can go to court and plead your case.
