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You bought a car but the note is too high No one will accept it as a trade you cant refinance no one will take over the note so should you have it voluntarily repossessed?
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∙ 15y ago
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∙ 15y ago
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Can you return a car bought on a personal loan when you were told it was on finance?
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
If you bought a home two years after you voluntarily had your auto repossessed can they lean on your home?
They cannot lean on your home, but if you signed a mortgage contract, they will put a lien on your home in the event you fail to pay your obligation. This is what gives the lender the recourse to foreclose in the event you default. This is a standard practice even if you have no negative credit history.
If your wife bought a car before your marriage and now it is repossessed are you liable?
If it isn't in your name it shouldn't be.
Where can repossessed cars be bought?
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
Why does a car get repossessed?
The person who bought the car didn't make payments so the bank takes it back.
If you bought a house and had it financed with a cosigner are they on the deed and if you are able to refinance yourself can you do it without them?
Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.
You owe money on a repossessed car but the car was refinanced to someone else do you still owe?
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
If your car was repossessed during your separation but it was bought while you were married are you both responsible for the debt?
Whomever signed the contract is responsible for the balance.
A friend bought a new truck and i cosigned the document with him can you get my name off the document because you were pressured to sign the document?
Can you get him to refinance--and would he qualify??
Does a refinance in 2008 on a first house bought count as a first time home buy in 2008?
I am assuming you are looking for a first time home buyer credit. No this is a refinance not purchase. Closing Costs could possibly still be deducted on taxes but check with your tax advisor on that.
If you moved to a different state after you bought a car and had it voluntarily repossessed which state laws apply to you?
The state laws where the lending contract was signed take precedence. Adding; Most contracts have a clause that will say something like "...the terms of the agreement are to be construed under the laws of the state of ...." and probably even say which court actions should be taken in. Look for a clause requiring mediation instead of court action too.
Can you sell your car if it is being repossessed?
Depends on the specific laws of where you live. In general, if the car you bought is being repossessed because you cannot pay for it any more, consider selling it to someone who can. You basically sell the car at a really low price, practically just below the amount the you already spent on it. The person who bought the car from you, then would have to continue paying for the remaining balance to the dealer from where you bought the car. This way, you're credit won't go bad.
