Loans

The requirements needed to begin building a credit record would depend on each lender you applied with. Having a co-signed personal loan is one method, and this might work for you. Opening up a secured credit card is another option. Another great way to open an account is to purchase a vehicle. Car dealerships often are the entry point for consumers into their first credit obligation.

Find out what the requirements are from the financial institution before you submit an application. They may be able to tell you upfront if you have a chance of being granted the account. If the answer is no, make sure to follow up and find out how to turn that "no" into a "yes".

Establishing credit is the first step in turning a citizen into a debtor. This process is a substantial part of our economy and lenders have a vested interest in helping that happen for you.

If you ask the lender POLITELY they MAY "correct" this oversight, but they are within their rights to delay crediting your account for anything received during non-business hours until the next business day. One 30-day late payment on your record would probably be overlooked anyway.

I agree with the previous answer that this late payment, MAY be overlooked and corrected by the lender. It is in your best interests to write a "goodwill letter" to your mortgage company, providing proof of the mix-up and request nicely that the late payment be removed.

I disagree about this late payment being overlooked. Events on your credit report which took place within the last 12 months have significant impact on your credit score. This "History" category accounts for 35% of the score. I've seen a late payment on a mortgage loan drop a credit score 198 points, from 716 to 518 in one month. 716 is a good credit score and allows a consumer to do what they need to do financially. 518 is horrible and got that consumer a credit denial, delays, increases in insurance and existing interest rates on revolving account (HUGE financial impact).

If you were truly 30 days late, you had plenty of time prior to this one day to get your payment to your mortgage company. Don't be surprised if they offer little forgiveness for the holiday and method of payment. But, you should try the GW letter, just in case they are understanding. And, always pay your mortgage on time in the future.

Very simple really,you have the right to pay it. If you don't pay it, the lender will likely seek a judgment against you. If successful, they will proceed with any other legal remedies available to collect. Those include garnishemnt of your wages, lien against other property you own, etc. You can make an offer to settle, they can refuse or settle. Last but not least, you can do the bankruptcy deal. Try your best to avoid this. It will haunt you for 7-10 yrs. Good Luck

NOT unless the contract stipulates that it will be. Otherwise, it is a contract in DEFAULT with the collateral in the lenders possession.

this sounds soooo simple. UNTIL you get it payed off or discharged by B/K. Lenders will sometimes accept a CASH offer, so keep that in mind at refund time. B/K will clear off the debt but your already bad credit will be even worse by doing so. Try to pay something on a regular basis if possible. Good Luck

Carly, it can affect what interest rate you pay(HIGHER THAN NORMAL), how much you have to pay down to even get a loan. It is NOT a positive thing to have on your CR.

Heidi, as a general rule, YES. You are responsible for the UNPAID balance due on the loan. Example, you owe 5000.00, car gets sold for 2500.00, you owe 2500.00 plus fees.Good Luck

The bank doesn't want the car either. It will probably be sold at auction to a dealer for the WHOLESALE price. You will still owe the difference between what you owed and what they get PLUS their expenses.

Banks are in the MONEY biz not the CAR biz. Yes, they will get $$$$ but not enogh, so naturally they want MO MUNY.

BUSINESS HOURS are business hours. Usually 9-5 Mon-thru Fri. BUT, a lot depends on your attitude. NICE people usually get better results than grouchy people. Also, please remember that repo people have lives to. Its all good.

I didnt answer because I have never dealt with this b4. I hoped someone with experience would help you. From the banks viewpoint, I can see why they would want you to. But, your defense would be, does the contract you signed say anything about having to do so after a repo?? The contract is the basis for most actions between you and the bank. If the contract doesnt make it clear, call a local attorney for a free consultation. Good Luck

If they send you the bill for the remaining balance after your car is repo'd do they expect you to pay the bill all at once, **YES**if you sell it for less than you owe, **YOU must come up with the difference between what you sell it for and whats owed to get the TITLE B4 the sale is complete**how do you pay for the balance lump sum, payments, garnishment of your wages, lien on other propertyor sell it without a title?**YOU DONT**this answer may be too long for this board so email me and Ill do a better job. It is NOT easy but VERY rewarding.

You could go to jail for selling a car that you owe money on. Felonies are different in different states. Call a local attorney and ask for a free consultation. If it is a felony in your state, you're gonna NEED an attorney.

Demand verification of the debt.

Read your contract. It will tell you what default is. "Default" in leasing is when a Lessee fails to satisfy the conditions of the lease contract. Thus the lessee materially breaches the lease, and also usually when the lessee passes beyond the point of being able to remedy the breach as specified in the contract. Or, more simply, when the Lessee fails to live up to the lease contract and thus the lessor may take actions. "Repossession" is when a lessor acts to take back whatever property was leased. Terms for repossession are usually spelled out in the lease contract. Many lease contracts provide that when a breach occurs and the lessee is in default, the lessor may act to repossess the leased property. So the default may lead to repossession. But it is essential to study your contract and secure sound legal advice from a competent attorney in your jurisdiction to answer, "Can they take X away if I don't make my payments?"

On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.

The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.

Anyone can sue anyone for almost anything. Winning and collecting any judgment is another thing.

ENTIRE balance Due including interest and fees - sale price. BUT, the lender can take an OFFER. cash works best. LOL bargain, negotiate, wheel and deal. good Luck

YES, they can. The person who sold the car can be charged with selling mortaged property(felony in most states).You will be out your money. best to take the car back to the seller and get your money back while you have a chance.

After sale of car, lenders options are get a judgement, garnishee wages, attach other property. Each is at the lenders option. try to work out a pyment with the lender that you can live with. lenders dont really want to spend any more money on your account than they have to, but do want to collect as much, as quick as possible. Good Luck

Unless you get the lender to agree to an offer, you will pay the balance due for payoff(repo fees, late charges,ect. have likely devoured any reduction in interest you would have seen for early payoff)

READ your comtract on the loan and the card. Word to look for: cross-collateralization

NO they cannot. Credit cards are unsecured loans. (not secured by any property/collateral) You can have them discharged through bankruptcy.

YES THEY CAN. Read your contract. I'll bet it says they can accelerate (call in) EVERY loan you have with them if you are in default on ANY loan with them. And some even say "or with any other lender".

The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.

If you have enough down payment, you can get financed at any tote the note car lot, any sub-primelenders(CAC,JDByRyder,ect)