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Do lenders prefer making arrangements for payments on a repo or prefer garnishing your wages?
Wiki User
∙ 8y ago
Look at it this way, they "made arrangemnets" when you bought the car. You couldnt/didnt pay then while you HAD the car. So why will you pay on your own when you DONT have the car. Likely they will garnishee.
Wiki User
∙ 8y ago
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Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?
Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.
Can a credit card come send you to collections if you are making a payment?
They can do whatever they want if you are behind, but it would be weird for them to pursue collections if you are making REGULAR payments. Call the credit card company and make arrangements.
What percentage of your credit score is determined by your payment?
Your credit score isn't typically determined by your payments, but rather it is determined by how much you owe. The more you owe on your loans, the more you will be perceived by lenders as a higher risk borrower. With the FICO formula, the amount in which you owe using credit is 30% of your score alone. With that being said, making a late payment will affect your score. Your score could possibly drop by as much as 100 points due to late payments, so if you feel for any reason you will not be able to make an upcoming payment on any loans, contact the lender as soon as possible, and they will generally help the situation by making arrangements for you to make a lower payment; but most lenders will tack on the other amount not being paid to the end of the loan, or they will extend the term of the loan to create lower monthly payments; but please be careful with allowing banks and or lenders to do this, as you will pay more in interest over the life of the loan!
What are the disadvantages of borrowing from sub prime lenders?
There are a number of potential disadvantages to borrowing from sub prime lenders. Interest rates are often raised after the initial two year period making it difficult to keep up with payments. There are a high number of foreclosure properties linked to sub prime borrowing.
Can you negotiate with collection agencies without making a one time payment or is this the only way to make a deal with them?
Some collection agencies are authorized by their clients to make payment arrangements. Some agency actually purchase the debt and will or won't make arrangements. It is up to the individual agencies and their policies. Your best option is to contact the original creditor, explain why you fell behind, be very apologetic, and ask for payment arrangements. Legally, they are not required to accept payments once you fall delinquent. They do not even have to accept partial payments.
Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?
Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.
Can a credit card come send you to collections if you are making a payment?
They can do whatever they want if you are behind, but it would be weird for them to pursue collections if you are making REGULAR payments. Call the credit card company and make arrangements.
If you always make your payments but are usually late each month will they repo your car because of your history even if payments have been made?
No as long as you are making payments every month. Most lenders won't reposess a car until you are at least 90 days late. The truth is lenders do not want the car back. Make sure and contact the lender and explaine your situation and they may even work with you to help you get cought up.
How does the cosigner get the car if the person driving it is not making the monthly payments?
The co-signor will have to make arrangements with the LENDER unless the co-signor is listed on the TITLE. In that case, go get the car.
What percentage of your credit score is determined by your payment?
Your credit score isn't typically determined by your payments, but rather it is determined by how much you owe. The more you owe on your loans, the more you will be perceived by lenders as a higher risk borrower. With the FICO formula, the amount in which you owe using credit is 30% of your score alone. With that being said, making a late payment will affect your score. Your score could possibly drop by as much as 100 points due to late payments, so if you feel for any reason you will not be able to make an upcoming payment on any loans, contact the lender as soon as possible, and they will generally help the situation by making arrangements for you to make a lower payment; but most lenders will tack on the other amount not being paid to the end of the loan, or they will extend the term of the loan to create lower monthly payments; but please be careful with allowing banks and or lenders to do this, as you will pay more in interest over the life of the loan!
What are the disadvantages of borrowing from sub prime lenders?
There are a number of potential disadvantages to borrowing from sub prime lenders. Interest rates are often raised after the initial two year period making it difficult to keep up with payments. There are a high number of foreclosure properties linked to sub prime borrowing.
Have a personal lien from ex on my car can he just come and get it any time?
If you are not making the payments as agreed upon, yes, he can come and take it at any time. Having a Lien on it means that you owe money.Not making any/all payments on time is the same as saying "I don't need this car anymore". If you still wanted it you would make all the payments when they are due and do whatever it takes to make sure the payments are made even if you have to work additional jobs.The ownership arrangements are most likely mentioned in the final divorce decree. Unless you are not acting in accordance to whatever the written arrangements were for ownership, he should not just be able to show up and take it. Hire a lawyer.
Can you negotiate with collection agencies without making a one time payment or is this the only way to make a deal with them?
Some collection agencies are authorized by their clients to make payment arrangements. Some agency actually purchase the debt and will or won't make arrangements. It is up to the individual agencies and their policies. Your best option is to contact the original creditor, explain why you fell behind, be very apologetic, and ask for payment arrangements. Legally, they are not required to accept payments once you fall delinquent. They do not even have to accept partial payments.
The title holder has no job license or insurance as cosigner you are making payments what can you do to get possession of the car?
IF you are NOT on the TITLE, contact the lender, explain the deal and ask them to repo for you, take the buyer OFF the loan and let you take possession. That will NOT get the payments off you but will give you room to work. You are not the first person to have the problem and most lenders will ways to solve it.
Does a short sale happen when I stop making mortgage payments?
No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to a short sale.
Should you see if your bank will repo your car as you just can't keep making the payments and when you do they are late you have had the car for 4 month now you know it will make your credit bad?
I need to know how long does it take the bank to repo your car if you are 2 payments behind. Can I make arrangements to make a payment next week
You bought a car someone else is making the payments and has defaulted on the loan can you get this off your credit report?
The car, regardless of who's making the payments, is your responsibility. You bought it, you're the owner. This is why it's not wise to buy such large items for others and then assuming they'll make good on the payments. If you have a written agreement with the other person that states they're responsible for payments, you could sue them to collect, but as far as lenders and your credit are concerned, the car belongs to you.
