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The answer, unfortunately is yes. I personally bought a lemon and told them to come and take it back after it broke down 5 times in a week. $8000 later it is still on my credit report and it has been 6 years. I refuse to pay for a piece of crap...what's also very funny is they turned around and sold it at an auction for $200 and sent me a bill for the diff ($8000). Wonderful right?! JK
The answer, unfortunately is yes. I personally bought a lemon and told them to come and take it back after it broke down 5 times in a week. $8000 later it is still on my credit report and it has been 6 years. I refuse to pay for a piece of crap...what's also very funny is they turned around and sold it at an auction for $200 and sent me a bill for the diff ($8000). Wonderful right?! JK
In some juristictions (states/provinces) you may not have to. For example, in Ontario if you repossess the vehicle you can also sue for any shortfall when liquidated. This is because Ontario is a seize and sue juristiction. However, in Quebec if you repossess you cannot sue for any shortfall in liquidation because it is a seize or sue juristiction. In the latter case they have to decide if they want to repossess or sue, but they cannot do both.
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Do you have to pay back an unsecured loan?
It is probably a good idea to pay back any loan. A loan, by definition, is something being furnished on condition of being returned. If you don't pay it back, it is not a loan. It is stealing.
Does the co signer of a loan have to be notified through a certified letter before default and repossession occurs?
NO, co-signor is only notified when its time to pay the loan.
What does i8 rating on credit bureau mean?
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
have fair crediit need a loan with time to pay it back?
have fair crediit need a loan with time to pay it back?
Need a loan but can not pay back?
If you need a loan but can't pay it back, you should not get a loan. You should rethink your 'need' and find another way to resolve it. If you borrow money that you can't pay back, that is a form of theft.
If I voluntary give back a Motocycle for repossession will you have to pay the total owed on the loan to take back the motorcycle?
Probably.
How do you stop a repossession in process?
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
How do you get out of a car loan that you don't want anymore?
Pay it off, voluntary repossession, sell the car and pay it off.
Do you have to payoff a car repossession?
Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.
Do you have to pay back the loan for repairs on a home?
What you do with a loan is irrelevant. You always have to pay it back.
What is it called when you don't pay back a loan?
Failing to pay back a loan is called defaulting on the loan.
What happens after a repossession?
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
What can be done to you if you have a car repossession?
Pay the bill and fees to get your car back. If you can't afford it, your bank will auction the car and you will pay the difference between what they sold it for and your loan. Your credit is also ruined, it will get better in 7 years.
How do you get a car back from repossession in the state of TN?
Pay up.
Do you have to pay back an unsecured loan?
It is probably a good idea to pay back any loan. A loan, by definition, is something being furnished on condition of being returned. If you don't pay it back, it is not a loan. It is stealing.
Can a default payment amount stop repossession?
No, once the loan is in default, the only way to assure that you keep your stuff is to pay off the loan in full.
Can you get a personal loan after a car repossession?
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
