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If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.
The FHA does not have specific guidelines for auto repossession. Auto repossession is typically governed by state laws and the terms of the loan agreement between the borrower and the lender. It is important to review the terms of the loan agreement and consult with legal counsel if facing auto repossession.
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
Can wages be garnished for the balance of an auto loan in the state of Delaware
Only if you are getting a private loan. If you get a government loan it will not affect it since they will only hold govenment debt against you.
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.
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
The process for an FHA repossession of an auto involves the lender taking possession of the vehicle due to non-payment of the loan. This typically occurs after multiple missed payments and a formal notification to the borrower. The lender can then sell the vehicle to recover the outstanding debt.
Auto Net Financial, Road Loans, and West Side Chevrolet are among the companies in Texas that would help you get an automobile loan even if you have bad credit.
Generally, I can't think if any way that your towing coverage would have anything to do with you auto loan. If your vehicle was repossessed and charged your account for the cost of repossession your auto policies towing and labor coverage would not cover this cost.
The repossession stays on your credit report for 7 years.
It is entirely up to your lender, talk to them, most really don't want the metal (car) and would rather keep you paying even if it means modifying the loan.