bond indenture
Greg, the lien was put on the car as part of an agreement between you and the LENDER. You cannot change that agreement without the permission of the LENDER. That agreement was dependant on YOUR credit rating and can only be tranfered to someone with equal credit and the lenders acceptance. Call the lender and see if they will let someone assume the loan and remove you from it.
loan
This varies by lender. The withdrawal limits are not set by Mastercard, but rather the actual lender for the card. To find out your limit, contact your credit card issuer.
A reaffirmation agreement is an agreement between the debtor and the lender that the underlying debt with not be discharged in bankruptcy. The debtor will remain personally liable for repaying the debt even after the bankruptcy.
Yes. Once a contract has been defaulted on, the lender may take whatever action they choose to recover the vehicle and the debt that is owed. The agreement between the two buyers is not relevant as it does not affect the terms of the contractual agreement between the buyer(s) and the lender.
Yes. And read your loan agreement.
yes but it usually not worth much, all depends on the issuer and his ability to pay as well as his track record
Co signer does not have the right of subrogation. ( the power to recoup the losses). His agreement is only with the lender who will demand payment in case the principal borrower fails to pay. He has to honour the agreement. If he pays to the lender, he can have a legal remedy through court and can repossess the vehicle only if the court orders so. ( This is on an assumption that there is no agreement entered into between the principal borrower and the cosigner. Even if there is an agreement it can be enforced through a court only.)
When a lender finances a coop purchase there is an Aztech Recognition Agreement. The lender agrees to recognize and give the coop corporation the first lien on the unit. Three copies are signed by lender, purchaser, and coop board. In other words the coop gets their maintenance that is in arrears before the lender can foreclose when someone defaults on their loan.
As little as 1. Depends on the lender and the agreement you signed. Read the loan agreement. My advice. Call the lender and talk about this. Work something out! You do not want your car repossed.
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Financial hardship in a loan agreement refers to the fact that the person is struggling to repay their loan. They may be struggling to repay to the lender's agreement.