If I put my car down as collateral for a loan through my credit union, what happens next?
366742
Just make the payments and it stays yours. Fail to do so and they will take your car, determine that it's not enough to cover the loan due to depreciation and then you will still owe them money! So pay it off! And if you do have a problem go to the bank and they might work with you by just letting you pay the interest for a month or two as it is cheaper for them to do so than reposses your car.
1103946
It's probably not going to happen.  If you trade it in, the dealer is going to add that 8K to any balance on the new car so your payments will likely be a lot higher and you'll have to step down quite a bit on a car (and not sure a dealer will take that risk if you step down)\n\nBetter ideas: (some of these require excellent credit)\n- Talk to the loan holder on the car and see if you can't refinance it for a lower interest rate.\n\n- Join a credit union and then see if they will do a refi.  You might be able to both lower the interest rate and extend the term a bit longer so your payments will be lower.\n\n- Sell you car on the street and get more for it.  You will have to have the cash for the difference between what you owe and what it sells for (but still should be a LOT higher than the dealer trade in value).  Then you can go get a loan on a new, cheaper vehicle.\n\nTake this lesson to heart and buy cheaper next time.  A car really only has to reliably get your from point A to B, so stretching your finances to own something  fancy is pretty much a waste.  You will never accumulate real wealth if you keep doing that.\n\nGood luck.
416418
Its up to your dealer. If you bought a new car its now a used one and you will not recover your money.
1046872
As long as you do it all on the same day, no. If you do it all on different days, then yes, you're score will drop slightly. \n\nI'd recommend you go to your bank or credit union first. Don't rely on the dealer unless they have some great financing terms.\n\nIf you still can't get the rate or credit report you want I'd choose either Equifax or Experion.
923822
You are allowed to own a vehicle. \nHowever the value of that vehicle (or the equity in a financed vehicle) must be equal to or less than the state's allowed exemption.\nIn California, depending on which exemption table used, that value is either $1900 or $2775.\nKeep in mind that if your vehicle is financed, you probably do not have the amount of equity that would cause a problem. Most vehicles depreciate so much, so fast, you would probably owe more than the car is worth until the very end of the loan.\nAdditionally, if your car IS financed, you can keep the vehicle only if you continue to make the required payments. Because a car loan is a Secured loan, if you choose to no longer make payments, the bank can (and will) take steps to claim the collateral (your car).
693544
If they have legal claim on the car...YES. If your loan was based upon the security of your car, the bank has legal title. It might have to go to court to be resolved, but in the end, I think the justice system will give the legal title to whomever has legal claim.
345103
What is it you are trying to do?  Remove a past credit listing placed because you were late with car loan payments?\n\nKeep in mind that now the loan is paid off they may not want to cooperte with you on this.  Just ask them politely.  Tell them you have paid off the loan, you are an active credit union menber and would appreciate if they can help you restore your credit.  At least have the listing updated to show the loan is paid in full.\n\nTalk to someone in the collections department.  They know what a letter of deletion is, they are acting stupid!
931307
Depends on where you got the loan. I had to go to my lenders website and do it..then they notified the school it was done.
258516
You can't.  You wil have to pay off the loan or have YOUR credit affected by a default.  You've just learned a great lesson about cosigning loans.
630132
maybe they sent it to your bank .  some companies do that ,  as you will have to sign a credit agreement.
935197
You really can't. If you give the car back, it will be a voluntary repossession on your credit, which is about as bad a regular repo. It will stay on your credit for seven years.\n\nWhy don't you refinance it and get a lower monthly payment? You can do a online search for auto refinance. There are a good many companies that will refinance a newer model car.
532676
I'm sure that if your credit it good enough and you explain the situation to the bank, you may be able to get a second loan. A car dealer may also be able to finance you themselves.
175680
If you use the money to pay the car fully then you would hold title to the car. If the car will have a loan on it then the one that lends you the money would hold the title.
717902
Well, that all depends on whether or not the bank that repo'd the car was able to collect the total outstanding balance after selling the car. If not, you have an outstanding debt still on your credit, and it will be there indefinitely, despite what some people may tell you. Yeah, it technically will come off after 7 years, but if you ever go to get a mortgage or other large loan, they're going to see that you have that still outstanding. Good luck getting a bank to look the other way on something like that...
851928
It doesn't matter how much collateral it is worth. If you have bad marks, you won't get the loan. And even if you have good credit doesn't mean that they will except you. You have to have credit for an extended period of time, not just a year or two. My boyfriend did the exact same thing a couple of days ago. He has had great credit but only for like 5 years so they denied him. The only way for him to get a loan was to have a co-signer that has more credit than he does....like a parent for instance & to put something down as collateral. As long as you put the title of the car down as collateral then you will be able to use it as collateral, thats what my boyfriend did. So using the title of the car will work, but not just the car. It has to be something the bank can hold on to incase you and/or your co-signer doesn't pay for the loan, so they can get their money back & by giving them the title your stating that if you and/or the co-signer don't pay then the car will be in their possession and will no longer belong to the person who owned the car.
404690
$$$ as the saying goes money talks and BS walks.. The more money you can put down on the car.. better the chance of you getting approved.. No matter what the situation.\n\n$0 down.... Try again\n$500 down.. nope\n$1000 down.. Now we are talking.\n$1500 down.. Getting better\n$5000 down.. When can u pick it up.\n\nBut most can get approved at the $1500 mark
525768
If you are both on the title and the vehicle is being paid for he can't repo your car.  If the payments are behind on the car and he is a co-signer he can have the car sequestered from you.  More importantly, if you are behind on payments and the finance company is after it, you'd better give it up.  Its called a Writ of Sequestration, a constable comes and gets it and if you don't turn it over you get to go tell a judge why your not giving it up.