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More automobile owners are falling behind on their payments, and a new report suggests that lenders have sometimes been overzealous in repossessing cars. Even after borrowers have made payments as promised or received extensions on their auto loans, lenders have illegally repossessed cars, according t...
for which the vehicle serves as collateral. But other items bought on credit can also be repossessed, such as furniture or appliances.2Repossession can be either voluntary (in which the debtor will surrender the collateral) or involuntary
you may be getting letters or calls telling you that your vehicle will be repossessed. You don’t want to ignore these calls. If it’s your house or car that’s in danger, you really should try to work out whatever payment plan you can so you don’t lose them. ...
The number of borrowers who fell more than 90 days behind on their auto loans rose to 2.66% in the fourth quarter of 2023 — a nearly 20% increase from the same time last year, according to data from the Federal Reserve Bank of New York. Why are more people defaulting on car loans...
You can return the item, in theory, but there are contracts that are very hard to get out of, to the point that if you do make a return, you could still owe money for the item. If you fall behind on payments, as noted, your items could be repossessed and all the money yo...
If the lender that repossessed your car isn’t willing to refinance your loan, talk to your personal bank or credit union about funding options. Also consider getting a co-signer, such as a friend or relative with good credit who is willing to put her name on your loan. You may also ...
A sheriff’s sale is a public auction of property that has been repossessed and is being sold by court order in order to satisfy debts that are in default.
We know that intellectually – that we won’t care about our cars or how much money is in the bank when we’re on our deathbed. I’m here to tell you that realization happens far sooner than the deathbed. As in now. I look at young adults doing their dance, and I can’t help...
For example, if you buy a home that appraises for $200,000 and make a down payment of $20,000, you are borrowing $180,000 from the bank. The loan-to-value ratio on your mortgage would then be 90%. The ratio is used for several types of loans, including home and auto loans, an...