Selling a Vehicle With a Child Support Lien on the Title

If a debt is unpaid, such as a credit card debt or past-due child support, the creditor has a right to enforce that debt. Enforcing a debt can mean garnishment, repossession or even filing a lien against property. In order to enforce a debt, the creditor must file legal paperwork against the debtor and obtain a judgment from a judge. Creditor Liens Once a creditor obtains a judgment for a debt, that creditor can obtain a right to enforce...

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What If I Can Not Pay My Car Loan?

When buying a car, you may have trouble paying for your car payment at some point throughout the process. If you cannot afford to make your car payment, you must deal with the consequences that come with this situation. Eventually, you may end up losing your car and damaging your credit. Collection Once you are late on your car payment, your auto lender will typically start trying to contact you immediately. This could happen as soon as one day late or it could happen a few weeks after missing your first payment. You should start receiving...

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How to Determine the Payoff for a Vehicle Lease

You can pay off a leased vehicle at any time. Some people believe there is no way out of a lease until the term is up, but you can actually buy the vehicle from the bank for an amount that is usually equal to any payments due and the balloon payment stated on your contract. You can then finance the remaining amount or trade the vehicle into a dealership towards another purchase. Getting your leased vehicle payoff amount should take you less than 10 minutes. Instructions 1 Gather your lease payment paperwork. You need the phone number of...

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Can You Remove a Co-signer's Name From a Car Loan?

When you take out a car loan, the lender approves the loan based upon the creditworthiness of both the applicant and the co-signer. The loan contract amounts to an agreement between both you and the co-signer to pay back the car loan proceeds. Generally, you cannot remove a co-signer from a loan unless you actually pay off the loan and replace it with a new loan that does not involve a co-signer. Underwriting People with poor credit or limited...

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Can I Pre-Qualify for an Auto Loan?

If you can pre-qualify for an auto loan before you walk into the dealership, you will be in a better position to negotiate a deal. When you have money in hand, you can usually get a better deal, according to the website CarsDirect. Significance Even if you want to get financing through the dealer, you should try to get pre-approved for a car loan through your bank or credit union, recommends Jesse Toprak of Edmunds.com. You can negotiate...

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How to Cancel a Car Loan After the Papers Are Signed & the Bank Approved the Loan

Unfortunately, a "cooling off" period does not apply to a vehicle purchase, according to the Federal Trade Commission. You may only return your vehicle to a dealership if the dealer offers a vehicle buyback program or a grace period that allows you to return a vehicle after purchase. However, if you haven't taken the vehicle, even if you've signed purchase paperwork, you can cancel your car purchase. If you have already taken possession of the car, you must return it before the dealer processes your paperwork, which is usually within one or two...

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What Is Blue Book Value?

If you're in the market for a car, whether it's new or used, you'll do yourself a lot of good by first determining how much your car is worth before you buy it. Sellers can also learn a lot by consulting sources like the Blue Book and other publications that track car values and routinely publish and update them. Kelley Blue Book It didn't take long after the first mass-produced cars started appearing for the used car market to come into existence. Determining a price for a used car was sometimes difficult to determine. Since 1926, the...

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What Is Tier 1 Credit in Auto Financing?

When an individual purchases a new car, most often he needs an auto loan to pay for the vehicle. The purchase price and interest rate determine the amount of the monthly payment. Interest Rate A borrower's credit score determines the interest rate. The tier a borrower falls into is based on a credit score provided by the Fair Isaac Corp. A FICO score ranges from 300 to 850, and the higher it is, the better the interest rate a borrower will receive on the loan. Tier One A tier one credit score allows a borrower to receive the best...

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What Is an Assumed Lease?

A lease assumption allows a consumer to take over a lease from another lessee who is no longer able to satisfy the conditions of a contract. Assumed leases are common for rental properties and vehicle contracts. Lease assumption brings several advantages to a consumer, such as money savings and a shorter leasing contract. Low Upfront Costs A lease usually requires upfront costs, such as a down payment for a vehicle or a security deposit for a property, that may be as much as several thousand dollars. When a consumer assumes a lease, the...

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How to Stop an Auto Repo

If you have fallen behind on your car payments the creditor may repossess the vehicle. Many creditors repossess the vehicle after as little as one late payment. The creditor may repossess the vehicle from the home or the registered owner's place of business. Although the creditor may repossess the vehicle, you still have rights as a consumer. It is best to research the repossession laws in your state to ensure that the creditor is following them....

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How Long After Repossession Does a Creditor Have for Resale?

If you default on a car loan, the bank or other financial lender has the right to repossess the vehicle. In other words, a creditor has the right take back possession of the vehicle and sell it to satisfy all or a portion of the debt. After repossession, a creditor has 90 to 180 days to resell or auction the car. The exact time limit varies by state. Compulsory Sale If a debtor has paid 60 percent or more of the cash price of the car at the time of repossession, the car must be sold at auction. This is known as a compulsory sale. Although...

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Car Refinance Information

Refinancing an auto loan is often overlooked as a way to reduce monthly bills. Since a car is usually a consumer's second-largest purchase next to his home, refinancing to a lower interest rate can result in substantial savings over time. To obtain the best rate available, it is best to get quotes from several different lenders. Need Auto refinancing should be considered by anyone who has a high interest rate, especially in the 21 percent to 25 percent annual percentage rate (APR) range. It is also important for those who have low credit...

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How to Refinance a Classic Car

If you have a classic car that you are paying on, you may be able to free up some money by refinancing that car loan. Refinancing your car loan will usually lower your monthly car payments as well as save you interest costs over the life of the loan. Typically, refinancing provides the most benefits if you are only a couple of years into your loan and your credit has improved since getting the loan. Instructions 1 Contact the current lender to get the pay off amount of the car loan, the interest rate and to ask if there is a penalty for...

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How Much to Budget for a Car Payment?

For people who are in the market to purchase a vehicle, thoughts concerning the actual amount the car will take out of the monthly budget are likely to come up. While there isn't a set amount of money that will be sufficient for this, there are some guidelines you can follow to ensure that the actual cost of owning a vehicle won't completely wreck your budget. Financing When you are purchasing a vehicle, the amount you will have to budget for that vehicle can fluctuate according to your credit score because the interest rate you pay on...

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How to Borrow on a Car Title

Borrowing on a car title is a short-term loan option for those holding a clear title to a vehicle. Loan amounts depend on the fair market value of the vehicle, with a loan period of usually no more than 30 days. During this time lender places a lien on the car, giving them the right to repossess the vehicle in case of default. While there is much debate regarding lender practices and risk factors involved with this type of loan, they can provide an option to those who may not qualify for a loan in any other way. Instructions 1 Get information....

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Arizona Statute of Limitations on Auto Loans

Arizona restricts the number of years creditors have to collect unpaid auto loans. Such restrictions are mandated to protect debtors from worrying about old debt. According to Arizona debt collection laws, creditors must start the clock ticking on debt as soon as a payment is received. Identification Arizona allows creditors to collect unpaid auto loans up to six years from the last date of activity on the loan. Compared with other states,...

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Tips to Sell Your Car Fast

Whether you are looking to buy a new car, or you just need the money for something else, knowing how to sell your car fast can come in handy. When you start thinking about selling your car, questions about price and how to market your vehicle start crossing your mind, according to car sales expert Vlad Samarin writing on Samarins.com. Organize your approach and use some tips to sell your car fast. Price Your Car Fairly In order to sell your...

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Refinance Car Vs. Purchase Car

Refinancing, or transferring your loan to a new bank, may benefit you financially more so than purchasing a different car. The amount of benefit depends on your current interest rate, amount you owe and any loan transfer benefits. Before deciding which avenue to pursue, you should compare several long-term cost variables. Pricing Call your bank to get your vehicle's loan payoff amount. Once you have it, decide if you want to spend more on a car or get one of equal value. If you don't want to pay more than you already owe, you might have...

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North Carolina Auto Statute of Limitations on Auto Loans

North Carolina has some of the most consumer-friendly debt collection laws in the country. Auto loan contracts are classed as written contracts and have a statute of limitations of three years. As long as the statute of limitations has not run out, creditors are permitted to take action to collect unpaid auto loans. However, certain circumstances will cause the clock on the statute of limitations to reset. Identification An auto loan contract is a legally binding agreement between a payee and a payer. The contract identifies the names...

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Does it Make Sense to Lease a Vehicle?

Leasing is an alternative to financing that restricts mileage and ownership term, but offers a lower payment than financing. Leasing is not for everyone, as some people drive too many miles per year or prefer to own their cars outright. Learn if leasing makes sense for you based on your driving habits and lease requirements. Benefits Leasing a vehicle allows you to drive a new vehicle every few years. Most leases run for a term of 36 or 39 months, which is usually the time the vehicle is under the manufacturer's bumper-to-bumper warranty....

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What to Do When Your Car Lease Is Up

A car lease is a contract between a leasing company affiliated with a dealership and you, in which you agree to several terms and conditions, including monthly payments, in exchange for the use of a new or used car. In addition to all the decisions that normally go into buying or leasing a car, certain additional factors must be considered when a car lease is up. Basics Basic lease concepts include capitalized cost, residual value, lease...

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Buying a Car With No Credit Check

You can buy a car with no credit check through dealerships that offer in-house financing. These businesses are commonly referred to as Buy Here, Pay Here dealerships. A BHPH dealer makes this possible by allowing you to make payments on a car you want to buy, while in traditional finance circumstances, by paying the lender, typically a bank, that provides your loan directly. You can expect to make payments weekly or monthly, depending on the dealer's requirements. Instructions 1 Save money for a down payment or gather funds before shopping...

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If I Face a Hardship, Can I Modify My Auto Loan?

Don't panic if you can no longer afford to pay your auto loan. You may see yourself in the midst of a financial crisis, but by keeping a level head, you can find your way out. Although it may take some time for you to rebound, consider solutions to the problem that will do the least damage to your credit. Loan Modification Talk to your lender if you are having trouble paying your car loan. Loan modification may be an option if you expect...

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What to Do if You Are Upside-Down on an RV Note & Need to Sell It

To transfer the title of your RV, you must pay off your loan and obtain a lien release or proper title signature, depending on your state's requirements. You may use the proceeds of your sale to pay off your lender, but you'll have to provide the rest of the money yourself to satisfy the loan. Lender Payoff Call your lender to find out how much you owe on your RV loan. Also ask for your loan's per-diem amount, which is the amount of interest charged to your loan daily. You'll have to add the per-diem amount to your payoff each day until...

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California Liability Law on Used Vehicles

In California, the Car Buyers Bill of Rights protects consumers that purchase new and used vehicles. Under the state's consumer protection law, used car buyers have rescission periods to cancel their purchases. California further protects used car buyers with mandatory disclosure laws that dealers must comply with prior to completing the invoice or sales transaction. These used car consumer protection laws generally apply to transactions between...

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How to File a Motorcycle Lien

An improperly filed lien leaves a creditor with no avenue to its collateral. The owner of a motorcycle does not truly own the vehicle until his financing is paid. The creditor's information is printed directly on the title at the time of acquisition. When the debt is settled, the state's Department of Motor Vehicles issues a new title without the creditor's name. If the creditor doesn't correctly file the lien, the creditor lacks the recourse needed to repossess the motorcycle. Instructions 1 Read the title to get the motorcycle's year,...

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Why Do Dealers Ask for More Than the Kelley Blue Book Retail Price?

The Kelley Blue Book has grown into one of the more reliable resources for consumers looking to price an automobile away from the dealership. The source is so trusted by consumers, an auto dealer who prices his vehicles outside of the Blue Book's suggested range may raise eyebrows and lose customers. Despite this, there are some viable reasons a dealer may price his vehicles higher than Kelley Blue Book price. Kelley Blue Book Doesn't Sell Cars The Kelley Blue Book is a tool for measuring the average price of an automobile in certain circumstances...

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Can You Purchase a Car Mid-Lease?

You can purchase a vehicle in the middle of a lease contract or trade it to a dealership to pursue another purchase. Financing or trade obstacles may exist because of the vehicle's equity. Consider the benefits and disadvantages of purchasing a car in the middle of its lease so you can decide if it is financially beneficial. Buyout Price Call your leasing bank to find out your leased vehicle's buyout price. The price is often equal to the number of monthly payments you have left and the lease buyout amount, which is stated in your lease...

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How to Apply for Vehicle Finance

Many people finance to own a reliable vehicle that they may not be able to afford otherwise. If you're buying from a dealership, they can handle your financing, as most dealers use a variety of banks. Once you choose your car, the process of applying for a loan is rather straightforward. Know which information you should have on hand to apply for a vehicle loan. Instructions 1 Gather information for the vehicle you want to purchase. If buying from a dealership and applying for a loan elsewhere, ask for a buyer's order, which will list the...

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How to Downsize a Car With a Loan

Many people struggle with their car payments because of the downturn in our economy. It is possible to downsize their vehicle and reduce their payment. The current vehicle needs to be appraised by a reputable dealer and paid off to remove the lien on the title. By purchasing a smaller and more fuel efficient vehicle, money will be saved in the long run. Instructions 1 Arrive at the dealership prepared with the bank name, account number and payoff amount. Time will be saved with this necessary information needed for the dealership to pay...

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