Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. In lending terms, this is called repossession. Read on to find out how to remove an invalid repossession from your credit report. Either kind of repossession hurts your credit score. Dispute the Repossession on Your Credit Report.

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Nerd Wallet

AUGUST 31, 2021

Car loans work by providing a lump sum of money for you to buy a car. Then, it’s yours to drive, while also making monthly payments on the loan (with interest) over time. Until you fully repay the loan, the lender holds the title to the car and can repossess it if you fall behind. The article How Do Car Loans Work?

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Sawin & Shea

OCTOBER 26, 2022

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation. Payday loans.

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Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. Liquidation Methods.

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Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Within fifteen (15) days of the occurrence of an adverse event (i.e. SOP 50 57 2 ; SOP 50 55. See SOP 50 57 2.

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Collateral Loans Lender Repossession 98

Credit Corp

DECEMBER 14, 2021

Can you transfer your car loan to another person and have them take over your car payments? We’ll begin this guide with a solid answer to the loan assumption question: can someone else assume your car loan , and if so, how do they do that? Can someone take over your car loan? How do you take over someone’s car loan?

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Loans Repossession Lender 91

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

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Credit Corp

JULY 9, 2024

A car repossession can significantly damage your credit score, potentially causing a drop of up to 100 points or more depending on your overall credit history. With prices so high, it’s easy to get behind on your monthly payments, putting yourself at risk of a repossession. What Is a Repossession?

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Credit Corp

MARCH 7, 2021

Everything is online these days—including personal loans. Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. Personal loans were the fastest-growing category of consumer debt in 2019 , according to a survey from J.D. What is an online personal loan?

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Jimerson Firm

NOVEMBER 16, 2020

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. 679.609, Fla.

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Sawin & Shea

MAY 26, 2020

I’m here to talk to you today about repossessions. I know currently with this current COVID-19 crisis, many car lenders have voluntarily suspended repossessions. There is no state mandate keeping them from repossessing cars. The first thing you might want to do is talk to your lender. This is voluntary.

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Repossession Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 52

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

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Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. The data requests are extensive and request information about originations, servicing, and repossessions over the past five years.

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Lender Repossession Loans Collections 52

Credit Corp

JUNE 14, 2023

More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. We’ll break down when a car payment is late, as well as other common loans, so you’ll be prepared to pay your loans on time. How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Student Loans?

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Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

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Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

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Credit Corp

JULY 25, 2021

The Prime Rate Good Mortgage Interest Rates Good Car Loan Interest Rates Good Credit Card Interest Rates Good Personal Loan Interest Rates Good Student Loan Interest Rates. The prime rate at any given time is generally the best possible rate you can get, though lenders may offer rates below prime. In This Piece.

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Credit Corp

AUGUST 23, 2021

It’s a common scenario: You apply for a personal loan or credit card and get denied. The reason seems shrouded in mystery, and you receive a letter with language such as “lack of recent installment loan information” or “proportion of balances to credit limits.” 8 Common Reasons You Were Denied Credit. .”

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Sawin & Shea

FEBRUARY 28, 2024

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

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Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Nerd Wallet

MARCH 21, 2022

Bad-credit car dealerships sell and finance vehicles for people with low credit scores, no credit, past bankruptcies, car repossessions or other credit issues. Some of these dealerships specialize in working with lenders that are more inclined to approve bad-credit borrowers. Shannon Bradley writes for NerdWallet.

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Repossession Bankruptcy Lender Loans 71

Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Student Loans Student loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Credit Corp

DECEMBER 3, 2024

When youre late on payments or stop making payments on a loan, the lender can repossess or repo the item youre financing to settle your debt. Lets take a closer look at how to remove repossessions from your report. Table of contents: Step 1: Understand What Repossession is Step 2. Negotiate with Lender Step 5.

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Sawin & Shea

JANUARY 18, 2024

As you think about filing bankruptcy, it’s crucial to understand the interaction between Chapter 13 and car loans. Bankruptcy can impact various aspects of your financial life, including existing car loans. How Does Chapter 13 Bankruptcy and Auto Loans Work? What is Chapter 13 Bankruptcy?

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Chapter 13 bankruptcy Loans Bankruptcy Repossession 52

Sawin & Shea

APRIL 20, 2021

When an Indiana homeowner is unable to make their mortgage payments, the lender eventually starts a foreclosure. If a mortgage lender determines that an Indiana homeowner is failing to make their mortgage payments, the lender will start contacting the borrower to demand payment. How the Foreclosure Process Works in Indiana.

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Collection Industry News

FEBRUARY 21, 2022

BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5 million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office said Friday. The post Auto Lender Santander Agrees To Pay $5.5M

Lender 40

Lender Repossession Collections Loans 40

Roths Child Law

SEPTEMBER 21, 2023

For instance, if a car is collateral for a loan and the debtor isn't making payments, the lender might be granted permission to repossess that vehicle. Sometimes, a creditor might request the court to lift the stay, especially if they believe it's not serving its intended purpose.

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Better Credit Blog

APRIL 1, 2022

It’s smart to know how to remove negative items from your credit report, especially if you are soon to be applying for a mortgage or car loan. This would be money well spent if it restored your good standing with lenders in time to secure a loan with low-interest rates. All your lenders add and subtract information.

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Credit Corp

JULY 26, 2021

Joint mortgages pass directly to co-borrowers, who become responsible for the loan. the decedent—pass to listed beneficiaries, who then become responsible for the loan. If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. Car Loan Debt. Student Loan Debt.

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Student Loans Student loans Credit Card Debt Loans 98

Troutman Sanders

FEBRUARY 29, 2024

Specifically, the CFPB is proposing to collect a set of data annually from lenders that originate or acquire more than 20,000 auto loans in the previous calendar year. The CFPB also proposes to collect a set of data annually from lenders that originate between 500 and 20,000 loans in the previous calendar year.

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Repossession Lender Loans Collections 52

Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired?

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Credit Corp

JANUARY 11, 2024

Request a loan deferment If your financial difficulties are temporary, you may be able to request a pause on your car loan payments. For example, if you lost your job and need time to find a new one or were off work for a medical emergency, your lender may be willing to work with you. Your current loan balance is $12,600.

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Repossession Lender Loans Bankruptcy 52

Titan Consulting

AUGUST 23, 2020

Filers can typically retain the home and vehicle as long as you make payments on the loan. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. Federally managed student loans received an automatic six-month payment waiver. Take advantage of payment waivers.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

Troutman Sanders

APRIL 17, 2023

District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition on discrimination covers every aspect of an applicant’s dealings with a creditor, not just the specific terms of a loan (like the interest rate or fees). Health Career Institute, LLC, et al. Townstone Financial, Inc.

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Credit Corp

MAY 3, 2021

The bank repossesses the car, but you still owe $20,000 on it. If the car is worth $15,000, the bank can sell it and recover that much of the loan—leaving $5,000 of debt to be canceled. You buy a car for $30,000 and make a total of $10,000 in payments. You can no longer afford the payments and fall behind on payments.

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Troutman Sanders

MARCH 10, 2023

On March 8, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights report, focusing once again on fees assessed in relation to bank account deposits, auto loan servicing, mortgage loan servicing, payday lending, and student loan servicing.

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Repossession Student Loans Student loans Loans 52

Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. The lender protects the borrower against foreclosure.

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Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. Hence, no inaccuracy.

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