If I default on my car loan, can the bank put a lien on my house even if I own the house with my sister?
2006-07-10 13:48:21 · 4 answers · asked by Scarfina 1 in Business & Finance ➔ Personal Finance
Did you use a homeowner loan to buy the car? Read the loan agreement.
2006-07-10 13:52:29 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No, you cannot have a lien on your home for defaulting on your car loan unless you bought it with a home equity loan. However the auto lender does have the right to reposess your vehicle by any means necessary, as it stated on your contract to purchase since they hold the title to your vehicle. Also, any items inside the vehicle may be taken as well whenver they regain (or steal) your car from you.
You can only have a lien on your home if you fail to pay government taxes, or any loans that you took out which were specifically liened against your home.
2006-07-10 20:54:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, they'll just reposess your car. They'll usually come in the middle of the night to do it.
2006-07-10 20:54:01 · answer #3 · answered by First Lady 7 · 0⤊ 0⤋
no. they will repo your car though.
2006-07-10 20:51:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋