Recently had a repossession (not yet on my credit report)
2007-05-23 08:33:13 · 7 answers · asked by mmmenabee 1 in Business & Finance ➔ Other - Business & Finance
Contact the note holder; but unless there is some really unusual language in the note, no. Auto loans are not assumable in VA.
2007-05-23 08:37:01 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
You can't assume any contract unless authorized by the company that has given the credit....So it really isn't an issue about the state your in. What I have found in the past "not necessaraly the best way" if you write a check out to the finance company and they except it for a certain period of time then it is very likely that they would have to put you on the loan...obviously I am not an expert on this.....and I don't have all the details. I had a simular situation. I took over the payments on a vehiecal and after about 6months or a year the person then came back too ask for his truck back....he said I couldn't do anything about it.....and took the truck...I made all the payments on time,paid their insurance payment on time. I had to hire an attorney because I had no legal right to the vehical....my attorney threatened the company with a lawsuite saying that they excepted my payments in return excepting me as partial owner of the truck.......I wouldn't advise putting anyone through it....but most ppl don't listen anyway ""like me"". So if you decide that you proceed with caution.
2007-05-23 16:28:12 · answer #2 · answered by qualifyEz 1 · 0⤊ 0⤋
FYI...You will need to contact company holding note and request pay off. If the pay off amount is not paid in full, debt will remain on your credit indefinitely. Furthermore it wil be bought and sold several times over by collection agencies, attorneys, etc. I've had clients debt quadruple from every body's fees, interest and expenses. The fact that your car is repossessed does not mean you are relived of debt because car values depreciate and usually are not sufficient to satisfy note. The balance is what will remain as debt. Communication is the best remedy. Nobody (including note holder) wants a repo except repo men. The note will not be assumeable if lienholder is not on board.
2007-05-23 15:44:46 · answer #3 · answered by Rob L 1 · 0⤊ 0⤋
It is not a state law issue. You would have to look at the current finance contract. Usually there is a "no assumption" clause. It means the finance company will still hold the original borrower liable for payments, if someone else takes over the contract.
2007-05-23 15:38:33 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
I would suggest you refinance it, if you don't, it won't be in your name. That means, you can pay the car off, and the original owner can take the car back from you at any time because it isn't technically yours.
2007-05-23 15:45:01 · answer #5 · answered by crys 2 · 0⤊ 0⤋
You legally can only if the car loan documents allows you to assume it. If there is no clause allowing another person to assume the loan then usually it is not assumable.
2007-05-23 15:39:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It has nothing to do with the state you are in. Read the note and it will tell you if it's assumable, but 99.99% are not.
2007-05-23 15:39:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋