Comments on: I have a loan secured on my car that I can no longer pay – why won’t they take it as payment? http://www.quickpropertysale.me.uk/secured-loan/i-have-a-loan-secured-on-my-car-that-i-can-no-longer-pay-why-wont-they-take-it-as-payment/ Sell your property quick Tue, 13 Jul 2010 18:08:58 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: mister ed http://www.quickpropertysale.me.uk/secured-loan/i-have-a-loan-secured-on-my-car-that-i-can-no-longer-pay-why-wont-they-take-it-as-payment/comment-page-1/#comment-7007 mister ed Mon, 26 Apr 2010 04:54:52 +0000 http://www.quickpropertysale.me.uk/secured-loan/i-have-a-loan-secured-on-my-car-that-i-can-no-longer-pay-why-wont-they-take-it-as-payment/#comment-7007 changes are the car is not worth what you owe on it == but you can sale the car and get title as long as you come up with the amount of money still owed on the car!!!! changes are the car is not worth what you owe on it == but you can sale the car and get title as long as you come up with the amount of money still owed on the car!!!!

]]> By: Ryan Q http://www.quickpropertysale.me.uk/secured-loan/i-have-a-loan-secured-on-my-car-that-i-can-no-longer-pay-why-wont-they-take-it-as-payment/comment-page-1/#comment-7006 Ryan Q Thu, 22 Apr 2010 19:27:07 +0000 http://www.quickpropertysale.me.uk/secured-loan/i-have-a-loan-secured-on-my-car-that-i-can-no-longer-pay-why-wont-they-take-it-as-payment/#comment-7006 Your car is collateral for the loan, which means only that they have the option of repossessing it to recover money lent to you, not that they are obligated to repossess it. The bottom line is that you owe the balance on your own. Not the balance on your loan or value of the car whichever is less. They would rather not take your car because then they have to go to the expense of paying someone to repossess it, store it, and sell it. You can still sell the car even if they are holding the title, but in order to get the lien released to transfer title, you have to settle up with them in full. So they will only prevent the sale if you can't pay the entire balance with the proceeds. Your car is collateral for the loan, which means only that they have the option of repossessing it to recover money lent to you, not that they are obligated to repossess it. The bottom line is that you owe the balance on your own. Not the balance on your loan or value of the car whichever is less. They would rather not take your car because then they have to go to the expense of paying someone to repossess it, store it, and sell it.

You can still sell the car even if they are holding the title, but in order to get the lien released to transfer title, you have to settle up with them in full. So they will only prevent the sale if you can’t pay the entire balance with the proceeds.

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