3 ms·

I am curious how it works with credit for a car or an LED TV perhaps? I have a car and even after fully paying the bank loan many years back, the bank name sti

I am curious how it works with credit for a car or an LED TV perhaps? I have a car and even after fully paying the bank loan many years back, the bank name still shows up in the car's registration. I just recently checked them. I have heard banks will take back a car if not paid in full.

comex 6y ago
Remote kill switches for cars exist. They’re called “starter interrupt”…
Jaruzel 6y ago
> I have heard banks will take back a car if not paid in full. I can only speak anecdotally, several years ago, I was in a financial pinch, and I called up my car's finance people. I told them about my problem, and that I didn't expect to be able to continue paying for my car, and that I'd heard that they would take the car back, null the credit agreement (if car value > remaining amount owed), and sell on the car. The nice lady on the phone told me that no, that's not what they do. They'll just wait until I default on X number of payments and then take me to court. Here I was trying to be helpful, and they gave zero shits.
zrobotics 6y ago
Pro tip: if the loan is paid off, go to your local dmv and get them removed from the title as a lienholder. I bought a 1971 motorcycle that still had the bank on the title as a lienholder, and it was a royal pain for both myself and the seller. If it wasn't an extremely rare bike, I would have backed out of the purchase. A bank will repo a car if it isn't paid, but if the loan is paid off then their name can be removed from the title. This doesn't happen automatically in all states though, so you may need to do some legwork. However, when the time comes to sell the car having the bank's name on the title is almost worse than a salvage title. Most car dealers will absolutely refuse to take the vehicle in on trade, for example.

3 ms·

I am curious how it works with credit for a car or an LED TV perhaps? I have a car and even after fully paying the bank loan many years back, the bank name sti

by brainless 6y ago

comex 6y ago
Remote kill switches for cars exist. They’re called “starter interrupt”…
Jaruzel 6y ago
> I have heard banks will take back a car if not paid in full. I can only speak anecdotally, several years ago, I was in a financial pinch, and I called up my car's finance people. I told them about my problem, and that I didn't expect to be able to continue paying for my car, and that I'd heard that they would take the car back, null the credit agreement (if car value > remaining amount owed), and sell on the car. The nice lady on the phone told me that no, that's not what they do. They'll just wait until I default on X number of payments and then take me to court. Here I was trying to be helpful, and they gave zero shits.
zrobotics 6y ago
Pro tip: if the loan is paid off, go to your local dmv and get them removed from the title as a lienholder. I bought a 1971 motorcycle that still had the bank on the title as a lienholder, and it was a royal pain for both myself and the seller. If it wasn't an extremely rare bike, I would have backed out of the purchase. A bank will repo a car if it isn't paid, but if the loan is paid off then their name can be removed from the title. This doesn't happen automatically in all states though, so you may need to do some legwork. However, when the time comes to sell the car having the bank's name on the title is almost worse than a salvage title. Most car dealers will absolutely refuse to take the vehicle in on trade, for example.