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If you are late on your car loan by two or three payments but you got a letter saying you are in breech of your loan will you still lose your car and if you pay it up to date? |
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Answer
You can pay off the note but if the lender has declared the note in default that means that you have to pay it off now or the car will be repossessed and sold to cover expenses. Most notes have a description of what constitutes default. Late payments can result in just what you're describing.
Your only choices are to pay it off (you might need to get another loan) or sell it yourself or turn it back to the lender.
First answer by Redbeard. Last edit by ID1140909063. Question popularity: 13 [recommend question]
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Answers.com > Wiki Answers > Categories > Business and Finance > Personal Finance > Money Management > Loans > Auto Loans and Financing > If you are late on your car loan by two or three payments but you got a letter saying you are in breech of your loan will you still lose your car and if you pay it up to date?
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