If I put my car down as collateral for a loan through my credit union, what happens next?

Posted on Oct 29, 2009 under loan |

Are they going to take my car? My title? Can I still drive it?

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10 Responses to “If I put my car down as collateral for a loan through my credit union, what happens next?”

  1. bamafan_tide Says:
    October 29th, 2009 at 9:26 am

    depends on what their policies are. Some place let you drive it still, because obviously you can’t get anywhere to make money to pay the loan back if you can’t drive. They will probably take your title though.Call and ask them.

  2. kurtfranceus Says:
    October 29th, 2009 at 9:26 am

    You get your loan, if you default on it there comming for your car.
    No biggy, just make your payments.

  3. pinkstealth Says:
    October 29th, 2009 at 9:26 am

    They are going to take your car if you ever stop paying that loan!
    Do you own the car?
    Some places won’t take a car as collateral.

    Get details before you do this. Get them in writing. Have someone check it out for you.

  4. Ralph Says:
    October 29th, 2009 at 9:26 am

    You keep the car. They will hold the title unil the loan is paid off. You can still drive the car. You are required to keep it insured, and if you don’t the credit union will insure it, and bill you. Just make your payments on time, as you agreed. When you finish, you’ll get the title back, and you can trade that car in on a nice new one. The credit union will help you with the new car too.

  5. downsouthcooking Says:
    October 29th, 2009 at 9:26 am

    if you did not pay of the loan then YES the credit union is going to take the car and your title.NO NO NO you can not still drive it because it belongs to them now cause you didn’t pay of your loan. The next time I bet you won’t put you car down as collateral cause next time you know what will happen next

  6. Gupeter Says:
    October 29th, 2009 at 9:26 am

    Just make the payments and it stays yours. Fail to do so and they will take your car, determine that it’s not enough to cover the loan due to depreciation and then you will still owe them money! So pay it off! And if you do have a problem go to the bank and they might work with you by just letting you pay the interest for a month or two as it is cheaper for them to do so than reposses your car.

  7. calvin_hoseit2000 Says:
    October 29th, 2009 at 9:26 am

    they will have to put a lean on the title and you can drive it but you can’t sell it until you pay the lean off.

  8. Frank Castle Says:
    October 29th, 2009 at 9:26 am

    1) You will get money
    2) No
    3) No
    4) Yes

  9. Angel Says:
    May 31st, 2010 at 7:28 am

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  10. ffxiv gil Says:
    September 7th, 2010 at 2:58 am

    Hey very nice blog!!

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