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Simply put, to default on a car loan, you have failed to repay the loan, and the bank or other financial institution takes back the.
Whenever you borrow money, whether it's to go to school or buy a car, you're required. The consequences of a loan default depend on whether the debt is secured or. that while it can help you wipe out some of your debts, it's by no means a picnic.. This article is part of The Motley Fool's Knowledge Center, which was.
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If you're facing an auto loan default, there are steps you can take to. Man drives in car hoping he doesn't have to default on his auto loan.. Refinancing essentially means you're paying off your old auto loan with a new loan.
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