MCAs default on car and house loans
Anyone who finds themselves unable to make car loan payments will need to know what happens should they decide to default on their loan. There are a few possible scenarios depending on the circumstances, but in general, it’s safe to say that being forced to default on a loan is not an ideal position.
Financially, any default is going to sting, but the pain is variable across loan types. For example, if you default on a car loan, the lender is going to pay to repossess the car and then probably liquidate it at auction. You’ll be held liable for any deficiency that remains after the car is sold.
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This is risky as it will be impossible to dispose of the securities in case of default. Meanwhile, about Sh78 million in car loans was dished out to 38 MCAs without the vehicles’ valuation reports.
McArdle’s skepticism sounds to me like a person who goes to a car dealership, pays sticker price. I should have included that scorn in my list of things that happen when you default on your loans.
Buying a car when you have student loans is pretty similar to buying a car any other time.. You still spend the time looking at cars, test driving them, and negotiating with the seller. You decide whether to buy new or used; to lease or buy; to get a sports car or a family car.
In Nairobi, 10 mcas received car loans way above the recommended amounts.. MCAs who lost seats in 2017 default on car, house loans Tuesday, May 21, 2019 9:43. By DAVID MWERE.
So, what do you do when you miss student loan payments and can. put a dent in your credit score. Default will be reported to credit bureaus, damaging your credit rating and affecting your ability.
However, they’re not wrong only because of the reason that Ritholtz gives us, it being a great deal easier to repossess a car than it is a house. They’re also wrong. to be completed. If you default.
MCAs who lost seats in 2017 default on car, house loans. Tuesday May 21 2019. Cars on sale at Jamhuri grounds in Nairobi. At least five county assemblies are on the verge of losing millions of.