What happens to the proceeds from the sale of a repossessed car

When you take out a secured auto loan, the lender is protected by collateral that you put down. If you don't pay the loan, the lender keeps the collateral. In ... A secured car loan is a type of loan where the vehicle you purchase acts as collateral. This arrangement provides lenders with security. May 4, 2023 ... A secured loan is a type of loan backed by an asset such as a car or a house. Mortgages and car loans are examples of secured loans. We're here to help you through the process of updating your vehicle title to ensure your loan rate remains secure. Along with a lower interest rate, a savings-secured loan also has the added benefit of helping you build your credit. ... car loan and mid-600s for a used car ... Mar 22, 2024 ... Yes, bankruptcy works by erasing or "discharging" car loans. However, even though bankruptcy will clear a car loan, you won't get a free car in bankruptcy. Why choose a Secured Fixed Car Loan. Get behind the wheel of your dream car faster with a great rate, $0 monthly fees, flexible repayment options, and no ... Apr 15, 2025 ... A secured loan is a personal loan that's tied to a personal item. This personal item is called collateral, and it works like a guarantee for the ... A secured loan is a loan in which the borrower pledges some asset (eg a car or property) as collateral for the loan, which then becomes a secured debt. "Secured" Loans Means Collateral. When you take out a secured loan, you're asked to put up collateral. It's extra incentive for you to pay it back, and ...