If you live in Texas and have two cars financed by different banks and you haven't kept up with payments on one of them can they take the one that is current on payments?

1. Can I have 2 financed vehicles?
2. Can financing be transferred?
3. Can you give your car back to the finance company?
4. Can I get another auto loan if I already have one?
5. Can I get a car on finance if I already have one?
6. Can you return a financed car back to the dealer in Texas?
7. Can a bank revoke a loan on a car after I signed the contract?
8. Can I transfer my car finance to another car?
9. Can you transfer your car loan to another bank?
10. Does transferring a car loan affect credit score?
11. How much does voluntary surrender hurt credit?
12. Will a dealership buy my car if I still owe?
13. Can I return a car on finance within 14 days?

Can I have 2 financed vehicles?

The good news is yes, it's pretty likely! At The Car Loan Warehouse we understand that in a busy household, one car isn't always enough. Two reliable sets of wheels can make all the difference on the mad morning rush, so being able to take out two cars on finance is so important.

Can financing be transferred?

In most cases you cannot transfer a personal loan to another person. If your loan has a cosigner or guarantor, that person becomes responsible for the debt if you default on the loan. ... Car loans and mortgages can be transferred to another person under certain circumstances.

Can you give your car back to the finance company?

Giving your car back to the finance company is called voluntary repossession. ... The bank will sell the car and deduct the difference in the sale price from the balance you owe. You'll then owe whatever the difference is. If the difference is high, you could find yourself saddled with a large debt you still can't pay.

Can I get another auto loan if I already have one?

Can You Get A Second Auto Loan? The answer is yes! You can have two car loans at one time, but you must be mindful that it may be more difficult to qualify for a second loan. Lenders will only approve you if your income and debt can handle the added monthly expense.

Can I get a car on finance if I already have one?

Yes, even if you have outstanding finance on your car, you may be able to get a new one before your agreement ends. You can end your existing agreement by paying the settlement figure.

Can you return a financed car back to the dealer in Texas?

Under Texas Law, you do not have 3 days to cancel the purchase like you may with some transactions the dealer is required to register and title the vehicle in your name within 30 days, regardless of if you owe money on the vehicle to the dealer or another financier.

Can a bank revoke a loan on a car after I signed the contract?

If you got your loan through the bank directly, it's rare to have your loan revoked after you've purchased your car. Banks may be able to revoke your car loan if your contract had language that protects the bank's right to do so.

Can I transfer my car finance to another car?

While you can't swap a finance agreement from one car to another, there may still be the option to change your car if you have finance outstanding. To do so, you could pay off the remaining balance, then sell your car and buy a new one. Or you could part-exchange through your dealership.

Can you transfer your car loan to another bank?

Yes, you can shift your auto loan to another bank this shifting of your loan to another bank is known as “Balance Transfer”. Car Loan balance transfer offers more flexibility and competitive rates.

Does transferring a car loan affect credit score?

Transferring a car loan can affect your credit score—even if you're not behind on payments. When you transfer a loan, you effectively close an account, which could affect your credit age and your credit mix. In that case, you may see a temporary drop in your credit score.

How much does voluntary surrender hurt credit?

A voluntary repossession will likely cause your credit score to drop by at least 100 points. This point drop is due to a couple of factors: the late payments that cause the repo and the collection account that is likely to result from it.

Will a dealership buy my car if I still owe?

You can trade in your car to a dealership if you still owe on it, but it has to be paid off in the process, either with trade equity or out of pocket. Trading in a car you still owe on can be a costly decision if you have negative equity.

Can I return a car on finance within 14 days?

Under the Consumer Credit Act, you should have 14 days to withdraw from a credit or loan agreement. This is applicable to all finance agreements, regardless of whether you made it in person with the lender, over the phone or on via an internet process.