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if daimler/chrysler goes bankrupt what happens to my loan financed thru them?
i financed the purchase of my car thru daimler/chrysler with a 0% APR/60 month loan three years ago. what would happen if they were to go bankrupt? would i have to pay my loan in full or would it be wiped away? since i doubt a bankruptcy would actually happen, i'm really just curious to know how something like this would play out.
thanks for any input!
thanks for the answers! and for sure, i'd never even think about not paying my loan. i'm an honest consumer and believe in paying my debts.
5 Answers
- 1 decade ago
As the others have said, you have to keep paying. Remember, when you owe someone money, you are an asset (not a liability). So the loans are the one thing they know they can sell off for cash. You will continue paying. Be sure to keep good records of who and how you paid in case there is any confusion when they sell your loan. You want to make sure you are credited with each payment you've made.
- 1 decade ago
Nothing would happen. You still owe them the money. Bankruptcy does not mean they go out of business, just that they are protected from THEIR creditors. You aren't a creditor, you are a borrower,
Even if they shut their doors, it's likely that another company would purchase their loan portfolio in which case you would still owe.
Keep paying your loan.
- Anonymous5 years ago
concern no longer. the motor vehicle is yours and could proceed to be so. The finance kit will, in the no longer likely journey of RBS going bankrupt, incredibly be an asset of the organization, which would be picked up via directors and the two run via them or offered to a distinctive business enterprise. All so which you could do is to proceed making the money to whoever notifies you that they now very own the debt.
- ?Lv 71 decade ago
No the loans are sold to another lender and your current terms remain the same. Only difference is where you mail your check to.