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What does it mean whn a creditor tells you that your loan will expire?
A relative bought a car some years back and because of job issues was not able to make a few of the payments on timem. The lender worked with her on the issue. She is back on her feet and wants to trade the car in but owes $2100 more dollars. The creditor told her that her loan will expire in 15 days and after that it is out of their hands what happens.
What could this mean? What do they mean by loan expiring and what can legally happen with this relatives vehicle?
1 Answer
- Genuine GuidanceLv 71 decade agoFavorite Answer
Is she still behind on her payments? Sounds like if she cannot pay that $2100 in 15 days, they will either repo the car or hand over her account to collections.
She should ask THEM what it means! LOL
