1. If the owner can't continue to repay the car loan for some other reasons during the loan repayment period, he can negotiate with the bank. Then you can call the customer service of the bank before the repayment date, explain the current situation and issue a proof of why you can't repay the loan. Then negotiate with the bank whether it is possible to extend the repayment period or implement the installment again. If the reason why the owner can't repay the loan is serious illness, unemployment and other factors, he can also try to apply to the bank to stop paying. This can minimize the losses of car owners and banks.
2. Auction If the owner can't continue to repay the car loan, but the negotiation with the bank is fruitless. Then the owner can choose to voluntarily give up the vehicle and hand it over to the bank for auction. However, if this is done, the car loan fee paid by the owner in the past is equivalent to a waste of water, and the loss is relatively large, and the auction price is often low.
3. Transfer of ownership In the case that the owner can't continue to repay the car loan, he can also choose to find someone who is willing to buy a car or a second-hand car dealership, so that the third party can directly pay the remaining car loan. Then the owner can go to the bank to pay off the car loan and cancel the mortgage, and then transfer the car to a third party.
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1. According to Article 671 of the General Principles of Civil Law of People's Republic of China (PRC), if the lender fails to provide the loan on the agreed date and amount, thus causing losses to the borrower, it shall compensate for the losses. If the borrower fails to collect the loan according to the agreed date and amount, it shall pay interest according to the agreed date and amount. Article 678 The borrower may apply to the lender for extension before the repayment period expires. If the lender agrees, it can be extended.
2. Buying a car mortgage means that the borrower who applies for buying a car pays part of the down payment first, and the lender issues the loan to the car buyer in installments. In other words, buying a car mortgage is to transfer the car to the lender's name, and then return the car to the borrower (mortgagor) after paying off all the loans. Another way to buy a car is to pay in full. After this payment, the car is already in your name. If you want to buy a car by mortgage, you need to meet some application conditions and prepare to provide some application materials to prove that you have the financial strength to repay the loan.