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Your car was repossessed and you made payment arrangements to repay the loan now after 4 months you find out that you am being charged 8 percent interest on a daily basis is this legal?
Wiki User
∙ 15y ago
Read the finance contract you signed, if it say they can do it and you signed, then yes it is legal. If you default on the loan, the new terms are never going to be very good. Find a way to pay it off early (a second job; cut back expenses) and get yourself out of this by paying extra principle every month. Make sure that they apply the extra to principle. This is one of those experiences you learn from.
Wiki User
∙ 15y ago
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You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
How do you get a title for a car that has been charged off for non payment?
Pay it off. It will still likely be repossessed.
How can you have your car repossessed i lost my job and can't afford it.?
Did you give it back to the finance company? If you still have the car, job or no job, they will be expecting a payment every month. You may be able to call them and make payment arrangements with them.
If you have a car voluntarily repossessed can you get another car?
YES, usually you pay MORE down payment and/or higher interest rates.
What does it mean if your loan payment is overdue?
If your loan payment is overdue, you will be charged interest that is higher than normal. You may also be charged a late fee and hurt your credit rating.
Can interest continue to be charged on the principal amount of a judgment which has a court approved payment agreement?
Yes.
Thomas charged 2400 on his credit card to buy furniture the interest rate charged by the credit card company is 24.9 percent after one payment the minimum payment on the debt is 50?
2399.80
What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
Can you just pay interest on a mortgage to avoid default?
No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.
When can a vehicle legally be repossessed?
In Florida, they have to send you a demand letter, once that demand letter expired(30 days) and you didn't contact the the bank to make payment arrangements, they assigned your loan/car for repossession.
What happen if i don't pay credit card the amount due each month?
If you don't pay at least the minimum payment on your credit cards by the due date, you will be considered a month behind and so on till you are up to date with your monthly payment(s). You'll also be charged interest and with most credit cards, interest is charged daily from date of when you purchased your item and not by the statement billing date. That is why it is important to make a payment asap, than to wait till the due date. ie) if you make a payment even one day after your due date your charged interest. if you purchased an item on Aug 29 and your billing date is sept 1 and your due date is sept 22 and you miss your payment on the due date. interest will be calculated daily from aug 29 till full payment is received if you pay the full payment (including interest) on sept 23 your interest will be less than, if you pay your full payment (including interest) on the next due date of oct 22.
Can a car be repossessed the day a payment was made?
YES.
