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Can a lender charge you interest in Michigan on the remaining balance of a car repossed?
Wiki User
∙ 16y ago
It is still a loan. as long as you owe, interest accrues.
Wiki User
∙ 16y ago
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Can you pay off a loan ahead of time and save interest charges?
It depends on the type of loan. Most mortgage (home) loans are of a type where the interest you pay is on the "remaining balance". It stands to reason therefore that if you reduce the remaining balance the interest will be calculated on a smaller balance and therefore be a smaller amount.
What happens to payments made after a car is repossed?
Payments made after a car is repossessed will no longer be returned to the debtor. In fact, the lender can still require the debtor to pay the remaining balance of the loan.
What happens if you haven't paid the remaining balance after the repossession?
"remaining balance" as in what you are behind OR the remaining balance due on the loan??
Is debenture interest paid shown in balance sheet?
if Debenture interest is paid already then it will only show in income statement while if debenture interest is payable in future then it will only comes balance sheet, while if part of interest paid and part of interest payable then portion of paid amount will be shown in income statement while remaining amount will be shown in balance sheet as liability
How can you show that more interest is paid at the beginning of a loan period than at the end?
Interest is computed on the remaining balance monthly..If you have a credit card balance and pay exactly every 30 days, you will see that the interest charged is reduced by a small amount every month.
What does interest charged on remaining balance mean?
You either have a lone or have not paid off all you owe on a credit card. Whatever the amount your owe is, this is the "remaining balance". You will be charged interest on this until your next invoice date so at the time of the next invoice/statement you will owe "the remaining balance from last time" + "interest". If you do not pay off what you owe interest will continue to be added each month. If you are in financial difficulties and find you can not pay what you owe GO AND SEE A DEBT ADVISER. They may be able to stop the interest charges and help you to budget how to pay off your debts. If you do not do this the debt will grow rapidly. There are many FREE Debt Advisory services if you ask around (funded by charity) - there are also companies that will do this BUT they will charge you for their help (this can make the debt worse).
How is Interest Expense with a credit balance classified in the financial statements?
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
Can a finance company continue to charge interest on the loan after a vehicle has been voluntarily surrendered?
Yes. The interest is charged on the money owed to them. When you surrender a vehicle, they sell it, and it often goes to a wholesale auction, which means they're going to get less than the remaining balance. You're still liable for that remaining balance, under the same terms and conditions as what was agreed to when the loan was made.
What is the interest and balance of 375 at 4 percent for 5 years?
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
Do you have to pay back the loan on a car repo?
Yes and No... Once the vehicle is repossed you are afforded an opportunity to pay what you owe and retrieve your car... If you dont meet the requirements to satisfy the lien holder, the vehicle will go to auction. After the auction whatever is owed on the remaining balance is is the responsibility of the loan holder & or co-signer.
Can the PRIMARY owner of a vehicle sue the COSIGNER for half of the remaining balance if the COSIGNER had the vehicle voluntarily repossed even if the PRIMARY had already been making payments on time?
You can sue anybody for almost anything today. Now, if you can win or not is the question. Talk to a lawyer or at the very least your state attorney general.
What are 0 credit cards, and where can I learn more?
0% credit cards allow you to charge to your card for up to 18 months with no interest. However, after the 18 months, the interest on the remaining balance is huge. You should only get this card if you can pay off the balance in full before the 0% rate expires.
