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Maybe you could call an attorney for state specific advice.
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โˆ™ 2015-07-16 19:18:51
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Q: If car is repoed why are you required to pay the total interest on a loan?
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Related questions

Are there any advantages in making an extra house payment per year?

The advantage is to increase the principal being paid on the loan which in turn will reduce the total interest paid on the loan whilch reduces the total number of required payments. So basically this allows you to save on total interest charges. But make sure your loan has no penalties for early payoff!


Will an interest only loan calculator help me determine my monthly payments?

An interest only loan calculator will not help you to determine your overall monthly payments. This will only calculate your total interest payment. To know the total cost of your loan use a loan calculator.


What are some shortcuts on a loan calculator?

Multiply the monthly payment you are required to pay by the percentage interest you are paying. This will give you the amount of your loan each month that goes toward interest. Subtract this number from the total monthly payment for your amount of principle.


Is charging interest on a loan required?

In the US an interest free loan can be considered income of the value of the interest, whether charged or not, depending upon who is making the loan. Check with an accountant to insure that it is okay otherwise you can have the IRS checking your tax returns.


Can you pay off a car loan without paying interest?

If the total interest expense is included in the loan balance, they you'can't pay off the car without paying interest.


Is interest a fixed cost?

No. Fixed costs are general business expenses, while interest is on a loan. A loan is not required to run a business; So I would think it wouldn't be.


Can your car be repo'ed if you have the title?

IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.


Car was charged off and repoed will you still have to pay the loan?

Yes.


What things can be forced to be repoed?

Anything that you might need a bank loan to get.


What is low interest loan?

The loan whose interest rate is low is called low interest loan. If you got a unsecured loan @ low interest rate then it would be low interest loan for you.


When a borrrower pays back a loan both the principal and the interest must be repaid what is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?

Simple interest means the interest is calculated one time on the total principal of the loan. Therefore, you would pay back $11,161.50 on this loan. However, simple interest loans are very uncommon; most loans in life have compound interest.


If you already have the title to your car but the loan has not been fully paid can it be repossessed?

As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.


What is a simple interest in math?

Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.


If your car was repossessed and you paid the loan off do you get the title?

If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.


Will a loan amortization table work when you have an interest only loan?

Yes! Simply go to http://mortgagemavin.com/interest-only-loan/mortgage-amortization-calculator.aspx and type in the required data. You will need to have your loan amount, interest rate and how many months are left to pay your bill to calculate your monthly payments.


How can you reduce interest on high interest loan?

Repay the loan with the funds raised from a lower interest loan.


When a borrower receives a discount loan the interest total is subtracted from the principal and the borrower receives the remainder. What is the remainder of the loan called?

loan proceeds


When a borrower receives a discount loan the interest total is subtracted from the principal and the borrower receives the remainder what is remainder of the loan called?

loan proceeds


How are interest only loans calculated by banks?

By using the principal amount and the interest to calculate the total. This is the rate of interest. Also they take into consideration the loan length and time you would pay back the loan.


When a borrower receives a discount loan the interest total is subtracted from the principal and the borrower receives the remainder what is the remainder of the loan called?

aplus loan proceeds


What does it mean to have an outstanding loan and be in default?

To have an outstanding loan and be in default means that you have forfeited to make the required repayment instalments on the principal loan. You still owe the loan amount and the relevant interest levels.


How can you find a company that would buy out a loan for a repossessed car in New York?

YES, they are called FINANCE COMPANIES and charge HIGH interest rates. If the car is already repoed, your chances are NOT good.


Where can one find an EMI calculator to assist in determining the payments required for a car loan?

An EMI calculator for determining payments required for a car loan can be found at the official infibeam website. They offer features such as loan terms, annual interest rates and the loan amount.


How much is interest on a 1700.00 loan at 36 percent interest charge?

That depends on how long it takes to repay the loan. If you repay the loan in one go at the end of 12 months you would pay 612.00 in interest plus the loan of 1,700.00 a total of 2,312.00


When your car gets repoed by a used car lot do they came after you for the rest of payment?

The car will be sold. You are responsible for the difference in what the car sells for and the total outstanding balance on the loan. You will be required to pay this amount. Never ever let a car be reposed. Talk to the lender and work something out.