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If car is repoed why are you required to pay the total interest on a loan?

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2015-07-16 19:18:51
2015-07-16 19:18:51

Maybe you could call an attorney for state specific advice.
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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.

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!

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.

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.

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

Anything that you might need a bank loan to get.

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.

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.

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

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.

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.

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.

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.

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

The interest rate is given in the question. It is 3.5%.The amount of interest paid on the loan depends on how much of the loan (if any) is paid back during the period of the loan. If there are no interim payments, the total interest at the end of 5 years is 2681.85 approx.

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

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.

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

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.

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.

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.

IF there is a perfected security interest for a loan that your car is collateral for, YES it can be repoed, in FLORIDA or California. Try UCC-1 filing for perfecting a security interest.

The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is 10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is 10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is 10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.

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.


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