The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
The lender has the option of foregoing repossession and filing a suit against the borrower for the amount owed plus interest, applicable fees and legal costs.
Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.
If you specified an interest rate when you made the loan, you should be able to collect the principle balance plus the interest amount, from the date the loan was made to the date it is collected (accrued interest). Even if a specific interest rate was not specified, one could still add a reasonable interest rate and presumably collect that additional amount when suing for collection of a loan (or monies owed to you). If a court is involved they might decide on the exact amount of accrued interest and whether that accrued interest amount will be collected in addition to the principle amount (the original loan amount).
It's the amount consumers are willing to pay, fluctuating with matters such as interest rates and consumer confidence
the market conditions...meaning, the amount somebody or something is willing to pay for it. this prices changes due to many factors.
There is no set limit on the amount that can be charged for a repossession.
After a repo the loan holder will sell the vehicle at auction and any amount you owe less the sale price is your responsibility. Interest on that amount is usually negotiatable and will be waived if you pay any shortage.
Some states have set maximum amounts for repossession fees. The state of Texas,. however has not set a maximum amount on the fee that can be charged for a car repossession.
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
Yes, but you have a very limited amount of time to do it in.
Explicit interest is the amount of money that is paid on a loan. This means that it is a fixed amount of interest.
Annual interest rate
Compound interest is when interest is charged on the principal plus the interest. An example is a credit card debt. If you carry a balance from month to month you are charged interest on the total amount owed including the interest from previous months. Simple interest is calculated on the amount borrowed over a fixed amount of time and does not charge interest on the interest.
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
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it is the principal amount... i.e., the amount for which u have to calculate the interest Enjoy!! Kush
Nominal interest, is the amount of interest on a loan or investment that does not take into account inflation; it's the amount of interest listed on the loan or bond.
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
The amount of the interest payment depends on two things which are, the loan amount and the interest rate. Normally, if your payment is set up to pay interest only then the amount of the payment would be the total amount of interest earned in one month.
quantity supplied: amount a supplier is willing and able to supply at a certain price
The debtor is liable for the payout balance of the vehicle less resale amount. Additionally, he must pay any repossession fees, storage fees, transportations fees, interest from the lender, and penalties. In the evnet these are not paid, the lender will have no other recourse but to sue for the balance along with court costs, and legal and collection costs and fees.
Calculation of simple interest is faster in comparison to compound interest. In the latter, interest is added up with the principal amount and interest is charged on that added amount in the next period calculation.
A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this, report it on your credit report and sue you to recover the amount.