Yes, you contracted to borrow money. That money was loaned to you, it is gone. Now you have the principle and the interest. The vehicle that was repossessed only secured the loan. The lender did not want your car, but your failure to pay as promised left them no choice but to secure some sort of payment. Now you have what remains, plus costs and continuing interest. If you fail to pay now, you may have no choice in how the lender collects the full amount.
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.
Putting off payments until the end of a loan or to be paid over the course of the remainder of the loan. This will not effect the balance of the loan but there may be fees for not paying on time.
Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
Cut & pase this link into your browser: http://rws.rwstools.com/templateroot/Calculators.asp?PVLID=26316 Or you can do it the hard way: payment = Balance*(int/(1-(1/(1+int)^term))) Balance = the balance of the loan int = the interest rate divided by 1200 term = the number of years to payoff the loan times 12 Also, if you have Microsoft Excel, there is a function that calculates loan payments.
It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.
Periodic payments against an outstanding loan balance that do not pay off the entire outstanding loan balance.
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Putting off payments until the end of a loan or to be paid over the course of the remainder of the loan. This will not effect the balance of the loan but there may be fees for not paying on time.
Late payments will be deducted from trade-in value
Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
With a reposession on your credit report it is almost impossible to get another auto loan unless you have not had any negative reports after the repo and you have at least 30% down. It probably lowers your credit score by 100 points.
That option is up to the LENDER. Call the lender ASAP for more info.
Monthly car loan paymnts are calculated by adding the interest to the balance and diviing it into equal payments for a set time frame. You can find a car loan calcultor at www.Edmunds.com.
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
Cut & pase this link into your browser: http://rws.rwstools.com/templateroot/Calculators.asp?PVLID=26316 Or you can do it the hard way: payment = Balance*(int/(1-(1/(1+int)^term))) Balance = the balance of the loan int = the interest rate divided by 1200 term = the number of years to payoff the loan times 12 Also, if you have Microsoft Excel, there is a function that calculates loan payments.