YES.

Not usually. In New Jersey if you have more than 90 % equity in the vehicle they can no longer take the car. BUT they can still damage your credit for 7 years and try to collect in court. In practice they almost always damage credit with a chargeoff or a closing of the account but they rarely sue for small ammounts though they still can.

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Q: If the principal is paid in full and the only payments left are interest from late charges can they repossess your car?

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It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.

If the amount due has lapsed to the next month without any payments being made, the CC company will add additional "penalties" that may appear as added interest, but in reality the fines are added to the principal amount owed.

The creditor total payments will differ from the price of the sale unless you have a 0% interest loan. The interest armoritized in the amount of the total of payments. Some companys have simple interest loans, meaning that the interest is accumulated on a daily basis, rather than being financed for the full term of the loan. When payments are made in a timely manner or earlier, you will save alot on interest charges.

I live in New York State. I was able to have my car return to me in 24 hours. Of course I had to pay the missing payments,then the towing and storage charges. Hopes this helps.

Yes, they will both reduce your credit score and impact future payments on that card (e.g. increased interest rate, late fee charges).

Some state laws forbid the dismissal of such interest charges. In other situations it is at the discretion of the presiding judge.

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!

If the rate of interest is the same, simple interest benefits the borrower. Compound interest charges (or pays) interest on the accrued interest as well as the principal amount. This is why the APR (annual percentage rate) may differ from the base interest rate on a loan, or on revolving credit balances.

The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.

It is considered a term mortgage which is how mortgages were before the amortized mortgage. In a amortized mortgage a part of every payment goes to principal (the amount you owe) and a part goes toward interest (what the bank charges to loan you the money) In the beginning almost all of the payment goes toward interest but as time goes by more goes toward the principal and less toward the interest until the principal is paid off. The interest only mortgage only pays the interest so you never pay off your debt.

Keep the balances paid off to avoid interest charges. They can eat you up.

Well assuming it is compounded monthly then the total interest rate charged will be 3.765%. The total interest paid will be $75.30. There will be two payments of $1037.65.

yes

2-5 months

By finance charges i take it you mean interest. You really need to have the loan company explain the terms of your loan. It is becoming more and more common to see interest locked auto loans where no matter when you pay off the loan, you are forced to pay the interest. Usually the banks will not tell you this out-right, they will instead sit down with you and show you a summary of what each of your monthly payments will be (sometimes called an 'Amortization Schedule'), and where the money is being directed towards. You will see an amount of both your principal and interest balance being paid in the same month. This is nothing short of a scam. Although these loans usually do come with a lower interest rate.

If there is a 5.99 percent finance charge on a loan of $29,400, there is no way to know what the payments will be if the loan repayment time is not stated. Interest is compounded on the unpaid balance. If a person has a 10 year repayment plan the payments would be around $400 at the lowest estimate.

If you fall behind on payments you may often receive late charges.

To accelerate a loan is to demand full and immediate payment of the entire unpaid balance of the loan, including principal, interest, late charges and collection costs (not just the delinquent portion).

Credit card interest is the principal way in which card issuers generate revenue. A card issuer is a bank or credit union that gives a consumer (the cardholder) a card or account number that can be used with various payees to make payments and borrow money from the bank simultaneously. The bank pays the payee and then charges the cardholder interest over the time the money remains borrowed. Banks suffer losses when cardholders do not pay back the borrowed money as agreed.

Take the amount of loan and including interest charges. Then determine the length of the loan. Then divide it by the number of months it takes to complete term of loan. This will give you the monthly payments.

Having bad credit tells the bank and car dealer that you are a high risk. If you have late or missed payments you'll be charged higher fees and interest charges.

I should think that, especially when comparing debt financing to equity financing (which does not have a cash flow of interest), you would want to offset the positive cash flows by the value of anticpated negative flow - (interest & principal repayments).

A precomputed account is one in which the debt is expressed as a sum comprising the principal and the amount of the finance charge computed in advance. The total amount of each payment is subtracted from the balance which includes the principal and finance charges (interest). A simple interest (interest bearing) account is one in which the balance includes only the principal amount and the interest calculated from payment date to payment date is subtracted from the total amount of the payment and the remainder of the payment is subtracted from the principal balance. A precomputed account and a simple interest account with the same amount financed or principal balance, the same annual percentage rate and the same terms will have the same finance charge. If both accounts have payments made as contracted for the full term of the obligation, the finance charge will be the same for both accounts. The differences between the two accounts are in how payments to the accounts are actually made during the term. Delinquency Charges: Both types of accounts can have delinquency charges imposed if payments are not received within usually10 days of the date the payment is due. On a simple interest account you will also be paying interest for the days delinquent on a higher balance than the original total finance charge was computed, making you pay more finance charges than originally contracted. If you were over 10 days late in making your payments each month on an account with a $5,000 original unpaid balance with a 21% annual percentage rate for 24 months, you would pay $372.00 in delinquency charges on a precomputed account. You would have paid the $372 00 delinquency charges plus additional interest (finance charges) on any unpaid delinquency charges and the higher principal balance due to the delinquency on a simple interest account. Deferral Charges: Precomputed accounts can have a deferral charge imposed, if contracted for, on payments past due over 10 days. Deferral charges are based on the balance deferred times the annual percentage rate divided by 12. Deferral charges are not allowed on simple interest accounts. However, you would be paying a higher finance charge then originally contracted if your payments were delinquent or the lender allowed you to make an "interest only" payment. As you can see from the example above, being delinquent in your payments can be very costly over the term of an account plus being delinquent is reported on your credit records and future credit may be hard to secure. Prepayments in full: When you prepay a simple interest account , you owe the principal balance plus interest accrued since the previous payment. There is no rebate. When you want to pay off a precomputed account ahead of your contractual obligation, you are entitled to a rebate of the unearned finance charge based on the sum of the balances known as the Rule of 78's. The balance of a precomputed account includes the total finance for the full term of the contract. If it is prepaid in full before the maturity date, the unearned finance charges are subtracted from the balance to arrive at the amount due at time of the prepayment in full. The Rule of 78's is so named because a hypothetical installment account with a term of 12 months has 78 units calculated by adding the numbers 1 plus 2 plus 3 through 12. To compute the Rule of 78's decimal you take the number of months remaining in the term of the contract times that number plus 1. You divide that number by the number of months in the term times the term plus 1. The Rule of 78's decimal is then taken times the finance charge to compute the rebate. EXAMPLE: $5,000.00 amount financed $1,166.32 finance charge 24 payments of $256.93 21% annual percentage rate Date made 1-10-02 First payment due 2-10-02 Date prepaid 11-11-02 There are 11 months earned on the account (the creditor can take a full months earnings for 1 day into the next month in this example) and 13 months unearned. You can compute the rebate as follows: 13 X 14 divided by 24 X 25 = 182 divided by 600 = .3033 Rule of 78's decimal $1,166.32 X .3033 = $353.74 The finance charge rebate would be $353.74. The lender earned 69.67% of the total finance charge during the first 11 months of the 24 month contract. Finance charges earned by the Rule of 78s are the highest for the first months of the term because the balance of the amount financed is highest during that period. You can look at the following chart to see that the earned finance charge would be $812.54 after 11 months. A simple interest account with the same terms which was paid on the contracted due date each month and prepaid on 11/11/00 would have finance charges earned of $737.10, the unearned finance charge would be $429.22 (earning on for 10th month plus one day's interest) which is $75.48 less total finance charges then the precomputed account. If the account had prepaid on 11/10/00 (exactly 10 months), the total finance charge on the precomputed account would have been $758.11 ($1,166.32-408.21). This is still $22.96 more then the simple interest earned finance charge of $735.15 ($1,166.32-431.17). From the examples given, you can see that if you make your payments as contracted each month and prepay your account, a simple interest account will cost you less than a precomputed account. If you do not pay your account in full before the maturity date and pay as contracted for the full term of the account, there would be no difference in the cost between a precomputed account and a simple interest account. On the other hand, if you are constantly delinquent on your payments, a simple interest account will result in higher finance charges. A precomputed account is one in which the debt is expressed as a sum comprising the principal and the amount of the finance charge computed in advance. The total amount of each payment is subtracted from the balance which includes the principal and finance charges (interest). A simple interest (interest bearing) account is one in which the balance includes only the principal amount and the interest calculated from payment date to payment date is subtracted from the total amount of the payment and the remainder of the payment is subtracted from the principal balance. A precomputed account and a simple interest account with the same amount financed or principal balance, the same annual percentage rate and the same terms will have the same finance charge. If both accounts have payments made as contracted for the full term of the obligation, the finance charge will be the same for both accounts. The differences between the two accounts are in how payments to the accounts are actually made during the term. Delinquency Charges: Both types of accounts can have delinquency charges imposed if payments are not received within usually10 days of the date the payment is due. On a simple interest account you will also be paying interest for the days delinquent on a higher balance than the original total finance charge was computed, making you pay more finance charges than originally contracted. If you were over 10 days late in making your payments each month on an account with a $5,000 original unpaid balance with a 21% annual percentage rate for 24 months, you would pay $372.00 in delinquency charges on a precomputed account. You would have paid the $372 00 delinquency charges plus additional interest (finance charges) on any unpaid delinquency charges and the higher principal balance due to the delinquency on a simple interest account. Deferral Charges: Precomputed accounts can have a deferral charge imposed, if contracted for, on payments past due over 10 days. Deferral charges are based on the balance deferred times the annual percentage rate divided by 12. Deferral charges are not allowed on simple interest accounts. However, you would be paying a higher finance charge then originally contracted if your payments were delinquent or the lender allowed you to make an "interest only" payment. As you can see from the example above, being delinquent in your payments can be very costly over the term of an account plus being delinquent is reported on your credit records and future credit may be hard to secure. Prepayments in full: When you prepay a simple interest account , you owe the principal balance plus interest accrued since the previous payment. There is no rebate. When you want to pay off a precomputed account ahead of your contractual obligation, you are entitled to a rebate of the unearned finance charge based on the sum of the balances known as the Rule of 78's. The balance of a precomputed account includes the total finance for the full term of the contract. If it is prepaid in full before the maturity date, the unearned finance charges are subtracted from the balance to arrive at the amount due at time of the prepayment in full. The Rule of 78's is so named because a hypothetical installment account with a term of 12 months has 78 units calculated by adding the numbers 1 plus 2 plus 3 through 12. To compute the Rule of 78's decimal you take the number of months remaining in the term of the contract times that number plus 1. You divide that number by the number of months in the term times the term plus 1. The Rule of 78's decimal is then taken times the finance charge to compute the rebate. EXAMPLE: $5,000.00 amount financed $1,166.32 finance charge 24 payments of $256.93 21% annual percentage rate Date made 1-10-02 First payment due 2-10-02 Date prepaid 11-11-02 There are 11 months earned on the account (the creditor can take a full months earnings for 1 day into the next month in this example) and 13 months unearned. You can compute the rebate as follows: 13 X 14 divided by 24 X 25 = 182 divided by 600 = .3033 Rule of 78's decimal $1,166.32 X .3033 = $353.74 The finance charge rebate would be $353.74. The lender earned 69.67% of the total finance charge during the first 11 months of the 24 month contract. Finance charges earned by the Rule of 78s are the highest for the first months of the term because the balance of the amount financed is highest during that period. You can look at the following chart to see that the earned finance charge would be $812.54 after 11 months. A simple interest account with the same terms which was paid on the contracted due date each month and prepaid on 11/11/00 would have finance charges earned of $737.10, the unearned finance charge would be $429.22 (earning on for 10th month plus one day's interest) which is $75.48 less total finance charges then the precomputed account. If the account had prepaid on 11/10/00 (exactly 10 months), the total finance charge on the precomputed account would have been $758.11 ($1,166.32-408.21). This is still $22.96 more then the simple interest earned finance charge of $735.15 ($1,166.32-431.17). From the examples given, you can see that if you make your payments as contracted each month and prepay your account, a simple interest account will cost you less than a precomputed account. If you do not pay your account in full before the maturity date and pay as contracted for the full term of the account, there would be no difference in the cost between a precomputed account and a simple interest account. On the other hand, if you are constantly delinquent on your payments, a simple interest account will result in higher finance charges.

As soon as 10 days after due date of payment. The laws vary from one State to another, and a finance company will not usually reposses on day 11, but they legally can. More often it's 30 days, or until you owe two payments. You may get your car back if you pay all late payments, late charges, and the remaining balance owed. If the finance company sells the car and gets more than what is owed, they must reimburse you the difference. They can also reposses if you let your insurance lapse. Protecting their interest.

Many consumers will focus largely on finding the loan with the lowest interest when shopping for a new loan. There is a perception that the financing option with the lowest interest rate will yield lower monthly payments and will therefore be more affordable than other options. While this is generally true, there are other factors that must be considered as well. When most borrowers shop for a loan, their desire is to get the best deal on their loan, and the monthly payment is not the only reflection of loan affordability. In order to find the best financing option, it is imperative that you calculate interest charges on various options available to you.Factors That Affect Interest ChargesDepending on the principal loan balance and loan term, the difference of a few tenths of a percent in the interest rate can result in hundreds or even thousands of dollars in additional interest charges being assessed over the life of the loan. The effect of this seemingly nominal difference on your monthly payment may be negligible, but the long-term effect can be significant. It is important to note that the interest rate, loan term and loan amount will all be used to calculate interest charges on the loan.How to Calculate Interest Charges On Your LoanMany lenders will provide you with an amortization schedule that includes interest charges when you apply for a new loan. With some lenders, you may need to request it directly. However, before you apply, you can calculate interest charges on your own by using online loan calculators. Using these calculators to compare interest charges for different interest rates, loan terms and loan amounts is wise. By using these calculators, you can most easily to determine which loan option is most affordable for you.You should calculate interest on different loan options before you apply for a new loan, but you should also calculate interest on your existing loans from time to time. By doing so, you can gain a better understanding on how much money your current loans are costing you, and you can determine if it is wise to pay some of your loans off early.