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If you don't pay the first payment for your loan can they repossess the car and still collect the amount the car is worth from you?
Wiki User
∙ 17y ago
Yes.
Wiki User
∙ 17y ago
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What is a 1st payment default if it is not later than 30 days?
A first payment default , is when a bank calls the loan on your car because you are late on the first payment, 30 days or not, actually acording to your service agreement you are late like 4 days after the due day. they take it as a personal insult when you miss the first payment, also as a sign of things to come. usually if the repossess your car for a first payment default they will not give it back if you catch the payment. they will call for the full balence on the note and send the car to auction. Check out www.stoptheRepoman.com for other answers like this.
How First gulf bank re collect their credit card payment in India?
Illegal harassment by local recovery agencies.
Why is there more interest paid at the beginning of a loan period than at the end?
In a simple interest loan, you are paying interest on the amount of money you have borrowed in each payment period. When you make a payment, a certain amount of it goes to repay the loan, reducing the principle. In the next payment period, your interest is being calculated on a smaller amount borrowed. In the first payment, you are paying interest on the entire amount borrowed. In the next payment, you are paying interest on the amount borrowed minus the principle amount from the first payment. That's why paying extra principle early in the life of a loan can make a big difference in the time it takes to pay it off. In a 30 year home mortgage for example, in the first year the principle will be reduced by about the amount of one month's payment. If you make an extra payment toward the priniciple equal to one month's payment, you will have effectively gained an entire year in the retirement of the loan.
Can a BHPH dealer repossess on a first payment default without satisfying Colorado curing requirements?
http://198.187.128.12/colorado/lpext.dll?f=templates&fn=fs-main.htm&2.0 start here
What is the first fixed element of a debt instrument investment?
(1) the amount of each annuity payment.
How do you know how to calculate car loan after you have made the first down payment?
It will depend on the terms you have with the dealer. If all of the down payment is going to principal on your car then you would subtract that amount and that would be the amount left on your loan. If only a percent is applied to the amount then subtract that percent from the amount.
Why people prefer only DA Payment terms?
Isn't it the bank is fully aware of the order is under certain # days of D/A so you will have the first priority to collect the payment before the account holder. This is how the payment term document against acceptance stands.
What is an initial payment?
begining of your payment; the first payment you do
Can you legally repossess your car with a lien on the title?
That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.
Can they repossess your car without warning you first?
Yes, at any time and anywhere
Can a bank repossess your car for one missed payment?
i have 5 open repo orders where people are only 15 days late so make ur payments on time. nichole They usually wait until you miss two or three. That's because you might have mailed the first payment and they don't want to make a mistake of repossessing it too soon.
First payment default?
NOT a good idea. Besides ruining your credit rating, the lender will probably repossess the item or could take you immediately to court to recover damages. Depending on the circumstances, it could also be considered a criminal act, (i.e.: Larceny by Intent to Defraud).
