answersLogoWhite
Ask
Repossession
Loans
Money Management

If you pay off the balance on your repossessed car to get it back do you have to pay the balance owed with interest based on the original 5 yr loan?

383940
Answer

Top Answer
User Avatar
Wiki User
2015-07-16 19:23:00
2015-07-16 19:23:00

Unless you get the lender to agree to an offer, you will pay the balance due for payoff(repo fees, late charges,ect. have likely devoured any reduction in interest you would have seen for early payoff)

1
0

Related Questions

User Avatar

The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.

User Avatar

Interest on capital is added on the capital account in balance sheet as interest incurred from capital is based on business entity assumption.

User Avatar

If an account is interest based then any amount is fine

User Avatar

The answer is called amortization. In a typical loan payment, interest is calculated based on the outstanding principle balance. When the periodic payment remains constant the amount of that payment allocated to interest declines as the principle balance is reduced.

User Avatar

When each interest calculation uses the initial amount, this is called Simple Interest. The other type is Compound Interest, which uses the current balance as the basis for interest calculation.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.