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In a repossession do you have to pay off the entire car right then or just keep making your loan payments monthly for the duration of the loan?
Wiki User
∙ 17y ago
It would depend on the contract you signed when you purchased the car.
Wiki User
∙ 17y ago
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What is repossession?
It is where a lender (usually a bank or credit union) recovers collateral that is held in a security agreement and hasn't been paid for.In the usual sense, something purchased using a loan is taken back from the buyer because he has not kept up payments for it. Typically this includes cars and other vehicles.Repossession is the practice of reclaiming property on which a sale contract has not been completed. Until the entire sale price has been paid (along with any interest), the original owner has a lien against the property and the legal right to reclaim it. However, some methods of repossession (such as violating private property) may be unlawful. Reclaiming possession of mortgaged property for an outstanding unpaid loan is called foreclosure.
Do voluntary mortgage payments get recorded as principle AND interest or principle only?
Not sure about U.S.A. loans, but in Canada, if you pay extra towards your mortgage, the entire payment goes towards the principle only. This is, of course, assuming that your mortgage agreement doesn't state otherwise, and that you are current in your regular required payments.
What is current account convertibility?
Current account convertibility means freedom to buy or sell foreign exchange for the entire trade purposes.(Eg: buying and selling of goods,interest payments etc...)
Can you make payments on a credit card by using another credit card with a lower interst rate?
Yes - it's called 'balance transfer' and is commonly done if you transfer the entire balance in one fell swoop.
Option ARM vs. Fixed Rate Mortgage?
Option ARM vs. Fixed Rate Mortgage A fixed rate mortgage has the same payment for the entire term of the loan. The Option ARM uses a low initial rate to calculate your initial minimum monthly payment. Although the interest rate will increase after 1 to 3 months, your low payment will remain fixed for the entire year. This can produce a much lower monthly payment than a traditional fixed rate mortgage, or even an adjustable rate mortgage (ARM).
If you are delinquent on payments and the debtor threatens repo and you bring the car current can they still repossess?
If they just "threaten" you, and you bring it current, then no. But.. if they send you a letter threatening repossession and calling the entire note, and you do not pay the entire balance on the note, then yes they can take your vehicle.
Is it legal for Bank of America to demand the entire balance of a car loan be paid if the borrower is three payments late?
Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of repossession.
So i just got a ford focus about a week ago and are doing monthly payments i'm not completely satisfied with my decision can i trade it in even though i just got it?
Yes, but don't expect to get your entire purchase price in trade.
Can you return a financed vehicle?
Yes. This is called a "voluntary repossession". You're still responsible for the entire amount of the loan, so if the car is worth less than the remaining loan amount, then you'll have to make up the difference. Also, it's still a repossession, even though it was voluntary, and will appear on your credit. If you're not late on the payments yet you may do better to sell the vehicle yourself and use the proceeds to pay off the loan, as this won't ding your credit.
Are film promos the entire movie?
No, film promos are not the entire movie. They are approximately 2 and a half minutes duration.
Is shonen jump monthly or weekly?
weekly. Monthly for the entire catalog. -B.
Can you sue your roommate for half of the rent for the entire duration of the lease?
If they are on it-yes.
Did Americans support the french revolution for the entire duration of the war?
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Is it possible to have a monthly period for nine months?
Yes. Many women have them their entire lives.
What is the statute of limitations of a car repossession in Georgia?
Before your car payment is due, call the lender and ask for extra time. If you're at least a few months into the loan and haven't missed any payments, the lender will probably let you miss one or two months' payments and tack them on at the end. If you don't pay or make arrangements with the lender, the lender can repossess without warning, although many will warn you to give you a chance to pay what's due. If your car is repossessed, you can get it back by paying the entire loan balance and the cost of repossession, or, in some cases, by paying the cost of the repossession and the missed payments, and then continuing to make payments under your contract. If you don't get the car back, the lender will sell it at an auction almost always for far less than it's worth. In most cases, you'll owe the lender the difference between the balance of your loan and what the sale brings in. If you are far behind on your car payments and can't catch up, the truth is that you may not be able to afford the car. Under these circumstances, you should think about voluntarily "surrendering" your car before the dealer repossesses it. This strategy can save you expensive repossession costs and attorneys' fees. Because it also makes life easier for the dealer, you should try to get concessions from the dealer before you give up the car. A dealer will often waive its right to collect the amount left owing on the loan and/or promise not to report the default or repossession to credit bureaus. Try to get the dealer to agree not to report negative information to credit bureaus in return for your voluntarily surrendering the car. Negative information (such as a surrender, default, or repossession) will appear on your credit report for seven years, and will affect your ability to get credit in the future.
What payments may you have to make if your car is repossessed and can they garnish wages?
Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.
What should a person consider before using credit to purchase a good or service?
1) Do you really need the goods or service 2) Do you have enough money left on the credit line to make the purchase 3) Can you pay off the entire balance including this purchase in full when you get the bill 4) Do not resort to monthly payments
