What is a 1st payment default if it is not later than 30 days?

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Wiki User
2005-02-14 21:21:40

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 for other answers like this.

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