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Answered 2005-03-22 13:49:41

WHY not? Have you asked them? Were they demanding the balance in full?? Have you beeen repoed before? Have you beeen repeatedly in default? Are you STILL in default? Do you have ins. coverage as required by the contract? Contact the lender ASAP.

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It can happen. If the order for repossession is already out when the payment is made, it may take a couple days for that payment to be processed, and that order for repossession will not be called off until the payment is fully processed.


a tribute; basically payment for his protection


It's called repossession. The lender owns the property, the homeowner is making payments.


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Bad idea!! This is called a voluntary repossession. Your credit will be ruined for 7 years, and you will still be responsible for the difference in what the bank sells the car for and the balance on the note. Go to the bank and sit down and work out new payments. Sell the car yourself and borrow the difference if you are upside-down on the loan. Have someone possibly take over the payments. Do whatever is necessary to avoid a repossession.


When a person, such as an employer, makes payments to another person, they must withhold and then pay a specified percentage of this payment to the Internal Revenue Service (IRS). This is called backup withholding. These payments have conditions set by the IRS, and there are many variables regarding what type of payments backup withholding can apply to. Backup withholding payments can apply to most payments that are reported on an IRS Form 1099. These can include interest payments and payments by brokers, as well as royalty payments. Other payments may include dividends, patronage dividends if at least half the payment is in money, rents, and profits. Commissions, fees, or payments for work undertaken as an independent contractor may also be liable to backup withholding.


I don't know the "name" of the formula, which is: payment = {loanamount} * i / (1 - (1+i) ^ -{#payments}), where i = monthly rate, i.e. 6% would be 0.06/12.


It is called a balloon payment. Some loans, especially short-term (less than 1 year) call for no monthly payments. A single payment including principle and accrued interest is paid at a specified time.


You have to pay for it later. If you proceed to not pay them, the loans will build up. The same thing that will happen if you go 60 days with no payment on any of the loan payments, eventually they will repo you car. If you can't make the full payment, SEND SOMETHING. You can thing petition the court at a later day to prevent repossession (called an injunction) by proving you have done everything in your ability to pay for it. The company will also cut you a little more slack. Make sure you pay you loans, it will destroy your credit if you don't.


Amonthley payment on a house is called a "Mortgage"


What is a repo? Repossession occurs when a contract is in default and the lender takes possession of the secured collateral.IF your situation doesnt fit that description, call an attorney NOW. Roosta, yes I meant "repo" to mean repossession. The lender had my car for 3 days. I paid what I owed to get my car back and paid for 1 1/2 years. I still own the car. It has been paid in full for 2 years. But when I made the last payment in Dec of 2001, they list it as a repossession. But the so called repossession happened in Feb or 2000. Like I said they had my car for 3 days. I didn't realize they had it listed as a repossession until recently when I tried to get some credit for a new car. I have filed a dispute with each credit reporting agency, but I have to wonder if they will take if off.


A fixed payment which is made annually is called an annuity.


Tribute was the term for payments that conquered peoples had to make to the Roman empire. Once they were incorporated into the empire as a province, they paid taxes. The tribute could loosely be called a "punishment payment" for going to war against Rome.


Yes, it is called a voluntary repossession. It is not much different then when they would come take it except you will save on the costs associated with a normal repossession. You will still owe the difference between your loan balance and what they dispose of the car for, so you are much better off trying to sell it privately if you can.


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A payment to show loyalty to a stronger power is called "tribute."


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Notice of RepossessionIn 9 (nine) states the lienholder has to send you a "right to cure" letter before they can repo. The time given ranges from 5 to 20 days depending on the state. Other than that, the lender has been trying to contact you for 0 to 60 days and obviously didnt get a response. So you get repoed "without notice". Here are more opinions and answers from Wiki s users:You know if you have paid the payment or not. It's not the bank's job to let you know that they are going to repo the car. I made my car payment on my husband's business account, in which I am not a signer. I did this by complete mistate. The check was returned and the bank repoed my car without informing me that I had a returned check. During the repo, the landscape work done on our property was torn up. The tow truck drove over all of my plants."I didn't get a repossession notice." is about as ridiculous as saying "I didn't know I had a car payment." The bank owns your car (not you) until it is paid off. If you LEND (exactly what a bank does when they give you a LOAN for a car) your neighbor your lawn mower and it's sitting in his yard the next day after he used it, don't you have the right to take it back? Same concept. If people would only READ the loan contracts they sign, then they wouldn't be so "shocked" when their car gets repossessed after they don't make the payment for 4 months.The bank does not own your car until it's paid off, you do. The rights you have are almost infinite. If people only knew all they had to do to stop the repo man was say "Don't take my car." Well, if only most repo men would listen. Once that is said and the car is still taken, they can be held liable in civil court. It's what is known as an "unequivocal oral protest" and most state case law will back it up. But unless you have a payment receipt from the bank, you cannot prove to the repossession agent that you have paid.Post-Repossession Notice: Under California law, the creditor must send you and any co-signers a special post-repossession notice. The post repossession notice tells you about your right to reinstate the loan, and must contain nine special disclosures. You should have an attorney review the post-repossession notice if you have been sued or contacted by a collection agency. If the post-repossession notice was never sent, or if it does not contain all the required legal disclosures, the creditor may not collect any money from you.If you succesfully hid your car from the Repo man the next step for the creditor to do is take you to court and even if you lose, the Court will give you a "Right to cure" letter stating that you have 20 days to make your car payment current. Which should give you plenty of time to catch up. But if you think there is no chance to make your car payment current, even with this delaying tactic, the best way is to negotiate or re-schedule payments with your creditor.By the way, if you decided to negotiate with your Creditor to make a payment arrangement or whatever necessary arrangement to avoid repossession, never negotiate with any representative that does not have any authority. He will only demand the car be returned or the payment made current. Speak, e-mail or send a letter to the Manager or Supervisor that has the Authority to negotiate or alter the loan agreement. In the meantime, hide the car from the Repo man till you decide what you want to do.My car was repoed because the bank told us they had combined my husband's truck payment with my car. Therefore "our payments" were one. Every payment was made under "both" names. Two months later our bank called me and said I was $800 behind, which of course I did not know, and the bank demanded the money stating that we knew our payments weren't combined yet. Therefore, my car got repoed 2 days later because I had no extra money to pay the $800. The funny thing is, every time we made our payment, we asked the woman if she was sure they were combined and we were told, "Yes they were combined". Unfortunately, you have to have a copy of the paper you signed to combine payments with "both" vehicles listed on it. Unfortunately for me, and the lesson was learned, only one vehicle was listed on that paper that my husband and I both signed to combine payments.



Actually, it is called a third party Fedwire. What it means is that a Fedwire payment, which is a real-time payment made over the Federal Reserve's Fedwire Funds Transfer system is being either initiated or received by a bank's customer (the "third party"). Many Fedwire payments are between banks (from one bank to another bank). But when a Fedwire payment involves a bank's customer, it is called a "third party" Fedwire.



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