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Do you get interest paid back from the bank on a car loan that was totaled and paid off early?
Wiki User
∙ 11y ago
No.
What happens is that the lender will take your payments and use them to pay off the interest you owe on the loan each month. Any amount left over is used to reduce the principal you owe on the loan.
When the loan is paid off in full for whatever reason, the amount that needs to be paid is the principal remaining plus interest for the current month so far.
If your car is totaled and paid off three years into the loan, the interest you've already paid was to borrow the money for three years. Since you did borrow the money for those three years, you don't get any of the interest back.
Wiki User
∙ 11y ago
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What is bank account interest?
interest charged to bank accounts
Who pays the interest you get from your bank?
The bank pays it to you. The interest reflects the return on the capital you have loaned to the bank.
What are the Advantages and disadvantages of a bank loan?
Advanatages: You can borrow large amounts. Disadvantage: You have to pay back with interest.
What does a bank do with a kids money that is deposited?
Irrespective of who deposits the money, the bank would lend it to loan customers and earn interest income. Based on this income, the bank would provide a certain interest amount to the depositors. Ex: If you deposit $1000 in a bank they would lend it to say me. I would be paying interest to the bank on a monthly basis as EMI. let us say I pay back the $1000 in 12 EMI's as $100 then I will pay the bank $1200. The bank would give you an interest of say 8% per year and hence you will get $80 as interest. The remaining $120 would be used by the bank for its expenditure and income.
What is a bank interest?
An interest is where the bank gives you their money for joining them. The more money you put in the bigger interest is given to you!
How do you finance buying back a totaled car?
Home equity loan perhaps. No bank is going to finance a totaled car.
Why is the bank reporting a car as a repossession when it was stolen and totaled and you are still paying for it?
Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.
Who pays loans back?
Well usually it is the person that the money was loaned to, however if you are refinancing it is the bank that buys the loan from the other bank in hopes of making money off of the interest, while the first bank just wants the money back from the loan. And the person refinancing can get a better interest rate from the next bank.
Is it ok to exchange neopoints deposit them get higher bank interest and give them back to the other player in neopets?
If you give them back, then your interest will be low again. And no, it is not okay, that is cheating.
What was one thing the farmer's alliance worked for?
Lower interest on bank What_was_one_thing_the_farmers_alliance_worked_for- Novanet sucks!
What is bank account interest?
interest charged to bank accounts
If you were involved in an accident and did not have full coverage but the bank had put forced insurance on the loan will that insurance cover the totaled car?
That insurance will probably cover the BANKS interest in the vehicle and any liability that may be assigned to it, but little or nothing for you.
Who decided the bank interest?
As private bank, decided the interest was the management... As government bank, the reserve bank of india...
Who pays the interest you get from your bank?
The bank pays it to you. The interest reflects the return on the capital you have loaned to the bank.
What will be the journal entry when interest allowed by the bank?
interest allowed by bank
What are the interest rates of the Commonwealth Bank?
The interest rates of the Commonwealth back is between 6.15 and 6.29%. Rates can vary from time to time and this is the most current interest rate found today.
What are the Advantages and disadvantages of a bank loan?
Advanatages: You can borrow large amounts. Disadvantage: You have to pay back with interest.
