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I assume you are asking about repossession. Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
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How does the bank make money by lending money?
If a bank lends you money that you don't have, in the future you will have to pay them back, more than you had borrowed. This is because, while the bankers wait, it costs more money to pay back then what you borrowed. I hope this helped you out! Thanks and have a great day!
What is a thousand dollar The Bank of the US worth?
one thousand dollars.... Money is money, some people may pay more for it (such as collectors) but its worth one grand
Why reverse repo rate of RBI always less than repo rate?
Because a central bank is more secured place to lend money than any bank... Therefore when RBI lends money to banks i.e Repo is less secured than Any bank parking its funds with RBI.. i.e is Reverse Repo.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
How do portion sizes affect the financial operations?
If a bank lends lots of large loans to people they have a greater risk of not regaining their money back. However if they do they stand to make more money from the interest. Lending small amounts doesn't make as much but is a safer practice.
Achievements of state bank of India?
State Bank of Bikaner & JaipurState Bank of HyderabadState Bank of MysoreState Bank of PatialaState Bank of Travancore
Is Irelands money worth more than US money?
Euro is worth more then dollar.
Why can't all depositors in a bank withdraw all their money at once?
Because a bank isn't able to come up with it. Banks are not just places to store money. Oh no! When you put $100 in the bank, the bank turns around and lends it to someone else. When that person pays it back, with interest, the bank takes his repayment and loans it to someone else, and so on ad infinitum. The long-term effect is that the bank makes money, its depositors make money and the people who were loaned the money either used it to make more money or to improve their lives somehow. The short-term effect is the money is out doing something else besides taking up space in the bank's vault. Since they don't have the money on hand (because a grocery store owner borrowed it to buy a truckload of canned goods, for instance), they can't just return it to the depositors on a moment's notice.
Why can't a depositors in a bank withdraw all their money at once?
Because a bank isn't able to come up with it. Banks are not just places to store money. Oh no! When you put $100 in the bank, the bank turns around and lends it to someone else. When that person pays it back, with interest, the bank takes his repayment and loans it to someone else, and so on ad infinitum. The long-term effect is that the bank makes money, its depositors make money and the people who were loaned the money either used it to make more money or to improve their lives somehow. The short-term effect is the money is out doing something else besides taking up space in the bank's vault. Since they don't have the money on hand (because a grocery store owner borrowed it to buy a truckload of canned goods, for instance), they can't just return it to the depositors on a moment's notice.
How you get interest rate?
First you need a bank account and money you put the money in the bank account, wait for a year or two and then you get more money in your bank account
What happens during a bank run-?
customers attempt to withdraw more money than the bank has on hand
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!
