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Can a finance company charge off an auto loan collect past due balance and still repo it?
Wiki User
∙ 10y ago
If they have collected the entire amount owing (all principal and interest on the original loan) they have no legal right to repo the auto. If they have only collected the past due amount and there's still a sum due, then they can repo the auto. It doesn't matter one bit if they've charged it off. That's just for their tax purposes.
REPOMAN IN Texas: YES, THEY CAN WRITE IT OFF (CHARGE-OFF) AFTER A CERTAIN TIME WHEN THE PREVIOUS REPO COMPANY CAN'T FIND IT. LATER THEY HIRE A BETTER RECOVERY COMPANY TO FIND IT AND RECOVER IT.
Wiki User
∙ 10y ago
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What is done with the finance charge assessed by a credit company?
added to the balance
What is done with the finance charge done by a credit card company?
added to the balance
What is done with the finance charge assessed by a credit card company?
added to the balance
Calculate the average daily balance and finance charge?
Calculate the average balance and finance charge
Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?
$2.99
What is finance charge?
A finance charge is interest charged by a lender on the unpaid balance of a loan.
What is a finance charge?
A finance charge is interest charged by a lender on the unpaid balance of a loan.
Sara had a previous balance of 449.13 carried over from last months credit card bill The credit card company assessed a 6.74 finance charge What is Saras new balance?
$455.87, assuming Sara has not made any additional charges on her card since receiving the previous credit card bill. When a credit card company assesses a finance charge, the finance charge ($6.74) is added to the existing balance ($449.13) to arrive at a new balance ($455.87). As an aside, if possible, Sara should revolve (carry) her balance on a credit card that charges a lower rate since the $6.74 finance charge represents 18% (17.7%) on an annualized basis.
Can you be charged an over limit fee because of a finance charge?
Yes. By definition whenever your balance goes over the limit, whether it's due to a purchase, late fee, or regular finance charge, the credit card company can charge you an overlimit fee. But you may call the company to try to get it waived.
What methods has the highest finance charge?
Charging the previous balance
What does a 0 balance charge off mean?
A 0 balance charge off means that the debt company has given up trying to collect the debt. It may sound good, but the effect on the credit rating is very bad.
Can a company that is not a finance company charge interest and finance charges to someone it has lent money?
Yes.
