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If the principal is paid in full and the only payments left are interest from late charges can they repossess your car?
YES.
Not usually. In New Jersey if you have more than 90 % equity in the vehicle they can no longer take the car. BUT they can still damage your credit for 7 years and try to collect in court. In practice they almost always damage credit with a chargeoff or a closing of the account but they rarely sue for small ammounts though they still can.
What else can I help you with?
Why is interest higher than principal in a loan repayment?
Interest is higher than principal in a loan repayment because it is the cost of borrowing money from a lender. The lender charges interest as a fee for allowing the borrower to use their money, and this fee is calculated as a percentage of the remaining principal amount owed. As the loan is repaid, the interest is calculated on the remaining principal balance, which is why interest payments can be higher than the principal amount initially borrowed.
Why is it unwise to pay minimum payments on your credit card?
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
What is money paid only on the principal?
Money paid only on the principal refers to payments made towards the original amount borrowed, excluding any interest or fees. This type of payment is often seen in loans where the borrower pays back just the loan amount without additional interest charges, typically during a specific repayment period. It can help borrowers reduce their debt more quickly, as they are directly decreasing the principal balance. However, in most loan agreements, payments usually include both principal and interest.
Is it legal for a company to charge interest on top of interest charges?
If the amount due has lapsed to the next month without any payments being made, the CC company will add additional "penalties" that may appear as added interest, but in reality the fines are added to the principal amount owed.
What is the principal fee associated with this loan?
The principal fee associated with a loan is the initial amount borrowed that must be repaid, excluding any interest or other charges.
Creditor payments difference from cost of sales?
The creditor total payments will differ from the price of the sale unless you have a 0% interest loan. The interest armoritized in the amount of the total of payments. Some companys have simple interest loans, meaning that the interest is accumulated on a daily basis, rather than being financed for the full term of the loan. When payments are made in a timely manner or earlier, you will save alot on interest charges.
How soon can you repossess your auto after a no payment?
I live in New York State. I was able to have my car return to me in 24 hours. Of course I had to pay the missing payments,then the towing and storage charges. Hopes this helps.
Do late payments affect a credit score?
Yes, they will both reduce your credit score and impact future payments on that card (e.g. increased interest rate, late fee charges).
What are the principal fees associated with this loan?
The main fees for this loan include origination fees, interest charges, and possibly late payment fees.
Are there any advantages in making an extra house payment per year?
The advantage is to increase the principal being paid on the loan which in turn will reduce the total interest paid on the loan whilch reduces the total number of required payments. So basically this allows you to save on total interest charges. But make sure your loan has no penalties for early payoff!
Will interest on back child support be discharged if all the payments are paid in full?
Some state laws forbid the dismissal of such interest charges. In other situations it is at the discretion of the presiding judge.
What is the difference between the principal balance and the current balance on a loan or account?
The principal balance is the original amount borrowed or invested, while the current balance includes any additional charges or payments made since the loan or account was opened.
