auto loans
This is a discussion on auto loans within the Debt Collection forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; If a car loan is not paid back by the end of the term(last payment), can the finance company start ...
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Sep 16th, 2009, 09:03 AM
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#1 |
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auto loans
If a car loan is not paid back by the end of the term(last payment), can the finance company start charging 'daily interest rate' on the balance?
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Sep 16th, 2009, 01:09 PM
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#2 |
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Re: auto loans
What do you mean?
You mean on top of the existing interest? |
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Sep 16th, 2009, 03:28 PM
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#3 |
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Re: auto loans
60 month loan was scheduled to be paid off in Sept, however have 2 payment remaining to be paid. They are telling me that since it has passed the maturity date a 'daily interest' will accrue on the remaining balance (which is the 2 payments left).
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Sep 17th, 2009, 12:35 PM
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#4 |
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Re: auto loans
If it's in the promissory note, yes.
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Sep 17th, 2009, 12:53 PM
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#5 |
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Re: auto loans
I have pretty much looked it over and do not see anything about this. Do you know if this is standard in car notes/loans?
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