If you get a loan from a credit union and they put gap insurance in it can you get a refund?

If you get a loan from a credit union and they put gap insurance in it can you get a refund?It depends. If you paid it all upfront in cash for the life of the loan and you trade the car in early you might be entitled to a petite refund. If the gap insurance is included in the car payment then no. There is no refund at that time, because you are paying only for what you use.

Is it legal for a Credit Union to request payment on a loan you got to purchase a car when they do not have the title for it?

IF you signed a loan with the CU and used the car as collateral, YES IT IS LEGAL. And it is WISE for you to pay.

Is it better to obtain a loan from a credit union or a bank?

Response Credit Unions are usually the more favorable in regards to loan repayment terms and interest charges. However, the loan amount is likely to be petite, if you need thicker loans you will need to go to a bank or bad credit lenders if you have a bad credit rating.One thing to recall here is to ask if the institution reports to the credit bureau. Some smaller credit unions will not report and will not help someone establish credit.

Can a debtor be discharged from a credit union loan which he took out to pay his taxes?

Reaction .
“Discharge” applies to a debt being wiped out by the bankruptcy court. If all the requirements are met and approved by a bankruptcy judge, then yes, a debtor’s obligation can be discharged. If the debtor does not file or qualify to be granted a bankruptcy, then No, his debt will not be discharged, or forgiven. It needs to be paid.

What formula do auto dealerships use for Gap insurance refunds?

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Gap Insurance Refunds .
The reaction depends on the state where Gap was purchased. In many states the refund is calculated pro rata. This means if a cancel is requested in month 30 of a 60-month loan, 50% of the selling price would be refunded..
Perhaps the most popular refund calculation is rule-of-78s. This permits the Gap Insurer to earn more of the premium in the early stages of a loan. For example, in Rule-of-78s calculations the very first month of a 60-month loan is worth approximately Trio.28% of the overall price charged (this number would be only 1.66% if pro rata was used)..
Rule-of-78s is often used because it permits the Gap Insurer to more closely align the risk with the earning of premium. Gap exposure is higher early in the loan and decreases as payments are made.

You have two auto loans with a credit union and wished to discharge one through bankruptcy and reaffirm on the other but the credit union says no Is this possible?

Response .
I work at a credit union, and there is no reason you cannot re-affirm that 2nd loan, I would tell you to contact, the borad in writing and explain your reasons to file and why only on one.

When filing Chapter 7 is a car loan department discharged by your credit union?

Response .
An automobile loan is secured by the vehicle title, meaning that the lending institution has filed legal notice of interest in the vehicle. Even if you file chapter 7 bankrupcy, the lending institution can repo the car if you don’t make payments.

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How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?

Yes surely you can get another. I was having the same query so I searched for it on net and came across the site AutoFinance-EZ. Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan accomplished will explain these factors, and tell you exactly what your interest rate will be. .
If you are not sated by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.

How do you get your gap insurance refund?

Response .
Call the dealership where the gap was purchased.They can advise you. If they are self insured they should have the forms there.

What is the lowest credit score for a credit union loan?

That is a question that has a diversity of answers. Each and every credit union sets their own standards. Different loans also have different risks associated with them that also plays a part in the evaluation, decision and approval making process. It also depends on if the loan is secured or not and your history with that specific credit union. Unluckily you asked a question that has no definite reaction.

Can a credit union garnish Social Security benefits for a default on a car loan in California?

Reaction .
No..
All SS benefits are protected by federal law and are exempt from garnishment by judgment creditors.

How is a refund calculated on a precomputed loan?

A precomputed account is one in which the debt is voiced as a sum comprising the principal and the amount of the finance charge computed in advance..
The total amount of each payment is subtracted from the balance which includes the principal and finance charges (interest)..
A plain interest (interest bearing) account is one in which the balance includes only the principal amount and the interest calculated from payment date to payment date is subtracted from the total amount of the payment and the remainder of the payment is subtracted from the principal balance..
A precomputed account and a ordinary interest account with the same amount financed or principal balance, the same annual percentage rate and the same terms will have the same finance charge. If both accounts have payments made as contracted for the total term of the obligation, the finance charge will be the same for both accounts..
The differences inbetween the two accounts are in how payments to the accounts are actually made during the term..
Delinquency Charges : Both types of accounts can have delinquency charges imposed if payments are not received within usually10 days of the date the payment is due. On a elementary interest account you will also be paying interest for the days delinquent on a higher balance than the original total finance charge was computed, making you pay more finance charges than originally contracted..
If you were over Ten days late in making your payments each month on an account with a $Five,000 original unpaid balance with a 21% annual percentage rate for 24 months, you would pay $372.00 in delinquency charges on a precomputed account..
You would have paid the $372 00 delinquency charges plus extra interest (finance charges) on any unpaid delinquency charges and the higher principal balance due to the delinquency on a ordinary interest account..
Deferral Charges : Precomputed accounts can have a deferral charge imposed, if contracted for, on payments past due over Ten days. Deferral charges are based on the balance deferred times the annual percentage rate divided by 12..
Deferral charges are not permitted on elementary interest accounts. However, you would be paying a higher finance charge then originally contracted if your payments were delinquent or the lender permitted you to make an “interest only” payment..
As you can see from the example above, being delinquent in your payments can be very costly over the term of an account plus being delinquent is reported on your credit records and future credit may be hard to secure..
Prepaymentsin utter : When you prepay a plain interest account , you owe the principal balance plus interest accrued since the previous payment. There is no rebate. When you want to pay off a precomputed account ahead of your contractual obligation, you are entitled to a rebate of the unearned finance charge based on the sum of the balances known as the Rule of 78’s. The balance of a precomputed account includes the total finance for the total term of the contract. If it is prepaid in utter before the maturity date, the unearned finance charges are subtracted from the balance to arrive at the amount due at time of the prepayment in total..
The Rule of 78’s is so named because a hypothetical installment account with a term of 12 months has 78 units calculated by adding the numbers 1 plus Two plus Three through 12. To compute the Rule of 78’s decimal you take the number of months remaining in the term of the contract times that number plus 1. You divide that number by the number of months in the term times the term plus 1. The Rule of 78’s decimal is then taken times the finance charge to compute the rebate..
EXAMPLE:.
$Five,000.00 amount financed$1,166.32 finance charge24 payments of $256.9321% annual percentage rateDate made 1-10-02First payment due 2-10-02Date prepaid 11-11-02There are 11 months earned on the account (the creditor can take a utter months earnings for 1 day into the next month in this example) and 13 months unearned. You can compute the rebate as goes after:13 X 14 divided by 24 X 25 = 182 divided by 600 = .3033 Rule of 78’s decimal$1,166.32 X .3033 = $353.74The finance charge rebate would be $353.74..
The lender earned Sixty nine.67% of the total finance charge during the very first 11 months of the 24 month contract. Finance charges earned by the Rule of 78s are the highest for the very first months of the term because the balance of the amount financed is highest during that period..
You can look at the following chart to see that the earned finance charge would be $812.54 after 11 months..
A plain interest account with the same terms which was paid on the contracted due date each month and prepaid on 11/11/00 would have finance charges earned of $737.Ten, the unearned finance charge would be $429.22 (earning on for Ten thmonth plus one day’s interest) which is $75.48 less total finance charges then the precomputed account..
If the account had prepaid on 11/Ten/00 (exactly Ten months), the total finance charge on the precomputed account would have been $758.11 ($1,166.32-408.21). This is still $22.96 more then the plain interest earned finance charge of $735.15 ($1,166.32-431.17)..
From the examples given, you can see that if you make your payments as contracted each month and prepay your account, a elementary interest account will cost you less than a precomputed account..
If you do not pay your account in total before the maturity date and pay as contracted for the utter term of the account, there would be no difference in the cost inbetween a precomputed account and a elementary interest account. On the other mitt, if you are permanently delinquent on your payments, a ordinary interest account will result in higher finance charges..
A precomputed account is one in which the debt is voiced as a sum comprising the principal and the amount of the finance charge computed in advance..
The total amount of each payment is subtracted from the balance which includes the principal and finance charges (interest)..
A ordinary interest (interest bearing) account is one in which the balance includes only the principal amount and the interest calculated from payment date to payment date is subtracted from the total amount of the payment and the remainder of the payment is subtracted from the principal balance..
A precomputed account and a elementary interest account with the same amount financed or principal balance, the same annual percentage rate and the same terms will have the same finance charge. If both accounts have payments made as contracted for the total term of the obligation, the finance charge will be the same for both accounts..
The differences inbetween the two accounts are in how payments to the accounts are actually made during the term..
Delinquency Charges : Both types of accounts can have delinquency charges imposed if payments are not received within usually10 days of the date the payment is due. On a elementary interest account you will also be paying interest for the days delinquent on a higher balance than the original total finance charge was computed, making you pay more finance charges than originally contracted..
If you were over Ten days late in making your payments each month on an account with a $Five,000 original unpaid balance with a 21% annual percentage rate for 24 months, you would pay $372.00 in delinquency charges on a precomputed account..
You would have paid the $372 00 delinquency charges plus extra interest (finance charges) on any unpaid delinquency charges and the higher principal balance due to the delinquency on a elementary interest account..
Deferral Charges : Precomputed accounts can have a deferral charge imposed, if contracted for, on payments past due over Ten days. Deferral charges are based on the balance deferred times the annual percentage rate divided by 12..
Deferral charges are not permitted on plain interest accounts. However, you would be paying a higher finance charge then originally contracted if your payments were delinquent or the lender permitted you to make an “interest only” payment..
As you can see from the example above, being delinquent in your payments can be very costly over the term of an account plus being delinquent is reported on your credit records and future credit may be hard to secure..
Prepaymentsin utter : When you prepay a ordinary interest account , you owe the principal balance plus interest accrued since the previous payment. There is no rebate. When you want to pay off a precomputed account ahead of your contractual obligation, you are entitled to a rebate of the unearned finance charge based on the sum of the balances known as the Rule of 78’s. The balance of a precomputed account includes the total finance for the total term of the contract. If it is prepaid in utter before the maturity date, the unearned finance charges are subtracted from the balance to arrive at the amount due at time of the prepayment in utter..
The Rule of 78’s is so named because a hypothetical installment account with a term of 12 months has 78 units calculated by adding the numbers 1 plus Two plus Three through 12. To compute the Rule of 78’s decimal you take the number of months remaining in the term of the contract times that number plus 1. You divide that number by the number of months in the term times the term plus 1. The Rule of 78’s decimal is then taken times the finance charge to compute the rebate..
EXAMPLE:.
$Five,000.00 amount financed$1,166.32 finance charge24 payments of $256.9321% annual percentage rateDate made 1-10-02First payment due 2-10-02Date prepaid 11-11-02There are 11 months earned on the account (the creditor can take a total months earnings for 1 day into the next month in this example) and 13 months unearned. You can compute the rebate as goes after:13 X 14 divided by 24 X 25 = 182 divided by 600 = .3033 Rule of 78’s decimal$1,166.32 X .3033 = $353.74The finance charge rebate would be $353.74..
The lender earned Sixty nine.67% of the total finance charge during the very first 11 months of the 24 month contract. Finance charges earned by the Rule of 78s are the highest for the very first months of the term because the balance of the amount financed is highest during that period..

You can look at the following chart to see that the earned finance charge would be $812.54 after 11 months..
A plain interest account with the same terms which was paid on the contracted due date each month and prepaid on 11/11/00 would have finance charges earned of $737.Ten, the unearned finance charge would be $429.22 (earning on for Ten thmonth plus one day’s interest) which is $75.48 less total finance charges then the precomputed account..
If the account had prepaid on 11/Ten/00 (exactly Ten months), the total finance charge on the precomputed account would have been $758.11 ($1,166.32-408.21). This is still $22.96 more then the ordinary interest earned finance charge of $735.15 ($1,166.32-431.17)..
From the examples given, you can see that if you make your payments as contracted each month and prepay your account, a plain interest account will cost you less than a precomputed account..
If you do not pay your account in total before the maturity date and pay as contracted for the total term of the account, there would be no difference in the cost inbetween a precomputed account and a elementary interest account. On the other forearm, if you are permanently delinquent on your payments, a plain interest account will result in higher finance charges.

Does gap insurance cover the remainder of a loan from a voluntary reposession of a vehicle?

Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.

If you get a loan from a credit union and they put gap insurance in it can you get a refund?

How do you calculate your refund on 600.00 gap insurance if you paid your 6yr long off in Two years?

Depending on how you purchased the gap insurance. If it was included in the financing + gap = monthly payment then any refund due would go to the finance company. If you purchased the gap insurance independantly from the finance company then you must contact the provider of the gap insurance directly for any type of refund.

Does putting your sudent loans into deferment hurt your credit?

Creditors can make their own determination in how to evaluate deferred student loans on your credit report. Generally, deferred payments are much better then delinquent payments. Debts that must be repaid in the future are still debts tho’, and the amount of debt you have may effect whether or not you are granted extra credit.

Do Leases through Toyota Motor Credit include GAP insurance?

no, the GAP is a very bad store so Toyota doesn’t insure it because it will most likely go out of business soon because their clothes are not too good.

If you refinance an auto loan with gap insurance within 30 days do you get a refund?

When you cancel your gap coverage, the company will give you your portion back in pro-rated funds, that you did not use.

Does ford motor credit suggest gap insurance?

It is included on all FMC Rec Carpet Leases but is an optional product to be purchased at the time of sale on standard Finance contracts. So if you financed your car and do not recall being suggested it or have paperwork for it chances are you do not have GAP coverage.

If EIC earned income credit is more than refund can student loans take your taxes Bankruptcy and other agencies cannot take your tax refund when eic is greater in amount than that of the refund?

Any federal or state agencies (including student loan and child support) have the right to take any amount due from your refund. It has nothing to do with EIC and they have the right to take the entire refund you are due if you are in default or have a judgment against you.

Are you still covered by gap insurance if my loan is in default?

In many cases you would still be covered, but not usually for the amount by which your loan is in default and not for any extra charges and interest applicable to that default amount.

Will gap insurance pay off the balance of your loan if your vehicle is totaled?

In California it is normally necessary for you to presently have comprehensive and collision coverage in place at the time of the accident for your gap insurance to take effect.

What is the verb the local credit union offers the lowest interest rates for hybrid loans?

In the following sentence, identify the verb: “The local credit union offers the lowest interest rates for hybrid car loans.” The verb isoffers = third person singular form ofsuggest .

Can you get a loan with a bad credit report from credit union?

In fact, not all of credit unions can provide you with a loan, but there are certainly online lenders who suggest cash advances to people with low credit score.

Gap insurance is from the auto loan or your insurance on the car?

GAP (ensured asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It’s purpose is elementary: If your car is totaled, gap insurance will cover the difference inbetween what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.

What can you use your student loan refund for?

If you’re fortunate enough to get a refund then you should be fortunate enough to go to Vegas.

How credit union collect bankruptcy loan that discharged?

If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.

If you get a loan from a credit union and they put gap insurance in it can you get a refund?

Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?

If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.

Can you purchase GAP insurance from ford motor credit after you financial your vehicle?

I have found that it’s cheapest to buy that type of coverage from your insurance policy. Some suggest this type of coverage and some do not. Shop around.

Can credit union hold title on car if car used as collateral and loan is default?

Yes. That’s why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.

Can credit card companies put a lien on a tax refund?

Yes, if they obtain a judgment and file for a garnishment of your state tax refund.

Is a bank or credit union better for a car loan?

A credit union would be lighter to obtain a car loan from. There are less fees involved, and the rates are lower at a credit union. You would potentially save hundreds of dollars a year if you used one, instead of a bank.

Is there a specific school financial credit union for college government funded loans?

There are several different financial credit unions that can help with college government funding so my advice would be to talk to the college your child would be attending to make sure it is covered by the government funded credit union.

It is better to get a brief term loan from a credit union or a payday loan establishment?

It depends on how much money you need. If you can pay back the money very quickly and by your next paycheck, it is best to get the payday loan. However, if it will take inbetween a month to three months to pay back the loan, your best option is the brief term loan.

Does Patelco Credit Union provide mortgage loans?

Patelco Credit Union does provide mortgage loans of up to Two million dollars. Their 30 year immobilized rate mortgage is also better than most of the banks in the US.

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Does patelco credit union give out loans?

Patelco Credit Union offers a multitude of loans for many needs. They suggest home, auto, home equity, and credit card services to their members. Check with your local branch to find a loan that suits your individual needs.

Where can someone find good credit union loans?

“You’ll need to become a member of a credit union before you qualify for a loan, so your best bet is to visit local credit unions and ask about their rates and memberships. Boeing Employee Credit Union is a good option if you have one nearby.”

What criteria is needed to apply for a credit union loan?

“In order to apply for a credit union loan, you may need to become a member of the credit union where you are applying. Contact the credit union to ensure of the decent criteria in order to obtain a loan.”

How do credit union loans compare to other loans available at banks?

“Credit Union Loans are usually indeed competitive, so it may be truly hard to actually get a Credit Union Loan unless you have a superb credit history.”

If you get a loan from a credit union and they put gap insurance in it can you get a refund?

Can you get a loan through Springfield Credit Union?

“Members of the Springfield Credit Union are able to get loans with low interest rates if they qualify based on prior credit history. Loans are available for automobiles, home improvements, mortgages, computers, and many other private needs.”

What are the differences inbetween the Patelco credit union and more traditional loan providers?

Unlike banks, the Patelco credit union is run as a not-for-profit venture. This enables them to suggest lower interest rates on loand and increase the interest they pay on savings. Credit Unions are also possessed by their members whereas the larger banks tend to be wielded by their shareholders.

What are the advantages to using credit union loans?

One of the fattest advantages of using a credit union loan is that they usually have lower interest rates than a traditional bank. Because the credit union’s shareholders are its actual patrons, they are able to suggest lower rates and usually have more personalized service.

Who is able to get a loan from the Teachers Federal Credit Union?

The Teachers Federal Credit Union offers financial assistance for people and businesses in Nassau County, Fresh York, and the following areas in Suffolk County: Huntington, Babylon, Smithtown, Islip, Brookhaven, Riverhead, Southold, and the Poospatuck Reservation.

What are the requirements to get a loan through American Very first Credit Union?

The American Very first Credit Union offers home loans, private loans, and vehicle loans. The requirements are simply to just provide your information for a loan.

What do you need to get approved for a loan from a credit union?

One needs to get approval for a loan from any institution, not just a credit union. No institution is willing to lend money if they believe it will not be paid back. The approval process involves checking the applicant’s assets and credit history to see if the loan is likely to be paid back.

What kind of loans can one apply for at Community Very first Credit Union?

There are many loans available at Community Very first Credit Union for customers. The best or possible loans for someone is different per person. One has to find the best one for themself.

How can you get a Credit Union auto loan?

One can get a Credit Union auto loan from several different providers. Some of these include: Very first Choice Auto Loans, Fantasy Team Auto Financing, and Mission Fed.

What does gap insurance provide in the early years of one’s loan?

Gap insurance refers to insurance which covers the gap inbetween fresh car replacement and the current value of the car. It eliminates the risk of a car insurer not paying out enough in the event of a loss.

Do payday loans put negative influence on what if your credit rating?

Many citizens meet their little, but extra cash requirement with the help of payday loans and have to pay back the loan usually inbetween two and four weeks. You get some extra cash from the selected credit lender and you have to pay off the loan when you get your next payment. Getting payday loans are very effortless with the help of the internet. Payday loan lenders check out the past credit standings of loan applicants and that are why payday loans affect your credit profiles. The credit rating is not an significant factor while applying for these loans. Loan borrowers have to give their basic details to the credit lenders to get the approved money credited into their bank account. Lenders apply penalty charges on loan applicants if they don’t pay off the loan at the motionless time. Payday loans carry much higher interest rates than standard loans. All those persons who fail to pay back the loan on the immovable time report to credit agencies. The number of main credit agencies is Trio and it calculates the credit rating of each and every person. If you don’t repay a loan at the motionless time, lenders put strong late fines and your credit score goes down. Borrowers face difficulty getting approved for loans if they have problems with their credit rating.

Do Banks and credit unions earn interest on your money by loaning it to others?

Yes they do, as your money means nothing to them and they are crispy briefcase WANKERS

How long does it take to get money from a loan once you’re approved at a credit union?

Usually after a person is approved they can get the money the sameday at a bank or credit union.

How is collateral connected to a loan from a bank or credit union?

Collateral – in the form of a repayment promise or property… is a’ensure’ that the person will repay the debt. If the borrowerdefaults on the repayments, the creditor can recover their moneyfrom the guarantor.

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