Run a red light and you may be stopped from the police and ticketed. Speed over the thruway, there\’s a chance you\’ll be pulled over. Drive unfamiliar roads or streets without having a map and you do so your own peril and are vulnerable to get lost.
Even when we carefully check a atlas, we can make a wrong turn, even so the chances are less. A similar end result is possible with our car and various finances.
It is important to read and understand contractual obligations prior to signing a loan or retail installment contract, just like we would look at a map before driving unfamiliar highways or streets. Don\’t manage a financial red light and let past-due payments provide you with to an untimely stop.
Following couple of traffic signals we must observe with respect to paying off a retail credit agreement.
Green Light: Should a consumer makes a full payment promptly C consistently pays on time C that customer\’s account will continue to be in good standing. The customer is on track to pay off the car or truck, and have the good payment history reported to any or all three credit bureaus. (Although the statement you receive in the mail may mimic a payment notice, Santander Consumer USA doesn\’t send out monthly bills to our loan customers. We rely on you to make your monthly payments. Customers must make your family payment regardless of whether they\’ve received an assertion.)
Yellow Light:?If a consumer pays as soon as the due date, interest charges accrue on the past due amount, and after a 14-day \”grace period,” late payment fees are added daily, using the terms of that customer\’s retail installment agreement.?When late fees are put into an account, the balance increases, as well as the total payment amount rises every day the balance goes unpaid. The fee can be calculated as flat amount or as portion of the outstanding balance depending on terms of the loan.
Red Light: If an account becomes delinquent, the individual may be subject to collections activity. This includes but is not limited to collection calls, written notifications and emails. Every attempt is made to bring the account informed, but seriously delinquent accounts could lead to repossession of the vehicle. Managing a yellow light or sore point can cause a \”ding\” C or worse C against your credit history.
Like a roadmap, a customer\’s contract provides very details about specific terms.
If you may have any questions, Santander Consumer USA has arrived to help. Call us at 888.222.4227. Together, the technique to ownership can be a smooth ride.