My auto loan is going to mature and I still have a balance.?

I still owe $5000 on my auto loan with Americredit. It will Mature on nov. 12th.


what does this mean? What happens if I haven't paid it all by the 12th?


I've asked them but they won't tell me. They said i need to wait till my account is transfered to that department.


Thank you!

My auto loan is going to mature and I still have a balance.?
Rebecca, Try getting a free online auto loan quote. http://www.autoadviceonline.com/Free-Aut... The form will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:Your lender will automatically create a new term for your loan. Your loan will mature and you will also have the option to payout your loan in full.


In some extremely dire economic situations or if you are unable to re qualify for the loan, then they may call the loan and you will be responsible for the loan in full.


This is highly unlikely however.
Reply:That sounds like a balloon note. If so, you would have to either pay it off in a lump sum or refinance with another lender.





I encourage you to find a credit union that you meet eligibility requirements for and join. Then, you should sit down with them and find out what to do so that you never take on such a predatory loan ever again.





Please do yourself a favor and find out how to avoid such companies that want to rip you off.
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any one interested in getting a loan can Email hallmankris@yahoo.com for more informations.