Credit & Lending

A:

A GMAC auto loan is a consumer debt instrument that is issued to help finance the purchase of an automobile. Wikipedia explains that In 2010, GMAC changed its name to Ally Financial, but it continued to offer vehicle financing to qualified customers.

See Full Answer
Filed Under:
  • What is a good credit score from Experian?

    Q: What is a good credit score from Experian?

    A: According to Experian, a good credit score is a score above 700. This suggests to a lender that there is a history of good credit management. Experian states that most credit scores are between 600 to 750.
    See Full Answer
    Filed Under:
  • What are prox terms?

    Q: What are prox terms?

    A: Prox is short for the Latin term "proximo mense" and means in the next month. Prox terms is an invoicing agreement that requires the receiver of a good or service to reimburse a business within a month.
    See Full Answer
    Filed Under:
  • What is a GMAC auto loan?

    Q: What is a GMAC auto loan?

    A: A GMAC auto loan is a consumer debt instrument that is issued to help finance the purchase of an automobile. Wikipedia explains that In 2010, GMAC changed its name to Ally Financial, but it continued to offer vehicle financing to qualified customers.
    See Full Answer
    Filed Under:
  • How do you recover money owed?

    Q: How do you recover money owed?

    A: Recovering money owed can involve making a reminder phone call to the debtor or obtaining a court judgment against the debtor; this judgment grants permission to place a lien against property or garnish wages. Other ways to recover money include engaging the services of a collection agency, using a mediator, offering a settlement agreement and sending a registered letter to remind the debtor of the money owed, according to ProfitGuide.com.
    See Full Answer
    Filed Under:
  • How should you write a commitment letter?

    Q: How should you write a commitment letter?

    A: A commitment letter is written in a clear, concise and diplomatic tone. All essential information must be reviewed prior to writing. The letter outlines all previously agreed terms between the parties involved.
    See Full Answer
    Filed Under:
  • How many times a day can a debt collector call?

    Q: How many times a day can a debt collector call?

    A: According to the Consumer Financial Protection Bureau (CFPB), federal law does not define a specific number of times a debt collector is permitted to call, but the amount must not be enough to qualify as harassment. This rule extends to family and friends of the debtor.
    See Full Answer
    Filed Under:
  • How old do you have to be to get a student loan?

    Q: How old do you have to be to get a student loan?

    A: Students can apply for student loans without their parents cosigning at any point they are ready to enter college even if they are under the age of 18. This is because the "defense of infancy" does not apply to federal student loans.
    See Full Answer
    Filed Under:
  • What are some different types of payment terms?

    Q: What are some different types of payment terms?

    A: Different types of payment terms include cash in advance, deferred payment and cash on delivery, according to BusinessDictionary.com. These are conditions that allow the buyer to make payments on a specified date.
    See Full Answer
    Filed Under:
  • How do you check your credit score?

    Q: How do you check your credit score?

    A: Because lenders assess your credit score to determine how much of a financial risk you are, it is vital to stay on top of your credit score and check your credit reports yearly. You simply need a computer with Internet access and a credit card to check your score. Websites such as Annual Credit Report allow you to review your credit report and purchase your credit score.
    See Full Answer
    Filed Under:
  • What is the difference between debt and equity?

    Q: What is the difference between debt and equity?

    A: Debt is loan financing used to start or grow a business. Equity financing is investment money received in exchange for shares of ownership in the business. The National Federation of Independent Business indicates that debt has to be repaid, while equity does not have to be repaid.
    See Full Answer
    Filed Under:
  • Can I buy a money order with a credit card?

    Q: Can I buy a money order with a credit card?

    A: As a general rule, a money order cannot be purchased with a credit card, according to Fox Business News.
    See Full Answer
    Filed Under:
  • Where can you find lists of free student scholarships?

    Q: Where can you find lists of free student scholarships?

    A: There are many online lists of free student scholarships, including ones maintained by the Consumer Fraud Reporting Bureau, the list of free minority scholarships at Black Excel and the lists hosted on Scholarship Experts. These sites maintain different lists of scholarships that are organized by their accessibility and by the ways in which they apply and do not apply to bodies of students, according to the websites themselves.
    See Full Answer
    Filed Under:
  • What is a good credit score for a car loan?

    Q: What is a good credit score for a car loan?

    A: CarsDirect notes that an average, or good, credit score for a car loan is 680-739. An excellent credit score for a car loan is 740-850. A consumer whose credit score lands in the excellent range is eligible for the best interest rates available on a car loan.
    See Full Answer
    Filed Under:
  • What is the definition of annual premium?

    Q: What is the definition of annual premium?

    A: An annual premium is defined as the amount that someone is required to pay each year in order to keep his or her insurance policy active. If the insured person does not pay the premium amount by the policy's specified due date, the policy is cancelled. Some insurance companies offer a grace period after the due date, and if the premium is paid in this time frame, the policy is reinstated.
    See Full Answer
    Filed Under:
  • How can you raise your credit score fast?

    Q: How can you raise your credit score fast?

    A: According to Forbes, some ways to raise a credit score quickly include raising credit limits, keeping accounts open and paying bills on time. Increasing credit limits and keeping accounts open lower a consumer's balance-to-limit ratio, an important ratio when calculating credit scores, according to Experian. Paying bills on time is important because timely payments directly determine a third of the credit score.
    See Full Answer
    Filed Under:
  • How long does a creditor have to collect a debt?

    Q: How long does a creditor have to collect a debt?

    A: The average statute of limitations, or the number of years a debtor has to seek payment or sue, is three to six years, according to the Federal Trade Commission. The exact time frame varies by state and the type of debt under collection.
    See Full Answer
    Filed Under:
  • What is the mortgage underwriting process?

    Q: What is the mortgage underwriting process?

    A: The mortgage underwriting process is the final, extensive review phase of a home loan application before a lender approves and funds a mortgage. The homeowner typically has little to no direct contact with underwriters as their reviews are performed behind the scenes.
    See Full Answer
    Filed Under:
  • What does adverse credit mean?

    Q: What does adverse credit mean?

    A: According to FinAid, adverse credit is defined as having any debt paid over 90 days late, or having a Title IV debt within the past five years that has been subjected to default, foreclosure, bankruptcy discharge, repossession, tax lien, write-off or wage garnishment. While this designation does not otherwise involve the credit score, it does have an effect on a person's ability to get a loan or other financing.
    See Full Answer
    Filed Under:
  • What is the best credit score site?

    Q: What is the best credit score site?

    A: The best credit score website should provide its users with an easy way to find out their credit grade scores. Any of the following three provide a great service: Equifax, Experian and FreeCreditReport.
    See Full Answer
    Filed Under:
  • What tools can I use when dealing with home loans?

    Q: What tools can I use when dealing with home loans?

    A: Most of the tools available that aid in estimating, obtaining and managing a home loan are online calculators. These calculators rely on accurate user input of certain variables related to the mortgage, household income and home to be purchased. The tools calculate values that are useful or necessary to know for dealing with home loans. Information is critical for mortgage shoppers, the Federal Trade Commission states.
    See Full Answer
    Filed Under:
  • Can you put a down payment for a house on a credit card?

    Q: Can you put a down payment for a house on a credit card?

    A: BankRate states that most mortgage lenders require a cash down payment of 5 percent, 10 percent or 20 percent of the price of the home. The Federal Housing Administration approves loans of 3.5 percent. The use of a credit card to pay the down payment is not allowed.
    See Full Answer
    Filed Under: