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What does "payoff with proceeds" mean on an auto loan application?

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lovinangels

Asked by lovinangels at 10:35 PM on Feb. 25, 2011 in Money & Work

Level 39 (112,638 Credits)
Answers (2)
  • Without knowing all the details and reading the whole sentence(s) that pertain to it, my only guess would be that if the vehicle is repossessed then the proceeds of what it brings in when sold would go to the loan that is in default.

    JeremysMom

    Answer by JeremysMom at 10:57 PM on Feb. 25, 2011

  • It mean, if you default on the loan, the car will be sold to pay off the balance of the note.

    The only item you should buy with a payment plan is a house; if you can't pay cash for a car, you are spending more than you can afford.
    rkoloms

    Answer by rkoloms at 5:54 AM on Feb. 26, 2011

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