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What will happen if you don't buy a car by the month?

Loan maturity date:

1 and 1 default interest will be incurred if the bank fails to pay it back within two months.

2. 1 month (more than 30 years), the bank will be notified by SMS.

3. After more than 3 months (90 days), the bank will call or collect money.

Consequences:

1, and bear the corresponding penalty interest.

2, causing legal disputes.

3. Leave a "credit stain" in the national credit information system.

Delaying the repayment of car loans for one month will affect personal credit records and generate overdue fees and interest. According to China's credit-related regulations, bad credit records will only appear if the loan or credit card is overdue for more than 3 times or more than 90 days, which will be automatically controlled by the system. If there is no money for only one month, the principal and interest of these two months will be paid off before the interest settlement date of next month. However, during the period from the interest settlement date of this month to the next interest settlement date, unpaid interest will generate penalty interest. According to the relevant regulations of China's credit investigation, bad records will only be generated if it is overdue for more than 90 days, and the overdue for more than 90 days will be automatically controlled by the system. If you have no money for only one month, you don't need to apply. Just pay off the interest for these two months before the interest settlement date of next month. However, during the period from the interest settlement date of this month to the next interest settlement date, unpaid interest will generate penalty interest.

When the loan expires, the court summons will be sent to the borrower's home. On the day of the court session, regardless of whether the borrower appears in court, the court will freeze the collateral originally mortgaged by the borrower to the bank and then auction it. The proceeds from the collateral auction will be used for repayment. If the auction proceeds are greater than the arrears (the amount that the borrower needs to pay = principal, interest, liquidated damages, late fees, prosecution fees, attorney fees, etc.). ), then the excess will be returned to the borrower. However, there is little extra money.

Legal basis:

Article 21 of the Provisions on the Administration of RMB Interest Rate

The interest rate of medium and long-term loans (with a term of more than one year) should be fixed at one year. The loan (including all the funds that should be allocated by installments within one year from the effective date of the loan contract) bears interest according to the legal loan interest rate of the corresponding grade on the effective date of the loan contract, and one year later, the interest rate of the next year is determined according to the legal loan interest rate of the corresponding grade at that time (the first loan is paid by installments). Medium and long-term loans are settled quarterly, and the 20th of the last month of each quarter is the settlement date. The interest that cannot be paid on schedule during the loan period shall be compounded quarterly according to the contract interest rate, and after loans overdue, it shall be compounded at the default interest rate.