For simple interest contracts, a portion of your monthly payment is applied towards the amount of the obligation – the principal – and a portion of the payment is applied towards paying the finance charge – the interest. A greater percentage of your monthly payment is applied to interest early in the life of the contract, and a greater percentage is applied to the principal at the end. Thus, the principal balance decreases slowly at first and more quickly closer to the end of the loan term. Since interest charges will accrue daily on past due amounts for simple interest contracts, the actual amount of finance charge and the actual amount of your final payment will depend on your payment record. If you make payments after the scheduled due dates, you will pay more finance charge (e.g., interest) and you will have a balance remaining after your final scheduled payment. Depending on the number and severity of late payments, the final balance may be significant (i.e., much more than the regular monthly payment amount). If that occurs, you will have the option to pay the remaining balance or to continue to make monthly payments in the regularly scheduled amount until the balance is resolved. If you make every payment before the due date, you will pay less finance charge.
If a payment is returned due to insufficient funds or uncollected funds, First Investors may choose to resubmit the payment a second time if the payment is eligible for resubmission. Resubmission may occur up to 7 days after the original payment date.
Receipt of your physical title depends on whether or not we are in possession of the physical title or if our lien has been recorded electronically. In either case, we will release our lien within a reasonable time following payment in full for the satisfaction of the balance of your account. The timing of the release is determined by form of the final payment (e.g., bank check, dealership check, certified funds, or personal check). If we are in possession of the physical title, we will mail the title to you using the address you have on your account. If your address has changed, please let us know. Delivery of the physical title may also be influenced by delays in the U.S. Postal Service. If you have not received your released title by the 20thday following the processing of the final payment, please contact us at firstname.lastname@example.org. In some states our lien is recorded electronically. In those states, we will notify the state of our lien release and the state will provide you the physical title. You should contact your state DMV for their completion times because it varies from state to state. Electronic (paperless) states include: Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Iowa, Kansas,Louisiana, Maryland, Massachusetts, Nebraska, Nevada, North Carolina, Pennsylvania, South Carolina, South Dakota, Texas, Virginia and Wisconsin.
Send a copy of the insurance declaration to:
Insurance Service Center-
Address: PO Box 398198 Minneapolis MN 55439-8198
Phone #: 888-863-4323
Fax #: 866-433-3006
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