Monthly Debt Obligations means a Consumer’s housing expenses, including monthly rent or mortgage payment, and required payments under any debt obligations (including the Consumer’s monthly payment under the Loan and insurance for the vehicle to be obtained under the Loan). In calculating required payments under debt obligations, Santander shall include:
Examples of Monthly Debt Obligations in a sentence
Santander will determine whether, at the time of origination, the Consumer’s residual monthly income was zero or negative based on the following calculation: gross monthly income minus the sum of (1) the Consumer’s Monthly Debt Obligations, (2) a reasonable estimate for the Consumer’s Basic Living Expenses, and (3) a reasonable estimate for the Consumer’s payroll taxes.2 ii.