Precomputed Auto Loan definition
Precomputed Auto Loan means any Auto Loan under which earned interest (which may be referred to in the Auto Loan as the add-on finance charge) and principal is determined according to the sum of periodic balances or the sum of monthly balances or the sum of the digits or any equivalent method commonly referred to as the "Rule of 78s".
Precomputed Auto Loan means any Auto Loan under which earned interest (which may be referred to in the Auto Loan as the add-on finance charge) and principal is determined according to the sum of periodic balances or the sum of monthly balances or any equivalent method commonly referred to as the "Rule of 78s."
Examples of Precomputed Auto Loan in a sentence
For purposes of calculating "Net Losses," accrued and unpaid interest with respect to any Defaulted Acquired Loan that is a Precomputed Auto Loan shall be calculated as if such Auto Loan were bearing interest calculable on a simple interest basis.
The Servicer may also retain insufficient funds fees collected from Obligors and amounts in excess of outstanding principal and interest (calculated on the Actuarial Method) on a prepaid Precomputed Auto Loan.