Prepayment Refund definition
Prepayment Refund. Buyers can prepay all of their debt and get a refund of part of the Finance Charge. The refund will be figured by the actuarial method based on the assumption that payments were made as originally scheduled or, if deferred, as deferred. Buyers agree that Seller may first deduct a $10.00 acquisition charge. No refund will be paid to Buyers if it is less than $1.00. However, in no event will the credit be less than the minimum refund required by law.
Examples of Prepayment Refund in a sentence
Broker/Correspondent covenants, represents and warrants that it shall remit the amount of such Prepayment Refund within ten days of demand.