My father bought a car for my sister. Her husband tricked him into doing this. They never send the payments on time, and now my dad is on default. An amount of $683.66 must be paid by the 9th of August. So what does "being in default means"? Thanks a lot.
2006-08-02 12:58:12 · 4 answers · asked by ♥SA-Spurs♥ 4 in Cars & Transportation ➔ Buying & Selling
It means you have not followed the rules of the loan. Usually, because you haven't paid on time.
2006-08-02 13:04:12 · answer #1 · answered by Anonymous · 1⤊ 1⤋
It means that you are in violation of the terms of the loan and that you need to pay the amount requested by the due date.
2006-08-02 20:03:52 · answer #2 · answered by bobsled 5 · 0⤊ 0⤋
If you do not pay the amount owed by the due, you have a very good chance of having the car repossess, by the people you owe the money to.
2006-08-02 20:20:33 · answer #3 · answered by Irie 3 · 0⤊ 0⤋
It means they did pay on the loan, the car will be reposed soon and it will hurt you fathers credit rateing.....ACK!
2006-08-02 20:57:06 · answer #4 · answered by MC 7 · 0⤊ 0⤋