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Our minivan was repossessed and taken out-of-state to Rhode Island. We received a certified letter stating that to redeem the vehicle, we must tender the 'unaccelerated amount due' under our agreement at the time of repossession, along with $260 in retaking and storage expenses. Does 'unaccelerated amount due' mean the final amount we owe without any future payments? Are we still responsible for the $260 even though the vehicle was taken out-of-state? If we pay the unaccelerated amount, would we still be responsible for future monthly payments? Can we ask for the 'accelerated amount' to pay off the loan early without further finance charges?

August 29th, 2024

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