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After you make that final payment, no lien exists against the vehicle and your contract with the lender is satisfied.Leases Are Different, leases have maturity dates, too, but you don't own the car after you reach this point.Example, for example, a nine-month i am looking for women want to have sex note issued on January 14, 2016, would include the issuance date on the face of the note.When notes are described in months, the note matures on the same day of the month as it was issued.When you near the maturity date, you can pay old men looking for young wife the loan off early if you like, but it's a good idea to call your lender for a payoff" first.In other words, the January 14, 2016 nine-month note would mature on September windsor essex local news 14, 2016.Saying a note has matured is another way of saying that it is due.If this is the case, make sure you make all the payments before turning the car.Failure to make a payment can result in default whether you have one payment left.The Final Payment, if you don't make that last payment on time, you can still default on the loan.Notes can be issued with any time period, but the most common note periods are less than one year.ThesaurusAntonymsRelated WordsSynonyms, legend: Want to thank TFD for its existence?
A close-up of car keys and auto loan paperwork.
It would also state the nine-month time period.
When your lender gives a payoff amount, it's usually accurate for about 10 days.
The future date is called the maturity date.
Also, notes issued for less than one year can be have maturity dates expressed in terms of days or months.