Car Loan Lender
Do the universal default clause applies to auto or car loan? If I get an auto loan, lenders will raise rates, if we?
go violation of the mortgage? We will short sale / foreclosure situation and stopped paying mortgage for a month now. Would a car loan lender raise rates based on our mortgage default? Or is the loan is fixed for the term of the loan?
Only credit cards have universal default clauses. If you late, pay a mortgage or car loan, can the credit card company just kick in the universal standard. But your mortgage and car loans are installment loans with interest set (or at least rules for adjustable rate hike), which does not include universal default clauses.