Search results
Results From The WOW.Com Content Network
However, as the Federal Trade Commission notes, once you default, lenders in many states can repossess your vehicle “at any time, without notice, and come onto your property to take it ...
Various objects can be repossessed, including boats and aircraft, but most repossession agencies focus on car repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom. They also may obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
When your car has been repossessed, you’ll naturally want to know if you can get it back. The answer is, it depends on your lender, on where you live and on your specific situation.
2) The dealership repossess the car and sells it for less than the amount of the debt, let's say $9K (more likely scenario). In this case, the secured creditor dealership keeps the $9K, and the remaining $1K (deficiency) that the dealership is owed becomes unsecured – it is on the same level of priority as the other two unsecured loans.
The main purpose of retention of title ("ROT" or "RoT") clauses is to ensure that where goods are supplied on credit, if the buyer subsequently goes into bankruptcy, the seller can repossess the goods. They are often seen as a natural extension of the credit economy; where suppliers are expected to sell goods on credit, there is a reasonable ...
For premium support please call: 800-290-4726 more ways to reach us
Vehicle immobilization is a key part of the act of impounding.. Vehicle impoundment is the legal process of placing a vehicle into an impoundment lot or tow yard, [1] which is a holding place for cars until they are placed back in the control of the owner, recycled for their metal, stripped of their parts at a wrecking yard or auctioned off for the benefit of the impounding agency.
File this one under: News you can use.Living in your car. It's one way to save a whole lot of money. We feature here, courtesy of Jalopnik, Ten cars you could probably live in if your house is ...