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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.
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [2]
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.
A title loan lets you borrow against your vehicle so you can get the $1,000 quickly. Just as a mortgage uses your home as collateral, a title loan uses your vehicle as collateral.
You can sign over a car title with the following steps: 1. Release Ownership of the Vehicle. The seller can release ownership of the car by signing the title. It's important that the person listed ...
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The Iowa Department of Transportation Motor Vehicle Enforcement was a law enforcement agency located in the state of Iowa. Like the Iowa State Patrol, Motor Vehicle Enforcement (MVE as they are most commonly called) was a statewide agency. Their primary mission and expertise was the enforcement of laws and regulations concerning commercial ...
The Iowa Department of Transportation (Iowa DOT) is the government organization in the U.S. state of Iowa responsible for the organization, construction, and maintenance of the primary highway system. Located in Ames, Iowa, DOT is also responsible for licensing drivers and programming and planning for aviation, rail, and public transit.