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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 ...
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.
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]
You get possession of the car, but if you can’t repay the loan, your lender can repossess it. Hypothecation isn’t part of every type of financing: It only applies to secured loans .
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.
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