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Hi-Tech Automotive is a low volume, specialist car builder and design house located in Port Elizabeth, South Africa. [1] Most of the vehicles produced are exported, notably to the US and UK . The main distributor of the cars built by Hi-Tech is Superformance .
If you owe $12,000 on the loan, for example, and the lender sells your repossessed car for $8,000, the $4,000 difference — as well as any associated fees and costs — are called the deficiency ...
By the 1960s this included the British Vauxhall marque [6] and the Ranger, marketed as "South Africa's Own Car". In 1986, it was sold off and rebranded the Delta Motor Corporation as a result of the passage of the Comprehensive Anti-Apartheid Act in the United States and subsequent divestment of General Motors from apartheid South Africa . [ 7 ]
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.
Auto auctions are the most common method of disposing of repossessed vehicles. Repossessed vehicles can feasibly sell for less because the financial institution disposing of them only seeks to offset its losses (also restricted by federal regulations). The condition of such cars may be compromised by lack of maintenance.
Ads proclaiming "Government Vehicle Disposal" and "The Repo Joe Sale" are designed to steer buyers to special used car sales events under the pretense they're getting a special deal.