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The most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Many U.S. states have enacted additional laws that apply specifically to the repossession of purchased and leased automobiles, and which are intended to afford additional consumer protections. [3]
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.
A dealer auto auction is a specialized form of auction. Millions of vehicles are sold at such dealer auto auctions every year. Millions of vehicles are sold at such dealer auto auctions every year. These auctions are restricted to the general public and only licensed dealers can participate.
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.
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Subprime borrowers held an average rate of 11.72 percent for new cars and almost 19 percent for used, according to Experian second quarter data.By comparison, the average for all borrowers was 6. ...
Autotrader.com, Inc. is an American online marketplace for car buyers and sellers, founded in 1997. It aggregates new, used, and certified second-hand cars from dealers and private sellers. The site also provides users with automotive reviews, shopping advice, and comparison tools for car financing and insurance information. [1]
The repossession agents reportedly observed the vehicle − a Ford Focus − parked, running, and with its driver-side door open near Cookie's Daycare at 318 E. Riverside Drive.