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For example, it was reported that Wells Fargo Auto is giving repossession agencies an extra $500 per vehicle to rope in car owners who have strayed off the payment path.
Because statutes of repose impose an absolute bar for actions against manufacturers, typically based on the date that allegedly defective goods are delivered or installed rather than the date when they cause harm, they are strongly favored over a statute of limitations by industry trade groups and opposed by consumer organizations and tort lawyers.
The first question to ask is why the car was repossessed. You probably already know — in the vast majority of cases, cars are repossessed because their owners missed payments, a fact that’s ...
If the business that bought the vehicle then rented it to someone, that individual would then have possession but would not have right of possession. The company renting the vehicle to them could repossess the vehicle, for example, if they hold the vehicle past the contract period. Also, if the rental company missed payments to the lienholder ...
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 ...
A growing number of consumers are falling behind on their car payments, a trend financial analysts fear will continue, in a sign of economic strain. Car repossessions are on the rise in warning ...
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.
Larry Pittman is one reality star you love to watch on TV, but would never want to meet in person. If he's ringing your doorbell, it's not to bring you good news. More likely it's to repossess ...