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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 ...
Taking on a car loan comes with a lot of responsibility. With Experian reporting that the 2024 average car payment for new and used cars sat at $734 and $525 per month, respectively, it's very ...
There are ways to get out of a car title loan, including negotiating with the lender, paying off the loan in full or refinancing with a lower-cost loan. Defaulting on a car title loan can have ...
Replevin actions are usually employed when the lender cannot find the collateral, or cannot peacefully obtain it through self-help repossession. Replevin actions may also be pursued by true owners of property, e.g., consignors seeking return of consigned property that the party in possession will not relinquish for one reason or another.
Sanchez, 836 S.W.2d 151, where a repossession agent towed away a car even after the loanee locked herself in it, the court decided that this was an unlawful breach of the peace and declared the repossession invalid. The debtor was also awarded $1,200,000 in damages from the bank involved.
Unlike student loans and mortgages, there are no government-backed relief programs to cover a monthly auto payment. The result is most devastating for subprime borrowers — those with credit ...
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.
Many Americans continue to rack up debt, including by taking on car loans they can't afford. Nationwide, auto loan debt reached nearly $1.6 trillion in the third quarter of 2023, a $71 billion...