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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 ...
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.
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.
Most car dealerships do not pay cash for the vehicles they buy at auto auctions. [23] They rely on inventory financing, a line of credit extended by a bank or other institution to acquire vehicles. [24] This is known in industry parlance as floorplanning (floor planning) or simply "flooring" vehicle inventory. [25]
Daimler-Benz AG acquired 50.1 percent of United Cars and Diesel Distributors in 1984 which became Mercedes-Benz of South Africa. [11] It produced 55,900 vehicles in 2010, and in the same year the local market saw Mercedes-Benz sell 25,400 cars and 6,100 trucks. [7]
ABSA Bank Ltd t/a Bankfin v Jordashe Auto CC 2003 (1) SA 401 (SCA). ABSA Bank Ltd v Ntsane and Another 2007 (3) SA 554 (T). Agri South Africa v Minister of Minerals and Energy; Van Rooyen v Minister of Minerals and Energy 2010 (1) SA 104 (GNP). Apostoliese Geloofsending van Suid-Afrika (Maitland Gemeente) v Capes 1978 (4) SA 48 (C).