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Let's say your lender incurred $500 in costs for the repossession and sale, and your car fetches $15,000 at auction. There's going to be an outstanding balance of $5,500 you'll have to pay back.
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 ...
Josh Sharp, the owner of Musick Auction, said most of the vehicles at Saturday’s sale are repossessed, which happens when a borrower falls behind on loan payments, giving the lender the right to ...
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.
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
In April 2021, Seres launched an updated SF5, starting a partnership with Huawei, which partook in the development of the vehicle, and sells the cars through Huawei stores. [ 10 ] [ 11 ] According to sources cited by Reuters, Huawei was looking to take over Seres from its parent company Chongqing Sokon, but Huawei denied having plans for such ...