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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 ...
The new car loan rate for September was 7.4% compared to the average rate of 6.9% at the beginning of 2023. The percentage of car owners that pay at least $1,000 a month jumped to 17.1% in the ...
Usually, the vehicle owner must be notified of a repossession. The repossession agent will find the car and check its information such as the vehicle identification number (VIN) to make sure they have the right vehicle. If there is a match, they will attempt to hook up the car to the tow truck and tow it away or pick the lock and drive it away.
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [2]
Don Robert Hankey (born June 13, 1943) is an American billionaire [1] and founder of the Hankey Group, which makes most of its income from car loans and the insurance industry. He has been called the "king of the subprime car loan ".
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.
Retail floor planning (also referred to as floorplanning or inventory financing) is a type of short term loan used by retailers to purchase high-cost inventory such as automobiles. These loans are often secured by the inventory purchased as collateral. [1] Floor planning is commonly used in new and used car dealerships. [2]
While long-term car loans typically lasting up to 84 months (or seven years) are not uncommon, a 325-month loan is highly unusual. Here’s what car buyers need to know when choosing the right ...