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Repossession cases require expensive legal work, selling cars costs money, and lenders are likely never to receive full deficiency payments even through court orders.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
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.
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.
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
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This can be one of the most challenging approaches, but if there is room in your budget, it can dramatically help. Sell the car. If the chance of affording your monthly payment is slim, selling ...
Due to the high upfront cost of securing inventory, automobile dealerships frequently have a problem managing their cash flow.Often, used car dealerships purchase inventory using a retail floorplan, a type of specialty line of credit, that typically requires the automobile to be paid off in full within 90 days of purchase.