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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 ...
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.
A bank created fake accounts, forced clients into unnecessary car insurance and repossessed vehicles when they didn’t pay. Now it has agreed to $20 million in penalties
Repossession. Repossession, colloquially repo, is a "self-help" type of action in which the party having right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers.
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.
Buy here, pay here. 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 ...
Equity is the value of the car that you own minus any outstanding car loan balance. If you owe $1,000 on a $10,000 car, you have $9,000 in equity. In some cases, people find themselves owing more ...
Mercedes-Benz M274 engine. The Mercedes-Benz M271 engine is a straight-4 automobile piston engine family used in the 2000s (decade). All M271 engines are built in Untertürkheim, Germany. The family has a cast aluminium engine block and aluminium DOHC cylinder heads with 4 valves per cylinder and variable valve timing and a coil-on-plug ...
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