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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 ...
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 ...
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.
On June 1, 2018, it was announced that a 1963 Ferrari 250 GTO had sold for $70 million at a private auction, at the time a world record. [ 2] The 1904 Rolls-Royce 10 hp Two-Seater is currently listed on the Guinness World Records as the most expensive veteran car to be sold, at the price of US$7,254,290 (equivalent to $10,660,000 in 2023), on a ...
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 ...
Historically the best-selling vehicle in the United States (since 1977) and Canada. Line-up includes the F-150 pickup, F-250 through F-450 Super Duty heavy duty pickups. F-450/550 Super Duty class 4-5 trucks and F-650/750 Super Duty class 6-8 trucks are commercial chassis and cab vehicles. F-150 Lightning.
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.
The same Mercedes was sold to three different buyers, but the dealership didn’t turn over its title because it didn’t have it. In one case, the dealership repossessed the car without warning ...
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