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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 most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Many U.S. states have enacted additional laws that apply specifically to the repossession of purchased and leased automobiles, and which are intended to afford additional consumer protections. [3]
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.
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.
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The right of possession is a right of a person who currently holds property in hand or under their control to retain such possession, or alternatively for another person who claims superior title or right to possession of the property.
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State flag of Washington Location of Washington in the United States. The following is a list of notable people from Washington state.It includes people who were born, raised, or who live(d) in the U.S. state of Washington, along with those who are strongly associated/have significant relations with the state.
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related to: car repossession near me laws list of people who live in the city of washington