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Various objects can be repossessed, including boats and aircraft, but most repossession agencies focus on car repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom. They also may obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
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 ...
Auto auctions are the most common method of disposing of repossessed vehicles. Repossessed vehicles can feasibly sell for less because the financial institution disposing of them only seeks to offset its losses (also restricted by federal regulations). The condition of such cars may be compromised by lack of maintenance.
The CARS Program was implemented by the Department of Trade and Industry in order to attract and encourage new car companies to produce vehicles in the Philippines [15] and stimulate demand and impose industry regulations that will restore the country's automotive industry, and make the country a regional automotive manufacturing hub, [16] and ...
The lien may be satisfied by selling the vehicle through the lien sale process. To conduct a lien sale, the person/lienholder must have possession of the vehicle and may require lien sale authorization from the State's Department of Motor Vehicles, depending on the State and or value of the vehicle. Interested parties, including the registered ...
A 1960 Ferrari 250 GT SWB California Spider that went on to sell for $4,950,000 in 2009 was offered for sale in the June 1964 issue of Road & Track for US$10,500 (equivalent to $103,000 in 2023), in the April 1976 issue of Hemmings Motor News, the same car was offered at US$16,750 (equivalent to $90,000 in 2023). [32]
Delta Motor Corporation was a former automobile company established by Ricardo C. Silverio Sr. in the Philippines. [2] It operated under a technical tie-up with Toyota Motor Corporation of Japan, [3] but also produced its own range of small off-roaders called the "Delta Mini Cruiser". Delta was founded in 1962 and continued to be Toyota's local ...
The Nissan Philippines, Inc. is a joint venture between Nissan Motor Company, Universal Motors Corporation and Yulon Philippines Investment Co. Ltd. for the import and distribution of Nissan automobiles, multi-purpose vehicles (MPV) and sport utility vehicles (SUV) in the Philippines.
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