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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 ...
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.
Usually, the vehicle owner must be notified of a repossession. The repossession agent will find the car and check its information such as the vehicle identification number (VIN) to make sure they have the right vehicle. If there is a match, they will attempt to hook up the car to the tow truck and tow it away or pick the lock and drive it away.
According to Kelley Blue Book, the average price for a new car rose slightly in October (to $47,936), but prices have eased in 2023. The new car loan rate for September was 7.4% compared to the ...
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An automated (car) parking system (APS) is a mechanical system designed to minimize the area and/or volume required for parking cars. Like a multi-story parking garage , an APS provides parking for cars on multiple levels stacked vertically to maximize the number of parking spaces while minimizing land usage.
The pay-by-plate system is a parking payment method designed to serve multiple vehicles by requiring the driver to input the license plate information into a machine. It prevents drivers from benefiting from any remaining time on parking meters.
More likely it's to repossess your car, boat or jet ski. Although people run the other way when they see the star of 'Repossessed!' coming, Pittman says his business is addicting. "It's not just a ...