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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 effects of the coronavirus pandemic have been especially burdensome on auto loans borrowers. Unlike student loans and mortgages, there are no government-backed relief programs to cover a ...
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.
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The clerk is a citywide elected office, and is one of three city-wide elected officials in the City of Chicago, along with the Mayor and the Treasurer. The current city clerk is Anna Valencia . One former city clerk is more famous for his non-political activities: The late Baseball Hall of Famer Cap Anson served one term from 1905-1907.
For example, it was reported that Wells Fargo Auto is giving repossession agencies an extra $500 per vehicle to rope in car owners who have strayed off the payment path.
Partner in the Chicago law firm Gerlach & O'Brien David Bohnett: Apr 2, 1956: Philanthropist and technology entrepreneur Born in Chicago John O. Butler: Businessman, dentist and periodontist Born and practiced in Chicago Kevin Cushing: 1956: Executive officer of AlphaGraphics Born in Chicago Charles Deering: Jul 31, 1852: Feb 5, 1927