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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 ...
A repossession can stay on your credit report for up to seven years, often causing a credit score drop of over 100 points. Even if you set up voluntary repossession to give the car back, the ...
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.
Repossessed: vehicles can be voluntarily or involuntarily repossessed by financial institutions for several reasons, including late payments, undisclosed past credit issues, or failure to maintain full coverage insurance. Auto auctions are the most common method of disposing of repossessed vehicles.
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Release. March 31, 2008. (2008-03-31) –. February 5, 2014. (2014-02-05) Operation Repo (formerly known as Operación Repo) is an American reality television series that depicts the world of car repossession with a team that portrays repossessions from California's San Fernando Valley.
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