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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 ...
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.
California Department of Motor Vehicles Investigations Division. County agencies. Los Angeles County Sheriff's Department (10,695 sworn Deputy Sheriffs)
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.
The debtor is in debt $10K to the secured creditor and $2000 to the unsecured creditors. Assume the debtor defaults and his only asset is the automobile. The dealership can repossess the auto and sell it to satisfy its debt. Two things can happen here: 1) The dealership sells the collateral (car) for more than the amount of the debt (let's say ...
Galpin Auto Sports (or GAS) is an American custom car and automobile repair shop located in the Van Nuys region of Los Angeles, California, which specializes in customizing and remodeling vehicles specifically for their drivers. They also provide specialty parts and accessories.
Using a 40(k) loan to purchase a car could be a smart move if it's the least expensive option. Before using this option, consider the potential drawbacks, including fees and missing out on ...