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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 ...
Ads proclaiming "Government Vehicle Disposal" and "The Repo Joe Sale" are designed to steer buyers to special used car sales events under the pretense they're getting a special deal.
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.
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 Boksburg Lake (& Wemmer Pan & Zoo Lake) murder: On the morning of 27 October 1964 a young teacher, Mr Robert Bekker, made a grisly discovery. On the western shore of Boksburg Lake, in a suitcase was a middle-aged woman's decapitated torso, covered in plastic, brown paper and a sheet.
A bank created fake accounts, forced clients into unnecessary car insurance and repossessed vehicles when they didn’t pay. Now it has agreed to $20 million in penalties Jeanne Sahadi, CNN
In 2004 a disgruntled Absa client released five [16] puff adders into the bank's head office in Johannesburg following a six-year dispute with the bank over the repossession of his car. [17] One person was injured in the incident when their finger was bitten and the client was later convicted under the offense of aggravated assault. [18]
Learn about long-term car loans, their pros and cons, and whether an 84-month car loan is worth it based on your financial situation and car-buying needs.
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