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Repossession is only one of the remedies available to your lender if you default on your loan. Having your car repossessed doesn’t get you off the hook for your obligation to pay the entire balance of the loan. If the proceeds from the sale of the vehicle are not enough to cover the balance of your loan,...
Seizing the Vehicle. A breach of peace also may give you a legal defense if your creditor sues you to collect a “deficiency judgment” — that is, the difference between what you owe on the contract (plus repossession and sale expenses) and what your creditor gets from the resale of your vehicle.
In repossession, a bank or leasing company takes a vehicle away from the borrower, often without any warning. Lenders might send a driver to collect the car, or they may take it away with a tow truck. In some cases, your car will be disabled by remote control so you can’t drive it until you’ve cleared things up.
Generally, car repossession occurs after a series of missing or late payments without any communication or agreements with lenders. NOTE: Exact vehicle repossession laws vary by state. Consult your State Attorney General or local consumer protection agency for car repossession laws in your state.
A car repossession can put a serious dent in your credit report. Religiously pay your remaining bills on time to boost your credit. As your credit improves due to timely payments, you can add different lines of credit, such as credit cards or personal loans — so long as you can safely afford them.
If the car is sold, ask if you still owe money. When a bank or repo agency repossesses your car and sells it at auction, you might think that you don’t owe any more money on it. That’s not always the case. Say a bank gave you a $10,000 car loan and you still owed $9,000 on it when you defaulted.
In the United States, license plates are issued by a department of motor vehicles, an agency of the state or territorial government, or in the case of the District of Columbia, the city government. Some Native American tribes also issue plates. The U.S. federal government issues plates only for its own vehicle fleet and for vehicles owned by foreign diplomats. Until the 1980s, diplomatic plates were issued by the state in which the consulate or embassy was located. The appearances of plates are frequently chosen to contain symbols, colors, or slogans associated with the issuing jurisdiction. The term license plate is frequently used in statutes, although in some areas tag is informally used. The official three letter ISO international code attributed to the United States is USA.
Vehicle remarketing is the controlled disposal of fleet and leasing vehicles that have reached the end of their fixed term. In vehicle leasing, after the lease expires, the lessee either returns the vehicle to the supplier or buys it. The vehicles that are not purchased by the driver become an unwanted asset for the fleet or leasing company because of vehicle depreciation and they look to channel intermediaries to relinquish the stock on their behalf quickly and in high volumes. Remarketing can be done to trade or to consumers.
Electric vehicles first appeared in the mid-19th century. An electric vehicle held the vehicular land speed record until around 1900. The high cost, low top speed, and short range of battery electric vehicles, compared to later internal combustion engine vehicles, led to a worldwide decline in their use; although electric vehicles have continued to be used in the form of electric trains and other niche uses. At the beginning of the 21st century, interest in electric and other alternative fuel vehicles has increased due to growing concern over the problems associated with hydrocarbon-fueled vehicles, including damage to the environment caused by their emissions, and the sustainability of the current hydrocarbon-based transportation infrastructure as well as improvements in electric vehicle technology. Since 2010, combined sales of all-electric cars and utility vans achieved 1 million units delivered globally in September 2016, and combined global sales of light-duty all-electrics and plug-in hybrids reached 4 million in September 2018.