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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.
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.
Most car dealerships do not pay cash for the vehicles they buy at auto auctions. They rely on inventory financing, a line of credit extended by a bank or other institution to acquire vehicles. This is known in industry parlance as floorplanning (floor planning) or simply "flooring" vehicle inventory.
A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a form of short-term borrowing, mainly in government securities. The dealer sells the underlying security to investors and, by agreement between the two parties, buys them back shortly afterwards, usually the following day, at a slightly higher price.
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.
Buy here, pay here. In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [ 1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have ...
The United Coconut Planters Bank, more popularly known by its initials, UCPB, or by its old name, Cocobank, was a government-owned bank and was one of the largest banks in the Philippines, having ranked within the top twenty banks in the country in terms of assets. It was the only existing universal bank not listed on the Philippine Stock Exchange.
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