GLOSSARY OF TERMS
Repossession occurs when lenders take legal possession of collateral that is pledged as a secondary means of repayment for a loan that is past due or in default. The loan note describes the conditions under which the lender can legally repossess the collateral, including:
- not making payments or not making them on time
- not maintaining appropriate levels of insurance for the collateral
- not transferring title
- not maintaining the collateral in good condition
- not paying annual property taxes for the collateral
Cars, campers, boats, motorcycles, valuable art and jewelry or other items of significant value are used as collateral for loans. Once repossessed, the collateral will be cleaned and repaired, and appropriate titling will be obtained. Then, it will be sold, usually at auction, to pay off the outstanding loan balance plus any applicable fees, including attorney fees.
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