A performance deposit is to ensure the contract if followed and will come off the cost of the car. Its usually the lesser of three months payments or on third of the remaining loan on the car.
Yes, usually at an auction.
A performance deposit ensures a contractor's performance of his bid to perform labor and/or provide materials to a jobsite or client.
If car is wrecked or damaged BEFORE the repossion takes place they still take the car "AS IS". In some states you may be liable for the damages but others it is repo'd AS IS.
Depends on the state you live in and their repossession laws. If you are smart you will return the car if you are unable to pay for it. The car belongs to the bank until it is payed for.
Yes, the dealership sold the car after receiving a deposit.
if someone puts a deposit on a car after a 2 weeks period they change there mind do have to give them there deposit back
Yes you do. You can file for bankruptcy and may be afforded some consolation, but by law you are responsible for the difference between what was owed and what the lender was able to wholesale the car for.
in the process of repossession?
That depends on whether you signed anything when you put down the deposit, and whether it was a refundable deposit or a non-refundable one.
Alamo does not hold a deposit on car rentals when using a Credit Card. Cash payments require for a deposit of $500 plus all charges for the rental.
When you fail to pay for something that is security for the loan.
Performance Car ended in 1998.