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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.

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10y ago

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Can i buy a car after repossion?

Yes, usually at an auction.


What is a payment of performance deposit for?

A performance deposit ensures a contractor's performance of his bid to perform labor and/or provide materials to a jobsite or client.


Car was recently damaged then was repossessed what happens?

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.


Can they take a car for repossion off someone else property?

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.


Did the dealership sell the car after receiving a deposit?

Yes, the dealership sold the car after receiving a deposit.


If you put a deposit on a car can you change your mind Can You forfeit the deposit and get out of the deal?

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


Do you have to pay the deficiency on a car repossion in the state of Kansas?

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.


What can be done to stop auto repossion?

in the process of repossession?


How do get your deposit back from a car dealer if you don't buy the car?

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.


How much of a deposit does Alamo rental car require when renting a car?

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 does a repossion occur?

When you fail to pay for something that is security for the loan.


When did Performance Car end?

Performance Car ended in 1998.