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The repossession rate refers to the percentage of loans or financed assets that lenders reclaim due to borrowers' failure to make payments. This metric is commonly used in the context of auto loans and mortgages, indicating the financial health of borrowers and the effectiveness of lenders' risk management. A higher repossession rate can signal economic distress or poor lending practices, while a lower rate typically reflects stable borrowing conditions.
What else can I help you with?
On a repossion can the IRS collect for the bank?
No. But any debt that is forgiven is taxable as income.
How can I convert an annual rate to a monthly rate?
To convert an annual rate to a monthly rate, divide the annual rate by 12. This will give you the equivalent monthly rate.
Are interest rate and rate of return the same?
Yes, the interest rate and rate of return are exactly the same.
What is the monthly interest rate for fixed rate bonds?
The monthly interest rate for fixed rate bonds is the annual interest rate divided by 12.
What is Difference between Base Rate and prime rate?
The prime rate is the rate at which the central bank lends to the commercial banks whiles the base rate is the rate at which the commercial banks lend to the public
What can be done to stop auto repossion?
in the process of repossession?
Can i buy a car after repossion?
Yes, usually at an auction.
When does a repossion occur?
When you fail to pay for something that is security for the loan.
On a repossion can the IRS collect for the bank?
No. But any debt that is forgiven is taxable as income.
What state laws do you go by for repossion when lender is out of state?
The laws of the state the vehicle is in.
Which state laws of repossion do you go by when lender is out of state?
The state the borrower lives in.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
What is a performance deposit on a car repossion?
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.
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.
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.
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.
Is there a time limit for repossessing a car?
Unless you have a payment plan figures out with your loan company(I.E. i can pay 100 this month instead of 200) they will usually wait 90 days to proceed with the repossion process.
