[ARTICLE] Repossession

Buying a car is the second most daunting burden to bear apart from buying a house. The car loan which you had undertaken needs to be serviced consistently and on time. What happen is when you have defaulted payment for more than 3 months, your creditor has the right to tow that vehicle from your possession. In this instance where you took a car loan to buy that vehicle, this makes you a hirer. This process of taking back the car for sale in order to get back the money that you owe is called repossession.

All economics statistic are to be monitored and regulated closely in order to truly reflect how well the economics are doing. In most developed countries, there will be a department called the credit bureau who will be in charged on monitoring and regulate debt and statistics. Some jobs even request for your credit report before they consider to employ you. All your credit histories will be generate in this report. Banks usually screen for your record before they consider to give you that loan you apply. Constantly defaulting your loan repayment will result in bank declining your loan application. That will includes even secured loan. Secured loan is a loan that you take in exchange for an asset that is deemed to be substantial based on the amount you loan that is belonging to you to be mortgaged. Once defaulted the banks or your creditors have the absolute legal power to repossessed that asset.

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