Tag: debt
Auto Repossession and Deficiency Balance
Auto repossession occurs when a car owner defaults on loan payments, leading to the vehicle being seized by the lender. This event often results in a financial burden known as a deficiency balance. This balance represents the gap between the…
What Happens to a Car Loan When the Borrower Dies?
When an individual secures a car loan, the expectation typically involves making regular payments until the loan is fully paid. However, it’s crucial to consider the financial implications should the borrower unexpectedly pass away. While this might be a challenging…
