"Car Repossession Process"
When a car is repossessed, it's because the owner has defaulted on the loan and the lender wants to reclaim the vehicle. The process of repossession can be complicated, but here are the basics:
A car can be repossessed if the owner falls behind on payments or otherwise defaults on the loan. Once a car is repossessed, the lender owns it and can sell it to recoup their losses.
The process of repossession typically starts with a notice from the lender. This notice gives the borrower a chance to catch up on payments or work out another arrangement. If the borrower doesn't take action, then the lender can send someone to collect the car.
Once the car is collected, it's sold at auction. The proceeds from the sale go towards paying off the loan. Any leftover money is returned to the borrower.
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