have all the money before you own a car. All you need is to approach your bank and tell them the kind of car you need. After checking your credit report and they are satisfied then you qualify to pick any of your choice car from any car dealer. Your insurance company will thereafter work it out with your bank while you get placed on mortgage for five years. Even if the car gets involved in an accident during this process, they will still collect it from you and give you another brand new car.
The mortgage agreement would usually be for a stipulated period of time. In the event wherein the person defaults in the payment of the car, the insurance company would confiscate the car and take it to the US Auto Auction where it would be sold and the money recovered would be expended in the repayment of the mortgage.
When the title of a car is branded as ‘salvage’, it simply means that the car has been damaged or involved in an accident to the point that the insurance company deems it fit and necessary in line with the extant US legislations to sell them off to other countries via the US Auto Auction. It is worthy and pertinent to note that these cars are not currently in the best shape to be driven due to the damages and this would require certain repairs to restore them to a working state.
The United States experiences quite a series of flood disasters on a yearly basis and during these periods of flood crisis, cars are partially or completely submerged in water for quite some time until the water dries up. After this, if the vehicle is so damaged that it is no longer operable, the owner’s insurance company settles the claim by buying the vehicle and selling it at the US Auto Auction.
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