Help & Glossary
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S
Security - Collateral. Something given to the lender as pledge of repayment, fulfillment of a promise, a guarantee.
Self-Help Repossession - Repossession of the collateral or security for an installment loan or lease, by peaceful means, without notice or opportunity for a court hearing.
Self-Insured - To put money into an account ahead of time, to be used to pay any potential claims as they come up.
Skiptracing - The art or skill of locating an individual who cannot be found by normal means. See Networking and Quid pro quo.
Sled - A slang expression used to describe a vehicle which is old, or is in poor or abused condition.
Sled-lot - A used car lot that finances their own contracts.
Snagged The Car - A slang expression meaning that the car has been successfully repossessed.
Soldiers' and Sailors' Civil Relief Act - A Federal law passed during World War II that protects military personnel from creditors under certain circumstances.
Spotted The Car - A slang expression meaning that the vehicle has been sighted at an unexpected location.
Stake-out - A term used by repossessors to describe staying at a location to observe activity.
Statute of Limitations - A law that sets the maximum length of time that can pass before a lawsuit is filed, after something has happened.
Stole The Car - A slang expression meaning that the vehicle has been successfully (and legally) repossessed.
Straw Deal - A phoney or false deal.
Subcontractor - A person who contracts to do a part of job for another, who contracted for the whole project.
Subpoena - An order by the court for a person to appear and testify or present evidence at a certain place and time.
Surrogation - Substituting one person for another who is owed a debt.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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