Help & Glossary
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P
Personal Property - In collections, usually refers to the personal items contained in a repossessed vehicle. These items, which are not part of the car, should be inventoried and retained for a limited period of time for redemption by the debtor.
Pick The Lock - The ability to turn on a locking mechanism without the benefit of the key. This is accomplished by repossessors and locksmiths through the skillful use of tools called picks.
Pick-Up Payments - Additional payments which are incorporated into the first few months of a contract to make up a shortfall on the downpayment required on a loan.
Picked Up The Car - A slang expression meaning that the vehicle has been successfully repossessed.
Popped The Car - A slang expression meaning that the vehicle has been successfully repossessed.
Post-date - To date something with a future time. A post-dated check cannot be cashed until that time arrives.
Power of Attorney - A signed and dated document authorizing one person to act on behalf of the person signing.
Premium - The money paid on an insurance policy.
Principal - The original sum of money loaned.
Pro bono - Latin meaning 'for the public good'. A lawyer doing pro bono work is donating his time.
Pro se - Latin meaning 'for himself'. A person acting as their own attorney is pro se.
Promissory Note - A negotiable instrument under which a person promises to pay a certain sum of money over a certain period of time.
