Description and Coding Systemâ (âHarmonized Systemâ or simply the âHSâ).2 It went. into effect internationally on January 1, 1988, with the entry into force of the. International Convention on the Harmonized Commodity Description and Coding. System (âHarmonized System Conventionâ) to which the Harmonized System is.
A secured debt or secured claim is one where the lender has some sort of collateral. A car loan or home mortgage would be the most common examples, but other debts may be secured as well, especially in business settings.
A car title loan is not like pawning it. You put up the title to the vehicle as collateral, but you still retain possession and the ability to use it. You go about our normal everyday life, use your car, and repay your loan. Disadvantages. Repossession. The biggest drawback of a car title loan is that you can have your vehicle taken from you. That only happens if you fail to repay the loan. Embassy Loans would have the right to take possession of the vehicle in that case. They would then sell the vehicle to recover the losses associated with the default of the loan.