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.
It is not wise to elect a 72 month used car loan. The long loan term on a used car will often lead to an upside down loan situation. While the longer length may be safe for a new car, a used car's value will depreciate too quickly to make this a viable option. Where possible, it is better to aim for a 36 to 48 month used car loan. Depreciation of Asset.