My understanding is the same as Newton's explanation. Its a bit like buying a house. The creditor / lender has first charge. Though in this case, the creditor has possession also. The vehicle may be untidy, need a good valet and may have some superficial damage. When they repossess, a finance company assessor will do a fairly detailed examination of the car to estimate its value for the purpose of settling outstanding finance. But, it ought to conform to Copart's vehicle classifications, unless they say otherwise.