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I’m looking at an autocheck which says
03/01/2010 PACIFIC SW REGION
43,971 Auto Auction REPORTED AT AUTO AUCTION

03/22/2010 PACIFIC SW REGION
43,971 Auto Auction AUCTION ANNOUNCED AS FLEET/LEASE

The seller said that he is the owner of a private repo company. He repoed the car when the individual who owned it couldn’t pay the car. Why would the car be sold at an auction and then announced as fleet/lease and this was only done a month ago?

I’m very new to this and I don’t understand some of the terms and how the seller’s story correlates with the autocheck?

Can someone please explain to me a possible scenario as to what happened to this car?

thanks in advanced.

2 Comments »

1. 

   Pretty simple.

   The car was owned by a business. Most likely a small, privately owned business.

   The business went under.

   It was repo’ed.

   And then auctioned.

   Comment by Vipassana — August 24, 2010 @ 9:02 pm

2. 

   It could very well be both an off lease car and a repo. Or the auction reported it as a repo incorrectly.

   The fact that it SAT at auction for 3 weeks suggests it might have been a repo that hadn’t yet been cleared to sell. (They are often sent to auction in anticipation of selling them. But cant actually sell them until the specified period of redemption has passed) It also could have spent a few weeks in reconditioning getting paint, body work or what have you.

   Just another example of why carfax/autocheck is useless for the vast majority of people.

   Comment by N — August 24, 2010 @ 9:02 pm

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