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The Common Misconception: Auto auctions are only open to car dealers.
The Surprising Truth: Anyone with the right resources can participate in the same auctions as the dealers! Think about it for the help www.auction-entrepreneur-kit.com. How much could you save if you bypassed the dealers and purchased directly from their sources? 30%, 50%, maybe even 75%.
As unbelievable as this sound, it is possible with a little patience and research.
As you probably already know from past experience, car dealers will do ANYTHING to get you into the car of your dreams. Whether you can afford it or not!

I can recall a former coworker who got into a new luxury vehicle with a little “creative financing.” The manager divided his mortgage payment in two. His justification: As a married man his wife was responsible for the other half of the mortgage….even though she was a stay at home mom! Luckily for them, they found a way to pay their huge car payment and avoid repossession.

Unfortunately, others aren’t quite as lucky. Thousands of people default on their loans everyday simply because they couldn’t really afford it in the first place.

This can work to your advantage. The banks and financial institutions that serviced the loans want to recoup their loss as quicly as possible. Add to that the exhorbitant cost of storing these vehicles, and you can easily see why the banks want to dispose of them in a timely manner.

After all, the longer financial institutions have to store these vehicles, the less money they’re going to get back.

Auto auctions are the quickest way for banks to rid themselves of repossessed vehicles.

Car dealers know this, and they go to great lenghts to protect this knowledge from the general public. After all, auto auctions are a huge source of revenue. Dealers can purchase vehicles at a fraction of their value, and then resell them at a huge mark-up.

But what if you could avoid the dealer’s mark-up and instead pay what they pay? What impact would that have on your wallet?

Amazingly enough, auto auctions are not solely restricted to car dealers. Up until a few years ago, I too shared this common misconception.

It was only by sheer luck that I stumbled upon a website that allowed me to search local auctions by zip code and vehicle make that I learned the surprising truth. I was paying dealers thosands of dollars in unnecessary mark-ups.

I tried the website’s search feature out, and to my surprise the cars listed were exactly what I wanted. Only a few years old with very low miles. Many of them were still under the manufacturer’s original warranty! This made sense of course, since most of them were repossessions.

The auction house was even willing to throw in a vehicle history report at no extra cost and a 3 month warranty.

Sure I wouldn’t get the complimentary car washes and oil changes the dealer throws in, but that surely wasn’t worth thousands of dollars in premiums.

After a little hesitation I joined the auto auction membership site for the help www.mining-auction-gold.com. They helped me locate auto auctions in my area, and gain admission to them through their exclusive access rights. I learned what questions to ask, and how to handle the bidding process.

It was a lot simpler then I ever imagined it could be.

The day of the auction, I showed up a few hours early to inspect the vehicle I was interested in and get a feel for the place.

It must have been a slow day, because when my car came up for auction only a few dealers were bidding against me. Since I wasn’t buying the vehicle for resale, I succeeded in outbidding the dealers!

It was a truely empowering experience. I got the vehicle of my dreams, and I only paid a little over half its book value!

http://www.auction-o-matics.com
http://www.auction-words.com

I have gotten behind on my car payment. I still owe part of the payment that was due on June 20 and the payment for July. They have already threatened to repo my car, which I accept because I know I have defaulted on the loan. Today, someone calls me and says they are going to enter a judgment on me tomorrow for the balance of the loan (00) if I can’t make a payment now. Can this actually happen, and if it can, why haven’t they been to get the car yet? Does that mean they will still repo the car if they are demanding that I pay the full remaining amount that I owe? Thanks.

So I’m currently working with bf’s parents to help bf get his car back. (He’s in Afghanistan at the moment).

The car was reposessed and bf’s parents contacted the company, Santander to see if we can recover the car with full payment. Santander said we had until 5/30 to pay off the car. Keep in mind the car was just repossessed.

We wanted this in writing so that we can pay and get the car back. We didn’t get a Letter of Intent, but instead got a Payoff Letter saying that if we paid the remaining balance, plus the repo fees, they will mail us the title. Of course there’s nothing here stating the possibility of being auctioned off, nor does it say anything about a reposession. it just lists our account number and our car make/model/year as collateral. Letter was addressed as "to Whom it may concern"…..Also lists an address to mail payments to, but was told over the phone to make a payment via Western Union. Here’s the website with the same instructions they gave over the phone – http://www.santanderconsumerusa.com/customers/make_payment_western.aspx

Not sure of the laws and if this is right.

I just want to help pay the remaining balance on the car to get it back for my bf. But not sure if these should set off some red flags? Should I be getting a Letter of Intent? Or does it sound like the Payoff Notice suffices?

Oh, one more thing, they did say we had until 5/30 before car goes into auction, but when they sent the letter of intent, they listed the date as 4/30, and the car was repossessed on 5/9.
i know there are storage fees, that’s why I want to pay off as soon as possible. what i’m wondering is with this Payoff Notice, is this good enough for me to pay the total amounts (not including storage fees), to insure that Santander will give me back the car? I"m afraid if I pay off the car, and then they will still auction it. can they do that?

should i still ask for a letter of intent on top of this payoff notice?

5 years ago I lost my job and got two months behind on my car payment. The creditor told me to just give it back. I asked them to give me more time or to lower the % rate. They continued to haress and kept telling me the best thing to do is to give it back. We did, but now another credit company is saying that we owe ,000,00! Have they lost their mind? How or why should I pay that when they took the car and sold it. I live in the state of Texas and purchased the car in Texas. They keep calling and now they call my place of employment! What should I do?

4 months ago I lost my job. It took me about a month just to find another job that pays just over minimum wage. So I already had to try and play catch up with my bills that I couldn’t pay for that month and since I was making WAY less then I was making I could in no way afford my bills… it got to the point where it was either pay my car payment or buy groceries and keep the heat on.

So needless to say, I am about to be 4 months behind. I just got a new job where I am making more and in one month my fiance (he was injured and had to have surgery around the same time I lost my job—so hardly any money was coming in from him)— he will be getting a bonus check from work now that he is back.

So anyways… our car is up for repossession. I tried talking to them– they don’t care. I told them that I can pay what I owe by my March payment— they won’t accept it.

Problem is… I am in Florida (where my family lives) working a side job before my new job starts. I won’t be back until a week before my fiance gets his check… so they aren’t going to be able to get the car till then.

Is there any way I can pay it off when he gets the check even though it is up for repo?

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