Seized Car Auctions In US » Repossession

Brasher’s Post Sale Report Jan 10, 2012

Dean The Car Expert — Fri, 13 Jan 2012 21:19:32 +0000

Three Tips About Buying Repossessed Cars At Car Auctions

Dean The Car Expert — Sun, 02 Oct 2011 02:31:29 +0000

There are number of ways in which you can fulfill your wish of buying a car and also feel satisfied that you got it at a relatively lesser price than available at the market price. Yes, I am talking about purchasing a car not from the showroom of the dealer, but from any one of following other options – such as car retailers or second-hand car dealers, government seized car auctions, and repo car auctions.
Buying repossessed cars at car auctions, or repo car auctions, is one of the ways in which one can fulfill his dream of owning and driving a car.

What is a repossessed car and who auction such repo cars?

Typically, banks and financial institutions involved in car loan businesses will be the ones that conduct repossessed car auctions. If a person buys a car on loan from the bank and fails to repay the installments at periodic intervals, then the banker or the financier has no option but to take back the possession of the car hypothecated to the bank as collateral at the time of granting the loan.

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The financial institution expects the auction to fetch a bare minimum price equivalent to the loan dues and any extra money that could be fetched from the auction will be a bonus to the financier.

The quality and working condition of the cars that are put for auction are expected to be relatively much better. The reason for this is quite simple. Until the time of repossession of the cars by the bank or financial institution, the owner would have maintained in good condition and it is only his or her inability to pay the periodical installments that had led to repossession.

Now you have decided to buy a repossessed car at a car auction. What should you do further?

The first and foremost thing is to have a clarity of thought with regard to your limits financially as to how much you are willing to spend for your car purchase. This is very important that at the auction site, it might so happen that you are so obsessed with a car that you may end up paying a higher price than warranted.

The second thing you need to ensure is to check the condition of the vehicle put up for auction and also correlate the details in the vehicle with that given in the document. The Vehicle chassis number and the engine number mentioned in the documents should be the same as the number engraved in the vehicle at the appropriate place.

A little bit of research would also be very useful for you. Assess the resale value of the similar car model in the market place. Arrange for a thorough inspection of the car at the auction spot- both its exterior look and the interior, especially the condition of the dashboard, the steering and such other things. Assess how much you need to spend extra if you buy that repossessed car. Having mental calculations of these things and also your estimated commitment for buying the vehicle, you can place the bid at the auction, and if executed properly, you would have ended with a wise decision.

To learn more about car auctions as well as auto auctions make sure to stop by our website at carauctionstoplists.com

Article from articlesbase.com

Rules Of Car Repossession Part 2

Dean The Car Expert — Wed, 21 Sep 2011 16:48:02 +0000

Repossessed car off of my record?

Dean The Car Expert — Thu, 15 Sep 2011 01:49:24 +0000

In 2007 I had a 2007 Saturn Ion 2. I made no payments on it for three months. They repossessed my car and auctioned it off. The remaining balance that I owed because of the repossession was ,000.
I was told by a Honda Manager that if I do not make any payments or make any contact at all with the Collections agency who repossessed my car that the Balance Record I owe will disappear. Is this true?

Horrible experience with repo company, toyota financial services, and norwalk public auction

Dean The Car Expert — Thu, 04 Aug 2011 12:00:21 +0000

Is it better for credit to have car repossessed, or being behind on payments for 8-12 months?

Dean The Car Expert — Wed, 20 Jul 2011 11:26:25 +0000

I am 100+ days late on payments due to being out of work. To add to this matter, the car is inoperable right now and I can not afford to fix it. I really don’t want a repossession on my credit for the next 7 and a half years. I can start paying the regular monthly balance in the next couple of weeks, and then eventually pay a little more to eventually get the balance current, but that will probably take more than 8 months to finally show a current balance, and I hate the idea for a car that’s inoperable. So is it worse on my credit report to be continuously behind on payments for months on end, or having a repo on the report?

Same Person Different Vehicle Same Results

Dean The Car Expert — Fri, 15 Jul 2011 21:37:49 +0000

Car getting Repossessed?

Dean The Car Expert — Sun, 26 Jun 2011 21:03:02 +0000

I’m three months behind on my car (waiting until I get my next paycheck to catch up). My question is, is it illegal to hide my car and will I be charged with grand theft auto?

*SERIOUS QUESTIONS ONLY!! I will report spam.
Is it illegal to hide a car in Ohio from the Repossession?

my car was repossessed.After the finance company sold it, there was a balance left that i was required to pay.?

Dean The Car Expert — Wed, 01 Jun 2011 06:39:15 +0000

I didn’t pay the difference. bc no1. you already took the car. so now i have no transportation. no2. you already ruined my credit by putting repossession on there so now the chances of me ever being again to get another car are virtually impossible. and now bc you sold the car less than what it’s actually worth, you expect me to make up the difference? why would i pay for a car i no longer have? if i couldn’t afford the payment when i had the car, what is the incentive of trying to make a payment on a car i no longer have? so they decided they were going to teach me a lesson and take me to court. so now on top of the repossession, i have a JUDGMENT. well, i signed up with truecredit.com and was able to view all 2 credit reports & credit scores. I disputed all 3 judgments and they were all removed. QUESTIONS: if they notice, can they put it back on? What are the chances of them noticing? MOST IMPORTANTLY!!!!!!!!!! , if i never pay, can they garnish my wages or take my tax refund? Please don’t GUESS. please really know what you are talking about! Typically with repossession judgments, how far can they go to get the money?
NOT THAT I SHOULD BE EXPLAINING THIS TO ANY OF YOU BUT I LOST MY JOB AND MY PAYMENTS FOR ALMOST 0 ON A FORD FOCUS BC IT WAS THE FIRST TIME I EVER FINANCED A VEHICLE AND SO I HAD A HIGH INTEREST RATE. SO THAT’S WHY IT WAS REPOED. I COULD AFFORD THE PAYMENT AT THE TIME I SIGNED THE DOTTED LINE.
"Moving on, yes, you are legally obligated to pay the balance left on the loan". YOU ARE ANSWERING THIS QUESTION AS IF I ASKED IT.

I THINK EVERYONE IS MISSING THE POINT OF THE QUESTION. I’m not asking if you think it’s politically correct for me to pay the money back. I’ve already made up my mind about that. I know i’m responsible for the difference. I want to know about the tax refund and the garnishment of the wages. I understand the logistics behind everything. i know that this is protocol for them. I understand all that. none of that matters to me. i just want to make sure my tax refund and my wages are protected from this foolishness.
they already places a judgment against me but it wasn’t to garnish wages. or else it would have been said in court right?

How common are repossessions of automobiles in Britain?(what the law allows for a repossession to take place?)?

Dean The Car Expert — Fri, 27 May 2011 06:38:23 +0000

was reading in the news papers of the US ..how people will get into physical altercations even with a "tow truck driver" hired by the bank or auto dealership to come and take back the vehicle..and even chase after them if they try to flee with the vehicle..and lately resulted in the death of the auto owner..when the person trying to repossess their vehicle pulled in front of them with the tow truck trying to stop them from fleeing.

is this method also used in Britain? if so, how common ? or how different? and since when?

what is necessary for a repossession to be legal? just 1 late payment or why so many dealerships and banks seem to be so anxious to take back the vehicle..even after 1 late payment? what they gain by doing this?

please explain what you can..and anything about how has changed in past 20 years and how?

thanks for your answers!