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Vehicle repossession is for the most part based on economics. A buyer may purchased a car or refuse to make payments. Lending institutions loan money as a legal binding agreement. The reason how and why cars are taken back by banks are these. 12 Steps to Vehicle Repossession and Sale, the Car Repossession Process

1. I buy a brand new car from my local auto dealership signed a defined 5 year finance contract with the auto dealer and pay no money down. I lose my job 8 months later due to the economic downturn and layoffs.

2. I default on my monthly payments, and the loan company continues to require payments that I cannot, and do not pay.

3. The loan company will now inform me that it has begun legal proceedings to take possession of my car, after a few notices of failure to pay.

4. I can now try negotiate with my loan company; if negotiations are not successful the lien company will begin its actions. 5. If they can prove this they will ask the courts to grand a levy against the car, and give me the car owner a set time frame to comply with the court order. At this point the bank or lending institution must prove that they have a lien on the care, and the terms of any lending agreement before they can take any further actions.

6. I can now either voluntarily turn the car over, or wait for the repo man to knock on my door, or repossess the car off the street where they find it.

7. The car repossession is completed when the collection agent takes possession of the vehicle once it is off my property, and on a tow truck.

At this time the bank is now the legal owner of the repossessed vehicle, then they will begin actions to sell the car. They will give me a set number of days to when and where the automobile will be put up for sale, by law which varies from state to state. Allows me to pay off any fees and the chance to buy back the car. Process of Car Auction

1. It will be taken to a lot and held for sale at a public or private car auction, now my car is repossessed. 2. The prices for the repossessed vehicles depends of the cars condition and not its history.

3. Potential buyers now determine if they wish to place a bid and get a chance to inspect the cars.

4. They will let the car go at the highest asking bid.

5. If the bid is accepted a form is filled out for the DMV bypassing the original owner.

6. If the buyers loan is approved the deal is final.

That is pretty much the car repossession process. There are many more cars filling the lots of lending institutions as economic struggles continue. Recently in Florida upwards of 300 cars a day have flooded one local car auction house, and lenders do not want to hold out and let the value of a vehicle depreciate, or pay long standing storage fees, and they want repossessed cars sold as quickly as possible. More about how this type of car auctions works you can check out Buy Repo Cars For Sale and get the scoop on how to find quality used cars at auction.

Author: Denise Newman offers valuable information at Buy Repo Cars For Sale. Learn how to find great used cars at a repo car auctions, how to bid, and what to look for when buying a car at a Bank Repo Car Auction at deep discounts. Parents find buying a used car a sensible solution. There are many great used cars available with warranties to found at car auctions in every state in the USA.

Go through right here for more information regarding insuring new drivers.

Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of ,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose?

Thanks for all help in advance!
I go to school 5 days a week. On Mondays, Tuesdays and Fridays, I work at hospitals, nursing homes, drs offices, etc. doing clinicals. I work from 6:30 am until 2:30 pm. On Wednesdays and Thursdays, I go to school from 8:15 am until 2:30 pm. I then go to my husbands job and sit in the parking lot until he gets off work at four and then we drive 30 mins home. The only job I would be able to get would be a part time job, which would be hard working two different shifts with only one car. My husband has one job. We live in a very small town, population less than 10,000 and with an unemployment rate 9% above state average. You think we’re the only ones without a job? I didn’t ask for your criticism, only your advice. You were too busy being judgemental to even answer the question.
And anyway, did I ever say that I was not going to pay the debt? No, I did not. My question was asking if the bank would likely be willing to work out a payment arrangement with me, as I can not pay the lump sum right now.
Thank you, Spock for your answer. To the second poster: This is an example of advice.
The reason I got the car in college was because the original loan was in my dad’s name. My dad got the car for me and made the payments. He later got sick and underwnent open heart surgery and since I had a good, stable job, I told him that I would take on the payments. I then took out a loan in my own name and took over the payments. Had I known then what I know now…. lol

Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of ,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose?

Thanks for all help in advance!

OPM auto sales in Howe, IN sold me a vehicle and never produced a title within 21 days as his paperwork stated he had to by law! I refused to continue making payments until he produced a title – vehicle was repossessed last Wed. morning. I was told repo fees were 0. He then called me on Friday and said the repo fees were now 00 and I needed to send payment immediately. He called again on Saturday, asked if I had sent the money, which I had not yet. He then stated that he was selling the vehicle that day. Now I am out 00. and my trade in which he gave me 0 for. In Indiana am I only allowed 3 business days to produce his increasing repo fees, and monies owed when OPM never produced a title as his own contract states? Isn’t the vehicle supposed to go to auction and not be sold off of his lot again? Who can I contact to get this resolved or seek information to the proper laws regarding this situation? The local BMV does not get involved and actually tend to side with dealer.