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If a car is reposessed and was sent to auction is it legal for the repo company to bill for storage fees for the period the vehicle was in their lot?
Wiki User
∙ 8y ago
No they are just trying to get extra money off you , that's why a repo company tries to wait till the last second to send a car to the auction. so if there is some chance of you redeeming your car they want you to do it there so they can get storage fee's off you. I cover this topic and more at www.stoptheRepoman.com
Wiki User
∙ 8y ago
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When a vehicle has been repossessed and taken to the auction does Honda carry insurance on it?
Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.
In Indiana if a car is reposessed and you only owe a few payments and the vehicle is sold at an auction do you get any of that money back?
lol no
If you have to auction a vehicle boat motorcycle from your vehicle storage what is the processdocument requirements in Hawaii?
Chocolate Milk
If your car is reposessed do you have the right to bid for it at auction?
If your vehicle is being sold at a "Public" auction where anyone can go in and bid - then yes you can bid and/or buy your vehicle. Keep in mind that - if for instance - you owe $5000.00 and you buy your car back at auction for $3000.00 - you will still owe the lender the $2000.00 difference. In other words - you are not going to be able to get by on purchasing your vehicle at auction for less than what you owe and then not have to pay the rest to the lender.
Are you required to pay for the car after the car has been reposessed?
You will be required to pay for the remaining loan amount after the vehicle is sold at auction and the expenses are recovered from the auction. In other words, you will probably have to file bankrupcy if you owe very much.
Does a finance company have to auction a repossed car in Florida?
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?
Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.
When your vehicle is repossessed where does it go?
Depending on who the lender is and how they dispose of repos, it will go to the repo cos. storage lot and then to the auction.
How long does the finance company have to hold the vehicle before they can auction it off?
20 days.
What if a Vehicle storage company auctions my vehicle for more than what I owe them?
Your debt is cleared and they will keep the profit
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
