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Car was repossessed sent to auction. Paid off balance prior to being sold. Picked up car at auction. Drove off auction lot car stalled. Lifted hood someone changed the entire engine Whats next?
Wiki User
∙ 16y ago
I work for a vehicle finance company & my job is to order up cars for repossession, set up repo agents to pick up vehicles and to take care of auto auction issues when vehicles are stored at an auction awaiting sale, or have been sold. Well first off you need to call the auction, the repo agent (the person who picked up your vehicle or company) and then also your bank or finance company that the loan was through. Discuss the issue with them & see what can be done or what they want you to do. I have to say that this is a very weird thing to hear about. It is not in the auctions best interest, the repo agent or the financial institution to do anything to a vehicle, and never have I heard of any such thing. Think about it, the auction gets the same amount if the car sells or if it just sits there, the repo agent has done his job so he gets his money, and the financial institution wants their money & wants you to pay for the vehicle and if the car isn't running you may not be able to do that with the cost of repairs and such. I have to say I find it very unlikely that the auction or anyone else that had access to your vehicle would do any such thing......
Wiki User
∙ 16y ago
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How do you nominate someone to purchase repossessed car?
You don't. The car will go to an auction, and the highest bidder will win it.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
Is it possible that if someone buys a car and then gets it repossessed while still owing money on it for the people you bought the car from to sue you?
yes, unless they get the balance owed. If not they will sue for the remaining balance between what is owed and what they get from the resale.
Can a transfer of responsibility be made after car is repossessed?
No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.
If someone is looking for a car that is going to repossessed and you drive it. Can you be arressted?
No you will not be arrested. Turn the car in if you are not going to make the payments. Having you car repossessed is a horrible idea, if there is any way you can avoid it. Talk to the lender and see if you can work something out. Remember you will still owe the balance on the difference in what they sell the car for and what is owed. Plus you credit is ruined for 7 years.
You owe money on a repossessed car but the car was refinanced to someone else do you still owe?
I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.
How do you use the sentence he had?
He had seven cars, but the bank repossessed five of them. He had a cookie, but someone ate it.
How do you find out if someone elses vehicle has been repossessed?
"YOU" dont, the debtor does. call the lender.
Can a person who holds title to a vehicle have it repossessed from someone driving it as a loaner?
Report it stolen.
How does someone become involved in an auction?
Someone can become involved in an auction by either selling an item or buying an item. To check for auctions, one can check the newspaper for upcoming auctions.
If someone has a motorcycle in their name but someone has the property and is behind on payments can the motorcycle be voluntary repossessed by the main name even though someone else has the property?
Yes it can.
Would an auctioneer in the US be legally responsible if someone is injured at the auction if the auctioneer does NOT own the property?
No, the auctioneer would not be legally responsible if someone got hurt at an auction. The auctioneer is only an employee.
