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Does a finance company have to auction a repossed car in Florida?
Wiki User
∙ 13y ago
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
Wiki User
∙ 13y ago
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Where is the car after repossession?
It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any deficiency balance. In other words, if the balance on the car is $7000 and it sells at auction for $5000, you will still owe $2000 to the finance company.
Is it true you have to be six months behind on a car payment in the state of Nebraska before it can be repossed?
Technically they can repo your car after 30 days. Depending on the finance company
How long does the finance company have to hold the vehicle before they can auction it off?
20 days.
What happens when your return a car to finance company?
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
How do you get a repossed vehicle back?
If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.
How much will a finance company sell a HD motorcyle for after repossession and where will they sell it?
It will be sold at auction at a lower price than the dealer will sell it for.
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 cars are repossessed where does the finance company have them taken?
They usually take them to auction after a brief storage period either at the collection agencies or lending institutions yard.
Can you be sued if you let your mobile home be repossessed?
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
A Finance company to finance sales for your Company?
My company doe's home improvements.Need a finance company to finance
If your truck is repossessed in Oklahoma is the finance company reqiured by law to get as much of the owed balance as possible.?
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
What is the maximum interest rate a finance company can charge on a 2002 used car loan in Florida?
In Florida, the highest interest rate that may be charged by a finance company for loans under $500,000 is 18% per annum. Be cautious, however, because there are no limits on the amount of fees that may be charged for the application or origination of the loan.
