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Does a repoed car have to be sold at auction?

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Wiki User
2010-07-29 07:44:38
2010-07-29 07:44:38

No. Who ever holds the note gets to decide how the vehicle is resold.

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It will not be registered in your name. They sold it and will register it in the new owners name.

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A vintage Bugatti sold at auction in California for about $30 million.

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YES. Once a car is repoed, the PP must be inventoried and the debtor notified by law. The car can then be sent to the storage facility (auction).

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if your car is repoed,and sold for more than you owe, you get the extra. this is fed. law. if sold for less,you pay the diff.

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The lender will get a JUDGEMENT for the balance due and put THAT on your CR. And then use their OTHER legal options.

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NO. It can be sold any way the bank wants it to be sold

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Frequently it takes from 1 till 14 days auction time. The car is sold till the days, which is set from the seller, are not over. Also the car is sold only when the reserve price is reached. When you go to an online car auction there you can see the time, how much remains.

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They will auction the car and you will have to pay the difference of what you owe and what the car sold for.

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The highest price ever paid for a car at auction was $11 million paid for a 1931 Bugatti Type 41 Royale Sports Coupe sold by the auction house Christie's in 1987.

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"We went to the car auction and we sold our car."A compound sentence is any sentence composed of two independent clauses joined by a conjunction. Here, the two independent clauses are "We went to the car auction," "we sold our car." The conjunction is "and".

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THE RECOVERED (REPOED) VEHICLE IS TAKEN TO A STOARGE FACILITY USUALY RAN BY THE REPO COMPANY. THE PERSONAL PROPERTY IS INVENTORIED, A CONDITION REPORT IS COMPLETED AND FORWARDED TO THE LIEN HOLDER. AFTER THE REDEMTION PERIOD THE CAR IS TRANPORTED TO AUCTION AND SOLD TO THE HIGHEST BIDDER. YOU ARE THEN RESPONIBLE FOR THE DIFFISENT, IF ANY.

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They can renew their auction any time they want...Untill they have a final bidder who will win the car!

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The most expensive car you can purchase from a dealer is the Bugatti Veyron Super Sport which has a sticker of $2,500,000. The worlds most expensive car that was sold at auction was the 1936 Bugatti 57SC Atlantic which sold at auction for $30,000,000.

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It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth

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No As far as finance company is concerned the car came with wheels, it has wheels on it when repoed. Done deal.

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No... Barrett Jackson no longer allows reserves on cars consigned to their auction. All car are sold to highest bidder.

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Usually you will get a sale letter from the finance company or bank letting you know where the car will be sold, at what auction, and once it is over they will send you a letter of how much the car sold for and the remainder they will send you a bill for. This is concerning a public auction of your vehicle. If it was sold privately by the dealership or whomever, the only thing to do is call and ask.

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The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.

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The very first Manhiem auction ran 3 cars through but only sold one. It was held in Manheim, Pa 1945. I have been unable to find out what make and model that first car they sold was.

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No chance, that car more than likely has been sold to in an auction.

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You paid $10.500 for auto. It went to auction! then it must of been repoed! How much did you owe on auto when it went to auction. the auction paid 10000 & THE COST WAS $17000. Did they send you a paper showing balance owed to car along with auction sale price. I wouldn't pay another cent to them.

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A repoed auto is usually sold far below its retail value. If you have a chance to sell it yourself and pay off the loan before it is repoed you will be dollars ahead, even if you lose money on the deal.


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