Repossession

How can I buy Repossessed Cars from bank or title lender?

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2010-02-25 21:21:29
2010-02-25 21:21:29

These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.

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One could search for repossessed cars for sale online at the websites provided by the companies Repo Direct, Auto Bid Master, Repos 4 Sale, Cars for Sale, Bank Repossessed cars and Repossessed Cars Sale.


He had seven cars, but the bank repossessed five of them. He had a cookie, but someone ate it.


The lender that you paid off, OR the lender who officially holds title per the registry of deeds. (You'd determine this by reviewing the title exam).


You contact the LENDER. Very simple. Have the bank /lender fax the exact amount you need to pay and tell them you want the repo fees included in that number.


Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.


It was never yours to give to the landlord. IF the landlord settled with the LENDER to get title, then YOU are out of the picture completely. EXCEPT for the garnishment of course.


Susan, what state are you in?? Who was the lender?? Laws vary by state. Email if you need too. Thanks


Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.


If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes


Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.


Once a car is repossessed, the bank resells it at auctions to make back the money lost on them.


Real property such as a vehicle or house is not dischargeable in bankruptcy. The debt must be reaffirmed, paid or satisfied or the property forfeited to the lender. That being the case, the person would not be entitled to a clear vehicle or land title from the lender simply because the debt was included in bankruptcy.



Your lender bank obtains the title of the property and appoint a real estate agent to sell it.


The LENDER. Lenders tend to have deals with auction companies. ALL repo'd cars go to auction, most of which are dealer only. You should be able to ask your bank where it went, then call that auction to see if it public or dealer only.


In most states, yes, the lender is actually the 'owner' until the loan is paid off and can require that the cosigner be on the title.


It is possible to buy repossessed land from the bank. Most banks hold monthly auctions where they sell repossessed land, houses, cars, etc. The prices of these items are usually considerably lower than retail cost, so it is a good investment.


Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.



Answer: If Mary owns the property and the lender took a mortgage from Lucy then the bank can't foreclose on the property. Lucy had no interest to convey to the lender. (The lender didn't perform a title examination.) Did Lucy have Power of Attorney for Mary?



Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.


Many banks will have a list of repossessed vehicles at their branch offices. They may also have a list of these vehicles on their website. Some banks auction off cars that are repossessed and they wind up at used car lots.


It's only clear if it's stamped clear and/or you have the release signed by the bank or lender.


A non-bank lender is any lender that isn't a bank. This will include non-profit lenders and online lenders. They’re generally regulated as commercial lenders, but aren't banks.



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