Cars & Vehicles

How might one purchase a bank repossessed car?

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2013-07-25 18:03:22
2013-07-25 18:03:22

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.

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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.

Maybe, if you have the original, but, it is ultimately up to the bank.

Yes you can make profit on the car if you buy it from the bank.

Sure, but you might have trouble getting the loan to buy it due to the fact that your other car got repossessed by the bank that gave you another loan.

If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.

Does the bank have your current address and/or phone number? They will be calling on you.

The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.

The person who bought the car didn't make payments so the bank takes it back.

You don't. The car will go to an auction, and the highest bidder will win it.

When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy

Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.

The bank will sell yours at auction. Whatever they do not recoup, you owe the difference.

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

They do not have to notify you. You have no legal rights regarding car.

If your car has been repossessed by the bank for missing payments, the quickest and most efficient way to retrieve your vehicle is to contact the bank and make your back payments. When contacting the bank about back payments see if there is a new payment plan system that you can set up with them that is more beneficial to you, to avoid having the car repossessed again.

if i get my car repossessed, can they put a llien on the house?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

Your car can definitely be repossessed because of nonpayment. The bank can actually send a company to repossess your car.

The length of time that a car payment can be late without being repossessed will depend on the bank or car dealers agreements. Payments made after a month may be in jeopardy of being repossessed.

It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


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