No they are just trying to get extra money off you , that's why a repo company tries to wait till the last second to send a car to the auction. so if there is some chance of you redeeming your car they want you to do it there so they can get storage fee's off you. I cover this topic and more at www.stoptheRepoman.com
Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.
Yes, if a leinholder reposessed a vehicle from a person that owes a debt. then that vehicle is taken to an auction and the person it was reposessed from must pay difference. If the amount owed is $12000 and the leinholder sells it at an auction for $8000 the previous owner must pay the $4000 difference and any expenses involved in the process.
If your vehicle is being sold at a "Public" auction where anyone can go in and bid - then yes you can bid and/or buy your vehicle. Keep in mind that - if for instance - you owe $5000.00 and you buy your car back at auction for $3000.00 - you will still owe the lender the $2000.00 difference. In other words - you are not going to be able to get by on purchasing your vehicle at auction for less than what you owe and then not have to pay the rest to the lender.
You will be required to pay for the remaining loan amount after the vehicle is sold at auction and the expenses are recovered from the auction. In other words, you will probably have to file bankrupcy if you owe very much.
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
No, unless offcource the company owns it.
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
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.
Depending on who the lender is and how they dispose of repos, it will go to the repo cos. storage lot and then to the auction.
Your debt is cleared and they will keep the profit
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
Varies a bit from place to place, but ninety days is common. When the cost of storage exceeds the value of the vehicle, it is common for it to be sold, at auction.
Yes. What usually happens is the vehicle is reposessed and then re-sold. When it is resold, any difference that there is between what they sell it for and what you owed is still owed by you. There may also be recovery fees attached for them having to retrieve the vehicle.
How do I get an auto auction licence? So I can buy cars at an auction.
If you wreck your vehicle, the insurance company pays you off and you give them the title for the vehicle. The insurance company then turns around and sends the vehicle to an auction (usually for dealers and wholesalers only) and sell it. Most of the time a salvage company will buy the car for parts and the insurance company can recoup some of their money.
It would depend on what state you are in. In Florida, state law requires the repo person to call the local police department when a car has been reposessed, this is done so that they do not waste their time on a stolen vehicle report if you should call it in as stolen. The local Police might know which company repo'd the vehicle. The repo company then is supposed to contact the owner (usually in writing via snail mail) and give them 45 days in which to redeem the vehicle (normally for whatever amount you are behind plus the repo & storage charges fees) or pick up any belingings that were in the car (with a storage fee of course). By Florida Law, the tag is your property so they have to give that to you with no charge.
as many days as it is there if the car is there they can charge
In most states, a towing company can sell a vehicle without a pink slip or its title. However, the towing company, in most states, has to first file a lien on the vehicle for the fees of towing and storage. After the term of the lien expires, the towing company can get a title for the vehicle and sell it legally.
In Canada the answer is yes if it is repossessed by a bank (or credit institution). Any car that is re-possessed by a bank or credit company has to be put up for auction. You can always get your vehicle back if you pay whatever arrears you owe the bank as well as the the fees that the bank had to pay to the repo company before it is sent to the auction house. However, you do need to act quickly. I have never heard of anyone getting their vehicle back once it is up for auction (and in Canada the auction companies used by banks are only open to car dealers).
If the car was stored for any length of time before the title transfer, the answer is yes. * If the proceeds from the sale of the vehicle (not simply the value of the vehicle) did not cover the storage fees, the storage company could sue for the amount still owed, unless there was a contract where deficiency recovery was waived.
Yes, Almost every Auto finance contract requires the buyer to carry Full coverage auto insurance for the term of the finance note. Failure to company with the terms of the finance contract you signed is a default on the part of the buyer and subjects the vehicle to repossession and other remedies at the disposal of the finance company.
You can have it towed at the owner's expense (meaning you can call a towing company and it will come and tow the vehicle. The owner, if he wants the vehicle, then needs to go to the towing company and reclaim the vehicle by paying the towing and storage fees).