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Dealers pay low(wholesale) prices at a public auction, private might be better. A lot depends on the car and the markey for it in your area.

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โˆ™ 2005-03-18 06:33:39
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Q: If you have a choice should your repossessed vehicle be sold at a private or public auction?
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Related questions

What will happen after you voluntary surrender your vehicle?

The bank will contract out with a towing company/recovery company and will tow the vehicle to an auction yard. The vehicle will usually be sold at a private auto auction where there are auto dealers there that purchase repossessed vehicles. The person who pays the most, wins the vehicle. Within 30 days after the auction, you will receive a letter from the bank that will tell you how much the vehicle sold for and how much the deficiency balance remains. Then the collection activity begins. They will constantly call you and ask when they will get their money. Sometimes they will work out a monthly payment with you, and sometimes they won't. If you don' t have the several thousand dollars laying around, then usually you will have no other choice but to file bankruptcy. They could sue you and get a judgment against you. Then they could garnish your wages, take your checking account, put a lien on your house, etc.


If your car has been repossessed and you cannot pay what you owe should you let them sell it?

You have no choice.


What can you do if your car has been repossessed twice and they want you to pay the entire balance?

u have no choice now. What state?


Can you take your car to your choice of garage under a warranty?

You can take the vehicle to a dealership of your choice that sells that make vehicle, not just any garage.


Your car was repossessed. you have to make an offer of payment. if they do not accept the offer can they force bankruptcy?

They can't force you into bankruptcy, that is a choice you have to make based on your ability to pay your debtors. When a car is repossessed it is sold and you have to pay the difference between what you owe and the cars sale price.


What is the best time to buy a used car?

The end of each month is a good time to buy a car because many of the lots want to get rid of their inventory. Also just before Christmas or the beginning of a new year. Just before Christmas is slow, and the beginning of the year the new models are coming out and they want to get rid of the older ones. Pick Fridays to set up a deal on a car you may be interested in. Fridays are usually good days for most because of the weekend coming up. Even though car salesmen work hard and on commission and most weekends they still go out for drinks and have a good time ... so pick that Friday if you can. I bought a great Ford Taurus from a car dealership (1 year old and 16,000 clicks on it.) I asked the salesman when he would be going to an auction and so I went that route. You can also buy a demo car with low mileage. The salesman goes to the auction and picks out a car you have requested. I got a great deal on it doing it this way. The car was like new and I still have it (10 years now) and it purrs like a kitten with few mechanical problems. Another good choice would be to get the vehicle at a repossessed car auction yourself and cut the middle man. Of course, you'd have to go to a public auction (there are also private repossessed auto auctions for dealers only). Even one more option would be to contact a bank yourself and ask for the list of repossessed cars they have on stock before they even resell them publicly at an auction. In both cases, any time time during an economic crisis like the one we're going through is a good time to purchase on a repossessed car, since there are plenty of them in the market. No specific time actually if it is a used car. You can always check out cars classifieds online to find the model of car that you desire. Whether you are looking to buy from used car dealers, private sellers or business owners, you can always use this online cars classifieds to compare used car values and cars pricing to get the best car deal and the best value for your money.


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There are many different places one might go to find a free auction template online. One such popular choice is the BTemplate website or Microsoft website.


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There are five primary elements of private enterprise. These include private property, freedom of choice, profits, competition, as well as functioning legal system.


If the car is reposessed do you have to pay off the balance of the loan or the late payments?

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In New York State if a sp0use dies is the reamaing spouse responsible for a car loan the decesed had in their name only?

You are the surviving spouse and as such, you get the car along with the debt associated with the vehicle. You could of course just let the bank repossess the car, which would be a horrible idea. You can't keep the car without making the payments. Your choice, pay for it or let it be repossessed.


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Where can a used Audi a4 be purchased?

A used Audi A4 can be purchased at most authorized Audi dealers, through classified ads, or through private sale. The dealer is usually the best choice, because the vehicle is usually inspected, repaired, and comes with a limited warranty.


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Choice Motor Credit provides the car enthusiast Private Equity Loans and Financing for muscle cars, classic cars, vintage cars, hot rods, exotics and luxury cars. Loans range from a minimum of $10,000 to as much as $500,000 per vehicle.


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You will get payment seat in private college of your choice.


How can you get your car replaced rather than just repaired?

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Would a remanufactured engine be a good choice to make on replacing the engine in my vehicle?

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Can the repo company remove the vehicle from the state in Illinois?

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