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If your car is reposessed do you have the right to bid for it at auction?
RolandDeschain
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.
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Do you have to pay a fee to bid on a car at a government car auction?
The winner of the car does not pay a bid. the person who lists the car at auction pays a percentage of the sale for the right to list at auctions.
In Indiana if a car is reposessed and you only owe a few payments and the vehicle is sold at an auction do you get any of that money back?
lol no
Are you required to pay for the car after the car has been reposessed?
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.
My car got repossess do i still have to pay for it?
when they take your car it go's to a auto auction not in your home town and if it does then you have the right to bid on it. anyway they auction it off and you could be libal for the balance after the auction price. If you knew you were going to lose it and gave it back or called and said come and get it more less you will not pay anything.
Should you buy reposessed car?
I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player). I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player).
What information will an auction house provide to bidders at a used car auction?
They will usually tell you the mileage of the car and the year of the car and what is wrong with car. They do not go into a lot of detail but they can let you know enough to determine if you want to bid on it or not.
What is a reserved bid at a car auction?
maybe you mean reserved price at a car auction? The seller set the reserve price he wants to really sell his car. The Buyers bid on that car till they achieve that reserve price. If the Buyer doesn't achieve the reserve price the car is not sold. It will be sold only if the reserve price is reached or higher.
Where can you find banks with reposessed cars?
Find out which banks and financial institutions provide car loans and ask them where there Repos go. They will usually end up at an auction somewhere.
What do you need to do after your car is reposessed?
get a new car and get a life
Can your car be reposessed if you are in hospital?
Yes
Can a car be reposessed if the loan taken out on the car is much less than what the car is worth eg i have 7200 for a car and i only need about 2000 so if i default can my car be reposessed?
Yes.
In order to get a car auction license you have to be a car dealer?
Not necessarily. As long as you own a car you can get a car auction license right away.
