Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.
It will be auctioned off and the bank will want to collect the difference of what it sold for and what your loan was.
YES, read the contract you signed.
To buy auctioned car and save money you will have to go to the auctioneer and bid at a lower price.
If the car is gone, the car is gone. The car would only be covered in BK if you still had it. If you file Chapter 13 bankruptcy within 10 days of your car being repossessed, or in some states before it has been sold or auctioned, your creditor must return the vehicle to you.
yes they can...but it also depends on state laws too
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
pay all owed monies and get the car before its auctioned ! only takes a few days before the car goes to the auction . they will the car fast even at at a loss!
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
The only way to hide a car in Georgia if facing being repossessed is by filing chapter 13. If you have filed for chapter 13 it is legally ok to hide your car from being repossessed.
BAD news. They have already tried to let you make payments. This time they will want ALL of it.
Yes you can make profit on the car if you buy it from the bank.
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 vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
no you do not get to puchase the vehicle before it is auctioned the loan company will have tried to contact you to make the payment it would then be up to you to get the car from the other person by way of repossessing it yourself through small claims court
Generally speaking, no.
Yes it can.
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
The local police or the lender can tell you who has the car.
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
Buy a bus pass. Or get ahold of your lender and see what they want to get the car back.