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Is it legal in the state of Florida to send a car to an auction and make repairs before 10 days after it has been repossessed?
Wiki User
∙ 8y ago
I dont see it but call a local attorney for a LEGAL opinion. I have never heard of FL. having a 'right to Cure" law. I am NOT an attorney.
Title XXXIX COMMERCIAL RELATIONS Chapter 679 UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS View Entire Chapter http://www.flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0679/SEC610.HTM&Title=->2003->Ch0679->Section%20610#0679.610 679.610 Disposition of collateral after default.--
(1) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
Wiki User
∙ 8y ago
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Where are repossessed cars sold?
Repossessed cars are generally sold at auctions, so look out for car auctions in the local press. Make sure that you ask for a catalogue before the auction and do some research before you go to bid.
If a car is repossessed in the state of Florida do you have to pay for the vehicle in full before being able to receive the vehicle?
I'm assuming you were the (former) owner trying to get your car back. In that case it's up to the lienholder what they require. If, instead, you're buying a repossessed car at an auction, it's typical practice that all purchases must be settled in full immediately; there's no financing available.
Does a lender need to notify you before they sell your car they repossessed?
Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.
How late does your payment have to be before your car can be repossessed in Florida?
Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.
What is the catch in buying repossessed cars?
The biggest turn-off when buying Repossessed Car:As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself.Why you should still go for Repossessed Car:The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction.
If property has been seized before filing bankruptcy does stay apply to said property?
It depends on the nature of the seizure. A repossessed vehicle has to be returned i it has not been auction to a 3d party. If money was seized by a tax agency, maybe.
Do you have a right to have a repossession letter before my vehicle is repossessed?
no
What is the status of bank repossessed cars?
If a bank was to repossess a car then your car would be put up for auction. You may get the car back at any time before the auction by making the lost repayments up. Many people wait till the auction and buy the car back at a very low price according to one of the websites on the internet. This way they pay less than the repayments were costing and have got their car back.
Repossessed Cars Offer Great Value?
In today’s tough economy many car buyers are looking for ways to save a buck. Repossessed cars can offer good value on high quality vehicles for low prices. Because of the rough economic times there are currently more repossessed cars up for sale or auction than ever before. Repossessed cars are not to be confused with seized or abandoned vehicles that are typically sold by police departments. These are vehicles that have been taken back by banks or loan companies after the buyer defaulted on the payments. Many banks are simply looking to collect the balance due and may even be willing to take a slight loss. It’s better for them to recoup some money than nothing at all. Because of this there are plenty of bargains to be found. Many of the vehicles are only one or two years old. Finding repossessed vehicles is as easy as searching online. You can also check local newspapers and community bulletin boards. Call your local newspapers and ask them if they print local car auction information. Be sure to fund out what days the information is published on. Another method is to call local banks and loan companies to ask them about their repossessed cars. Check online or your local yellow pages for nearby auction companies that deal with repossessed cars. They’ll be happy to give you a list of auction times if you give them a phone call. With a little bit of effort you can usually get them to give you a list of vehicles that will be up for auction right over the phone. Last of all, look for small banks and institutions with repossessed cars they wish to sell directly. You may even be able to negotiate a cheaper price than they initially ask for. When searching for bargains it pays to do some research. Get yourself an up to date copy of Kelly Blue Book and the N.A.D.A. Guide. If you can find out the make, model, and year of the vehicles up for auction, you can find their value before making a bid on them. Find out in advance if you can get any guarantee or warranty on the vehicle before you commit to buy.
How long before your vehicle can legally be repossessed?
WE'RE ON OUR WAY!!!!!
How long does a person have to redeem a vehicle that has been repossessed?
I think you have like 10 ir 15 days, they have to send you a notice stating when the car will be sent to auction and what date time and place the auction will be, you have until the day before the auction to pay the amount they are demanding. Keep in mind though the sooner you pay the more you save, because they have the right to move the vehicle to another location at any time, which might incur more charges.
In Kentucky how many car payments behind do you have to be before your car is repossessed?
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
