Law & Legal Issues
Repossession

Is it legal to auction a repossessed car after the bank has been paid in full?

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2015-07-16 18:10:48
2015-07-16 18:10:48

certainly NOT, IF you AND the bank agree that it is paid in full. It appears the bank doesnt agree with that part. Call a local attorney for state specific advice.

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Does the bank have your current address and/or phone number? They will be calling on you.

If your car has been respossessed, you no longer have the right to continue paying it off because they have lost faith in your ability to make payments. The bank has already paid about 500 to a tow truck driver to find and recapture the vehicle. However, you could buy it back at auction. See your bank for the auction date.

If a vehicle has been legally repossessed, then the bank has absolutely no obligation to give it back to you. Ever. But many banks will work with you in rder to get the loan repaid, but from a legal standpoint the bank has ownership at that point.

No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.

NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL

Usually you will get a sale letter from the finance company or bank letting you know where the car will be sold, at what auction, and once it is over they will send you a letter of how much the car sold for and the remainder they will send you a bill for. This is concerning a public auction of your vehicle. If it was sold privately by the dealership or whomever, the only thing to do is call and ask.

If your car has been repossessed by the bank for missing payments, the quickest and most efficient way to retrieve your vehicle is to contact the bank and make your back payments. When contacting the bank about back payments see if there is a new payment plan system that you can set up with them that is more beneficial to you, to avoid having the car repossessed again.

Going to an Auctioneer such as Pickles is a place where there are many used vehicles. Some have been repossessed and some have damage from vehicle accidents and such. You can either attend the auction and bid or vehicles can be purchased at reasonable prices prior to auction day.

I have a welding machine on the truck they repossessed can they keep that?

No, and it is not likely any would if what you are saying is that your vehicle has been repossessed twice.

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.

Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.

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.

Of course, at whatever the value of the proerty is...although they frequently have contracted with someone to handle selling all of the vehicles that they have to repossess, so they may refer you to them. And, frequently, the property has been sold very quickly (brought to auction) after they gain possession. Should have bought it from the guy before he lost it and saved all the costs/expenses, etc. of the bank having to handle it, that he now will have to pay.

I assume that you owed money on the car, defaulted, and the car was repossessed by the lender. At the time of auction, the title should have been transferred. The title should have been transferred when the car was sold. The auction house didn't handle the paperwork properly and will have a real mess to straighten out. But that does not entitle you to profit from the sale.

No. Tickets must be paid by the driver or the individual leasing the vehicle, and not by the bank. However, once the vehicle has been repossessed, the bank is then responsible for the vehicle (including any tickets which may accrue).

When a car has been repossessed the person paying the insurance should cancel it.

You have two choices:1). Pay the balance in full.or...2). Walk away and hope the vehicle retained enough value to meet or exceed the unpaid balance.Any balance that remains after the vehicle has been sold at auction is still your responsibility to pay, in addition to any fees that have accrued as a result of the repossession, transportation, and storage of the vehicle, and any legal fees that may have been involved in the lender attempting to recover the vehicle.

I would think that an auction for cars that have been repossessed is a great place to find a cheap car. I would also look on Craigslist and Ebay too.

Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???

IF one has truly been WRONGFULLY repossessed, one should not have a problem finding an attorney to take one's case. One is NOT likely to get rich from this case.


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