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Repossession

Is there any reason that the bank that is trying to repossess your car would contact a car auction to come to your place of residence?

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2004-12-29 17:44:11
2004-12-29 17:44:11

Car auctions SELL repos for lenders and also pick them up from debtors. Is there any reason for a bank to "TRY" to repo a car??

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No, and why would they? If the payments are up to date and have been made on time, there would be no reason for the dealer to repossess the vehicle.

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Different factors drive up bids in an auction experiment. Demand for the product is the main reason for the increase.

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You subconciously want to get caught , for whatever reason.

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I assume you took over the payments after the other owner missed payments. If you are caught up on all the payments then there would be no reason for them to repossess the vehicle. You need to contact the lender ASAP to make sure everything is fine. Failure to contact the lender may create a bad situation.

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The "repo" man does not have to inform you if he is at your residence to repossess your vehicle. Once the vehicle has been repossessed he must call it in to either the local police department or Sheriff department. This will prevent any false stolen car reports. Also, the "repo" man does not have the authority to go into your garage or involve the police in the act of repossessing your vehicle. So, if for some reason the "repo" man does get into contact with you and threatens you by saying that he has called the police, he is lying. Bottom line, just pay your bills and you won't have to worry about the "repo" man.


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