The most money ever spent at a slave auction was in Savannah, Georgia at the Race Course. The total amount of money bidded was $303,850 which is about $6,700,000 now.
The average amount brought in from an auction of everyday household items is $2,000.
The vehicle will be taken to a storage lot, or sent directly to auction. The borrower will be notified by mail of the lenders intent to sell the vehicle either by an Order of Repossession or a Notive of intent. The vehicle will either be sold at auction or redeemed by the borrower. If sold at auction, the purchase amount will be applied to the loan debt. If the purchase price exceeds the debt plus all repo fees, the remaining amount will be refunded to the borrower. If the purchase amount is less than the loan debt (the more common scenario), the borrower will be required to pay the remaining amount of the debt.
If an item has a reserve price at an auction it means no matter the amount bid it will not sell unless it reaches the reserve price set by the seller. This price is not known by the bidder. In a no reserve auction the item will sell by the highest amount bid on the item this is known as a true auction.
You can deposit just under 10,000 dollars in a bank before the IRS will be notified. However, if it looks like you are trying to cheat the system, they may be notified by the bank.
The cost of a traffic violation of following too closely in Fulton County Georgia is $80. People who do this will receive a citation for that amount.
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
Just contact your lender and get a preapproval letter for the amount you can get lending for. then obtain your loan once the auction is final.
it is because of the the amount of population Georgia has.
Most charities will accept the donation of your vehicle. The vehicle is transfered to an auto auction company, which will sell the car at auction, then notify the charity of how much the car brought in. Funds will be transfered to the charity, minus the auctioneer's fee. You will then be notified in writing within 30 days of the amount for which the car sold. This is the amount you are allowed in terms of a tax deduction. The information is available online at a number of sites: www.charitywatch.org/articles/car.html
The answer you want is in the auction documents involved in your purchase. There is no standard.
There is no reserve--whatever the high bid is--it sells for that amount.
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
the lender can seek a deficiency judgment against the homeowner in court
Amount owed on vehicle- unless vehicle is damaged then they can auction to the highest bidder
Upset PriceIn the UK it is called a reserve.
not that I have ever heard of - what would be the point?
When you have a car repossessed, either voluntarily or involuntarily, that car will be resold - typically, at an auction. You will still owe the lienholder the amount you owe (plus any associated recovery costs) minus the amount they got for it at the auction.
Auction bid sniper software works for timed online auctions. It allows the user to make a higher bid than the current amount in the very last seconds of the auction, giving no one else time to outbid the user.
When the vehicle is recovered, it is taken to a lot, inventoried, and eventually taken to auction. The amount received at auction is applied to the amount owed, including repo fees and collection fees. In the event the lender obtained a judgment against you for the unpaid balance, they have 10 years from the date the auction proceeds were applied to the loan. If there is no judgment, they have 7 years.
Yes. If, the amount they auction the property for is less than what you owe they will come after you for the difference.