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There may be no buyers fees at most acutions. You can find more information here www.autoauctions.gsa.gov
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If you owe more than the car is worth what happens if it gets repossessed?
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
If a car is repossed are you still responsible to pay for the remainder due on the car?
Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.
Can anybody attend a government auction?
Yes, any adult can attend a government auction. You can get cars for cheap at a government auction. I have been to a few car auctions and I got a great deal.
What could happen if you don't pay for your impounded car?
Eventually it will be sold at auction to pay the impound fees.
After a car repo if late fees storage fees and payments are updated can you get the car back even if it has gone to an auction house?
Up until the vehicle is resold at auction, it can be redeemed...in most cases. If the lender has determined the vehicle is a "direct drop," that is it is immediately taken to auction upon repossession, then redemption is going to be unlikely. If you have paid the outstanding fees, and at least have arrangements with the lender, demand the return of the unit. Do not stall, do not wait for them to move.
Do you have to pay a fee to bid on a car at a government car auction?
The winner of the car does not pay a bid. the person who lists the car at auction pays a percentage of the sale for the right to list at auctions.
How to be notified of the police car auction?
There are various ways to be notified of a police car auction. Some of the ways to be notified of a police car auction include online on websites such as GovSales or calling local government agency offices.
How do I find the location of a government car auction?
Contact your local, city or county government. They are able to give you the locations of their car auctions.
What is the difference between a car been repossessed or voluntarily surrendered?
AS far as your credit goes there isn't any a repo is a repo it stays on your credit for seven years.A voluntary repo can save you $200-300 in repo fees .You are still charged all the fees related to preparing the car for auction and auction fees etc. which run between $500-700 and up.And of course that is added to the balance after the the car is sold.
Can you be sent to civil court after a car repossession?
Yes. Most lenders will auction a repossessed car and sue the person who financed the car for any balance or fees still owed.
Are you liable for fees once police auction off your car?
It depends on how much they get for the vehicle. If it is a low value car it will be crushed but you are still liable for the fees incurred. If the car is in good condition then the car will be auctioned off and the fees paid from that. However you do not receive the balance of the proceeds. There are lots of auction houses which are contracted to sell motors on behalf of police authorities with hundreds being sold throughout the country each week. Two of the biggest car auctioneers are Mannheim and British Car Auctions, and there are several hundred that sell seized cars.
How do you find out how much your repossessed car was sold for?
You might want to consult a local attorney. The lender must have added on some fees, such as repo fees, attorney fees for judgement, collection,garnishemtn, maybe some repair charges to get the car running. Auction fees usually run 6-12% OF VALUE.
