Repossession
Loans
Liens

What happens to repossessed cars?

232425

Top Answer
User Avatar
Wiki User
Answered
2007-12-05 02:13:35
2007-12-05 02:13:35

Once a car is repossessed, the bank resells it at auctions to make back the money lost on them.

123
๐ŸŽƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

User Avatar
Wiki User
Answered
2010-04-08 23:24:38
2010-04-08 23:24:38

Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it.

Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.

001
๐ŸŽƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Related Questions


They get resold as used cars to make some of the money back.



One could search for repossessed cars for sale online at the websites provided by the companies Repo Direct, Auto Bid Master, Repos 4 Sale, Cars for Sale, Bank Repossessed cars and Repossessed Cars Sale.


Repossessed cars are usually auctioned off in the county they were repoed in, you can also try this link to help find repossessed cars, http://ultracarfinder.com/



Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.


if i get my car repossessed, can they put a llien on the house?


Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at natalsiapatterson34@gmail.com


Your local car auction can provide you with a great selection of repossessed cars and trucks. You can contact banks and lending istituions for a list of cars tey have for sale most cars are sold at auction.


They check them out and resell them after that for a cheap price.



Autobidmaster.com is a site where you can bid on those cars that have been repossessed. It offers a wide range of of models and locations of where the vehicles are being listed.


These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.


A person can find a list of repossessed cars that are for sale in several different places. Some of these places include GOV-Auctions, Auto Bidmaster, and Pickles Auctions.


Watch out for 'flooded' cars from down south!They were repossessed, which means the individuals did not make payments on them. Which means they probably didn't bother with routine maintenance, such as oil changes. There is no telling what condition they are in.


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.


You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.


You can find information on repossessed car auctions on websites such as Absa (under repossessed cars), AutoBidMaster and RepoDirect. Depending on where you live there can also be local sources of information.


0.36 percent of cars purchased by owners acquiring loans are repossessed in a quarter in the New York. Repossession occurs as a result of failure of stressed borrowers to come to an agreement with their debtors.



He had seven cars, but the bank repossessed five of them. He had a cookie, but someone ate it.


Yes, your car can be repossessed. I ship cars for a company that repossesses cars out of state all the time.


Repossessed cars that are for sale may be viewed at Auto Bid Master. They have a wide selection of cars that can be purchased through an auction type system.


Normally your credit is ruined for 7 years.


You will also be liable for any deficiency balance



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.