answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2010-04-08 23:24:38
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards

Economics

30 cards

The existence of an international division of labor among countries enables those countries to have what

What provides a bank with collateral on a car loan

What is one of the disadvantages of getting a government-sponsored mortgage

What does a good credit history do for consumers

โžก๏ธ
See all cards

Economics

31 cards

The existence of an international division of labor among countries enables those countries to have what

What provides a bank with collateral on a car loan

What is one of the disadvantages of getting a government-sponsored mortgage

What does a good credit history do for consumers

โžก๏ธ
See all cards
More answers
User Avatar

Wiki User

โˆ™ 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.

User Avatar

Add your answer:

Earn +20 pts
Q: What happens to repossessed cars?
Write your answer...
Submit
Related questions

What happens to cars after they have been repossessed?

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


What happens to title loan cars when they are repossessed?

They are sent to an auction and sold.


Where could one search for repossessed cars for sale?

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.


What happens to cars that have been repossessed but not auctioned off yet?

They are impounded until further action is taken


How can a person find and buy repossessed cars?

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/


Where can repossessed cars be bought?

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.


What are the laws of repossessed cars in Canada?

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


Where can I find cheap repossessed Cars?

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.


What happens if you get your car repossessed?

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


Where online can I go to find repossessed cars for sale?

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.


How can I buy Repossessed Cars from bank or title lender?

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.


What do they do with repossessed cars ?

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


Where can one find a list of repossessed cars for sale?

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.


Why are cars and trucks usually repossessed?

nonpayment of loans, usually.


Does Bpi Savings Bank have repossessed cars for sale?

yes


Where are repossessed cars sold?

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.


What is the percentage of cars that get repossessed in New York after purchase?

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.


Where can one find information on repossessed car auctions?

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.


What happened to Cars?

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.


What happens to you if your car is repossessed?

You loose your car...


Why are repossessed cars so cheap and what is wrong with them?

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.


What happens to your credit when your car is repossessed?

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


Can your car be reposessed if you move to another state?

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


Where is the closest Government auction for repossessed cars near zip code 11963?

Govdeals.com


What is the catch in buying repossessed cars?

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.