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What is the process for repossessed cars to be sold at auction?
Wiki User
∙ 14y ago
The rules on repo are explained here www.ftc.gov/bcp/edu/pubs/consumer/autos/aut14.shtm
Wiki User
∙ 14y ago
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What happens to title loan cars when they are repossessed?
They are sent to an auction and sold.
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.
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.
Does a repossessed car have to be sold at a public auction?
NO. It can be sold any way the bank wants it to be sold
How do you find out how much a vehicle sold for at a auction?
Each auction puts out a list of cars they sold and the price they sold for.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Can the loan co. who repossessed car tack on interest after car is sold at auction?
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How might one purchase a bank repossessed car?
Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.
What determines if a car will be sold at public auction or a private sale after it is repossessed?
The LENDER. Lenders tend to have deals with auction companies. ALL repo'd cars go to auction, most of which are dealer only. You should be able to ask your bank where it went, then call that auction to see if it public or dealer only.
Are repossessed vehicles sold at an auto auction?
Yes some repossessed vechicles are sold in auctions. There are some that the banks own, but they try to recover their moneys lost as soon as possible.
My Car was repossessed what do I owe the bank?
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
In New Jersey does the borrower have to pay any loan deficit after a repossessed car is sold at auction?
Yes.
