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When cars are repossessed where does the finance company have them taken?
Wiki User
∙ 18y ago
They usually take them to auction after a brief storage period either at the collection agencies or lending institutions yard.
Wiki User
∙ 18y ago
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If you have two auto loans with the same finance company can both cars be repossessed if one is current?
It depends if the loans are 'cross-collateralized". READ your contracts.
How do you buy finance repossessed cars in Australia?
Go to a repossession auction. They are often advertised in the newspapers and on radio.
Where do repossessed cars get taken in seminole Florida?
They typically get taken to a secure location owned by the repo company. Once the lender has handled all the legal notifications it would be sent to an auto auction that the lender uses.
When do cars get repossessed?
Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.
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.
If you own two cars and are able to make payments on only one and are letting one get repossessed can the finance company for the repossessed car do anything toward the remaining car?
Possibly yes. They can resale your repossessed car dirt cheap and sue you for the difference in what you owed and what they got for it. Then they can sue you to collect that difference. If they win the suit they can have the sheriff pick up anything you own to sell at public auction to help pay that money they supposedly "lost". It's possible but not real likely. It depends on the mob that runs the finance Company
What happens to cars that have been repossessed but not auctioned off yet?
They are impounded until further action is taken
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 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.
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/
Can anyone reposes cars?
Yes, your car can be repossessed by a company if you are behind on payments. However, it has to be a licensed repossess to be able to do this.
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.
