NO. It can be sold any way the bank wants it to be sold
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
It is generally better for a repossessed vehicle to be sold at a public auction to reach a wider customer base and potentially secure a higher selling price. Public auctions also provide transparency and fair competition among buyers.
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.
It would go to a car auction and sold on to a new owner and may be sold for a price much less than it is worth
Usually you will get a sale letter from the finance company or bank letting you know where the car will be sold, at what auction, and once it is over they will send you a letter of how much the car sold for and the remainder they will send you a bill for. This is concerning a public auction of your vehicle. If it was sold privately by the dealership or whomever, the only thing to do is call and ask.
Yes.
If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.
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.
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.
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.
Yes, you will have to pay the deficiency plus repossession fees. Your obligation was the balance on the loan no matter what the car actually sold for. If you do not pay they will sue you and you will loose in court.