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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.
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How do you get a repossed vehicle back?
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.
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
What happens to title loan cars when they are repossessed?
They are sent to an auction and sold.
Do dealers accept auction cars?
A large number of vehicles sold at dealerships are auction vehicles
In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
Can the loan co. who repossessed car tack on interest after car is sold at auction?
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Can the bank put a lien on your home for the balance after the repossessed auto is sold at auction?
YES, after they get a judgment for the amount still owing on the contract. That amount can be applied as a lien against other property you own.
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.
Can your wages be garnisheed in the state of Nc 2 years after the truck has been repossessed and sold at auction?
Yes they can
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.
Who owns the car after it is repossessed?
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
