2006-08-14 21:40:48 · 7 answers · asked by killerbee492001 3 in Cars & Transportation ➔ Other - Cars & Transportation
After your vehicle is reposed, it will be taken to an impound lot where you will be given an opportunity to reclaim. After 30 days your vehicle will be taken to an auto auction where it will be sold. A normal buyer at an auto auction is a wholesale buyer. Title will be transferred from the lending intuition to the buyer.
Now the tough part. Lets say you owe $8,000 on your car. At auction, even though the vehicle is worth $9,500 to 11,500.00, it brings only $5,500.00 (again, wholesale). The $5,500.00 will be applied to the payoff and thee lending intuition that is carrying the note on your car will come after you for the rest of the balance ($2,500.00) plus the recovery fee (tow) and storage, (3-8.00 a day for the 30 days it was in impound).
If you have a vehicle that you think may be reposed, I would contact your lending intuition and inquire the payoff. Make every effort to sell the vehicle for the payoff, or as close as you can get. You will have to come up with the difference (payoff/ sell price) to clear the title.
Another note: Don't leave anything of value in the car an ANY TIME! You stand a chance of loosing any personal items inside the car should it be picked up. Even though they have no legal right to the contents, how you going to prove the car had your $2,500.00 lap top inside when it was picked up?
2006-08-15 01:22:39 · answer #1 · answered by Cosmo 6 · 0⤊ 0⤋
"the resell the car usually at wholesale prices and you would owe the balance after the car has been sold" is correct. they sell the car at a dealer only "aucion" where it usually sells below wholesale, after you paid high retail, then the lienholder will try to go after you for the ballance. If it is enough, they may try to sue you for it, as they cannot garnish your wages untill they win in court,, but they have to serv you first. If you can't aford to get the car back then the only way to avoid them is to make your self scarce.
2006-08-14 22:23:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, you do have to pay the difference once the car get sold by the bank for so much less than you where paying ...is that a real scam ah?
Try to find somebody to transfer it or refinance it with other bank...good luck!
2006-08-14 22:37:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Afraid so - My advice is - if you have a good idea that it will be towed away & you have Fully comp insurance - get a Gallon of 4* and a box of Bluebells ,,, before the repo man comes..every one wins then...
2006-08-14 21:46:33 · answer #4 · answered by ? 4 · 0⤊ 0⤋
the resell the car usually at wholesale prices and you would owe the balance after the car has been sold.
2006-08-14 21:47:03 · answer #5 · answered by King Midas 6 · 0⤊ 0⤋
If you signed a contract, yes.
2006-08-14 21:45:43 · answer #6 · answered by The Apple Chick 7 · 0⤊ 0⤋
yes or they take you to court for it
2006-08-14 21:44:58 · answer #7 · answered by ink s 1 · 0⤊ 0⤋