Repossessed Car Auctions

Question by secretseriousfun: My car was repossessed! Does it pay to reinstate the loan?
I financed a 2001 Mustang convertible. Five year loan. The car was priced at $ 13,000, and the loan total was $ 33,000. Yes – a really cruddy, upsidedown loan.

I’ve made 40 payments (more than $ 20 grand), and there is still $ 10,695 outstanding on the note.

Last week, the car was repossessed. For reasons that I won’t bore you with, I can get the loan reinstated if I pay the payments I missed…. about $ 1,000 total, plus of course horrid fees for towing and storage.

My question is…. is this worth it? I’ll be paying the back payments that I owe, plus fees, and will STILL owe $ 10,695 on a car that now only has a Blue Book value of $ 7,200 or so. And has 82,000 miles on it.

My instincts are to let them auction it and make arrangements to pay the difference between what they get at auction and the $ 10,695 outstanding on the loan. My credit is ruined anyway, soooo…. am I better off to do this, rather than pay the money to reinstate?

THANKS!!!!!!!!!!!!!!

Best answer:

Answer by spifiman1
If the vehicle has not already been reported as a repo? You might have a chance to reinstate the loan and trade it in on something else. You are only $ 3,500.00 upside down and believe it or not that is not a lot any more.

If you do reinstate the loan insist that they not report it as a reclaimed repossession because this will look almost as bad as a straight repo and will show on your credit for 7-years.

If you let it go back, you are going to end up with your credit being ruined and owing them several thousand dollars by the time they sell it for a lot less than it’s worth and then add all of the fees involved.

Give your answer to this question below!

www.real-world-reviews.info Looking for a cheap used vehicle? Every month right across the United States, 1000′s of vehicles are seized by different Government agencies (IRS, DEA, FBI) and auctioned off to the public at incredibly low prices – cars are often sold at up to 95% OFF their original value. Click the link to find out more.
Video Rating: 0 / 5

Question by Brandi: Can home be taken because of prior reposssession of car?
In 2001, car was repossessed and sold at auction. I filed bk but bf did not. If we buy a home can the lender of the car come after the house?
We have been together for 8 years. I am currently receiving financial aid for school and would not get it if we were married. Once school is over we plan on getting married. We do have money available for a small down payment.

Best answer:

Answer by Marty S
Nope

Add your own answer in the comments!

realestatemarketingthisweek.com – Real Estate Marketing – The pitfall of forcing your bank to rescind your loan for lending violations when in foreclosure – With Michael J Barnes and Dan Havey of Real Estate Marketing This Week Part 8 – I have a question on that, it is my understanding and I could be wrong, but they don’t need a copy of the note, they need the original note. You are correct. Your attorney of course will get a copy, because they are not going to send them the original. Items that your attorney is going to ask for, and I forget the number, I think its 47 different items that the attorney could ask for. Heres one. I’ve been in the industry for 20 years and I just heard this term a couple months ago, it’s known as an alonge. What the heck is an alonge? Well apparently it’s one of the documents that has to be in the file. While essentially the whole purpose of this is to catch the bank, the lender having messed up your loan somewhere along the way. Because if it is true that they violated some kind of Federal Law in the past when they gave you the loan or are in violation of the loan now, you can then take them to court. And you can sue them. You can have your loan rescinded. Which basically means it comes off your credit report. This loan never happened. As good as that sounds that may not be the best thing for the home owner. I want to back up just a little tiny bit, you mentioned the alonge, there’s more to the alonge then it sounds like. The bank needs to …
Video Rating: 5 / 5

Question by MaRRieD MoMMy oF 2 BaBy BoyS: I need some legal advice on a repossessed car?
So my husband and I purchased a car back in 2005 (he was the signer & I the co signer). The car was repossessed (long story). Anyhow, we owed 20 thousand on it but they auctioned it off for 10 thousand which left us owing a balance of $ 9,655 dollars to be exact. Now a law firm (Mitchelle & Kay in New york) has bought the account. They offered me 4,645 to settle the account. I told them I wanted it lower. Now they are offering me 3,880 to settle.

Should I just pay it or try to go lower? If I don’t pay anything do you think they would go ahead and try to sue me for the money?

No rude answers please. I really need some advice.
Thank you =)

Best answer:

Answer by Jay L
tell tehm you cant afford it and make them a offer lower than you can afford and see what happens

Know better? Leave your own answer in the comments!

Question by Stressed: if one leases a car, then its repossessed and the car sold at auction, is one liable for the balance?

My friend had her car repossed because of a fault payment. payments were deducted automtically from her account. in july, something happened and the payments were not made. however there was money. so after three months the car was repod. the thing is that she is not in the country and will not be back untill january or so. that is the dilemma she is in. wot to do? the fools at the customer service really dont know anything am sure. i think this is and should be treated differently since she is out of the country. need legal advice or wot steps to take.

Best answer:

Answer by Harley-HST
Yes

Add your own answer in the comments!

Click the Link and Get Your Free E-Report bit.ly – The banks and lending institutions sell these cars to pay off the existing loan balance, and any fees incurred while repossessing the car. Repossessed cars belong to banks, credit unions, and finance companies. bit.ly