Repossessed Car Auctions

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Question by Jesi.: My car was repossessed – what to do?
My car was repossessed January 3, 2009.

I received a letter from Wachovia stating their intent to sell my vehicle. I currently owe $ 17,000 to them. I was considering letting the car go to auction but I know that even if I let the car go I will still owe whatever they don’t get at auction. My question for you is if I let my car go to auction, is there a way that I would be able to negotiate what is remaining? Also, what happens if I don’t pay what is remaining? The car is worth approximately $ 8,000, by KBB standards. I am 2 1/2 months late on the payments but I’ve been late before on previous payments. The interest rate on the car is 15% and they have repeatedly denied refinance requests even after explaining extreme financial hardship to them (I’m a full time student and have been all year thus the debacle).

My credit isn’t great but I don’t have other debts. A few late payments throughout the years but the most damage that has been done has been done by the car & missing payments.

I’m at my wit’s end here, trying to figure out what to do. I may be able to get a used car from a friend and that is a blessing but I’m not sure what to do. Do you have any recommendations or suggestions on what would be best for the situation?

I really appreciate your help

Best answer:

Answer by T D
let it go get the money an try to pay off your debts

Give your answer to this question below!

Buying repossessed motorcycles at auction, is the best way to get the bike you want at a really sweet price. Motorcycles are repossessed for a number of reasons including the owner not being able to make repayments, failing to pay taxes or if the bike is purchased through the proceeds of crime. None of these reasons are a reflection on the quality of the bike itself, in fact you will be surprised to find how many are late models with low mileage.
Many dealers buy their stock at auction then sell on their vehicles to the public at a profit. Why not cut out the middleman and get the best possible deal at a repossessed and seized vehicle auction? I will give you some advice here to make sure that you get a great repossessed motorcycle at an even better price. It really is as simple as ABC!

Auctions

These public auctions take place regularly all over the country. You just need to find out where they are taking place and attend the auction in order to view the bikes available and bid on the one you choose. The auctions are not widely advertised, but you may find notices in the legal section of your newspaper. Another alternative is to use an online aggregate auction service, which will provide updated lists of all auctions taking place.

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Be Prepared

There are a number of things you should do prior to the auction in order to be prepared. I would advise you to get a list of the vehicles available on the day. Decide which motorcycles you are interested in make a note of the VIN and do a background check. You should also check the market value of the bike and set your bidding limit, to ensure you get great value.
Also, find out what you need to bring to the auction with you. This may include a drivers license, letter of credit from a bank or a credit card with a limit, sufficient to cover your bid etc.

Check

Prior to the auction, you will have an opportunity to check the repossessed motorcycles available. If possible, bring a mechanic along with you for the check if you are not familiar with the technical aspects or engine mechanics of the bike. If this is not possible, make sure you check the bodywork for signs of damage, run the engine and check the oil to ensure that it is clean. Take your time during your inspection and ensure that you are satisfied that the motorcycle is in good running order, before you decide to bid.

Finally, don’t abandon the idea of purchasing a repossessed motorcycle, if the first auction you check out doesn’t have the model you are looking for. There are many repo auctions, taking place at regular intervals, so just be patient and you might just find a real gem.

Question by question: My car was repossessed 3 yrs ago?
At the time of repo, I tried to make an arrangement to make up the late payments, they said no. they wanted full payment, and I didn’t have that kind of money. I haven’t heard from them at all, no letters regarding remaining charges, no phone calls nothing. So I thought the vehicle was sold and I don’t owe them anything. I’m trying to buy a house and wanted to know what’s that deal with this company still showing on my credit report so I called the number that was showing on my credit report. They said they don’t have my record anymore, I told them Vehicle was repoed and I need to find out if there’s any remaining balance, or I would like to get a letter from them saying they don’t have my record anymore so I could get it off of my credit report. She got real mad, and said she can’t help, and wonder if anybody in her company can since there’s no record of it. I mean, it’s not like I didn’t try to make up whatever I owe them. They said they couldn’t help me. So now my mortage loan is rolling and they said they need to get a document regarding this repo vehicle account.. So I called them back (Wells Fargo), and this time they got me to this deficiency dept, and now they’re saying I owe them $ 1,9000.00 due to substantial interest rate. I asked them how I was supposed to know about this if your company reps couldn’t guide me to the right person.. I’m about to call my attorney about it. This is ridiculous.. I guess they wanted to sit on it as long as they could and incur the interest than sue me after so many years while I’m thinking they auctioned off the vehicle and made their money.. Any suggestion?
thanks, Kasey C. yes, I’m aware I will probably have to pay.. I did move since the repo. Though, I did address forward and I wasn’t missing any statements from anyone except them.. I really think I should talk to my attorney, this is unreal.. It’ll be one thing if I didn’t try to find out what happened, but when I tried, they couldn’t help me to let me know exactly who I need to speak to. They only got upset at me and tossed me around from one dept to another for hours at a time just to say,’We can’t help you’. the lady actually said she will negotiate with me, and I’m willing to take care of original around owed, and may be some fees and what not, but not for the interest.. They failed to train their workers to connect the customers to a right directions and I shouldn’t pay the penalty of their uneducated employees..
@Rottendo ; I have pre-paid legal membership. Attorney doesn’t cost me anything..

Best answer:

Answer by Cody
what

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Question by flipondizmission: Government auctions? legit deals?
Every day, the government confiscates, seizes and repossesses thousands of Vehicles. Ever wonder where it goes? It’s sold at government auctions at HUGE DISCOUNTS through “seizure and surplus” laws! These vehicles are usually typically listed at 90% OFF their original value and auctions usually start at $ 100.You WILL NOT buy a quality car cheaper anywhere else!

Why So Cheap?
Because it’s stuff the government just can’t keep! The government can’t afford to store these items. They actually lose money unless someone buys it fast.For you bargain shoppers out there, we are confident that once you have gotten your first taste of government auctions, shopping will never be the same.Because it’s more than just cars. Nearly anything you can imagine is on sale.
is this a scam? because theres link to websites it says to go and they say u have to pay to be a member in order to view the car..crap…how about police impounds?

Best answer:

Answer by Vicster
Check out the government’s website below. It’s from the usa.gov website – no membership, no fees. Just real links to their real auctions.

What do you think? Answer below!

The last Auction was a huge success with many happy buyers and lots of vehicles sold under the hammer. Next Auction is Saturday 17th September at 10:00am. Lots of vehicles with current safety certificates and warranty Some vehicles to be sold no reserve. Save today the Auction Way. Print or view catalogue from one week out at www.rmaauctions.com.au or call 1800 RMAAUCTIONS
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