Repossessed Car Auctions

Question by *Autumn*: Colorado Repossession help!!!!?
My husband and I had our car Repossessed a couple months ago. The lender took the car to an auction and sold it for WAYYY less then what we were paying for it. Now they want us to pay the difference (I totally understand that) BUT the man my husband talked to said “IF I do not get an account number from you, so we can automatically pull the money out every month, We are going to start garnishing your wages” Can they really just start garnishing his wages with out taking us to court or something??

PLEASE… I need advice!!!

Best answer:

Answer by chiefs
Yes they can garnish you.. found this out the hard way, they DID get our bank info and wiped out our account. Went to an attorney and was told there was nothing that could be done, Im going to say let them garnish, just from experience. That way they can only take a percentage not what they want

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When one buys a car it is not because they woke up one morning and said lets go car shopping. No usually it is out of necessity. So you are not prepared financially or about what you want. So you go to that neighborhood dealership and look around. You realize that a car in your budget may not last long so you are right where you started. Or the cars that are reliable are just too expensive. So you need to find a middle ground. This is done by buying bank owned repossessions. They are in great shape, a couple of years old and really in expensive and can be found through car auctions.

These cars are ones which have been repossessed when people default on their car loan payments. Since they cannot continue paying the bank back for the loan which they took out, the bank will take the car. The problem comes in the fact that the bank should not have to pay rent on storing that car because they are already losing money on the defaulted loan. Instead, the bank sells the car at an auction to try and make back at least some of the money which they have lost.

Cars at auction could start out 0 this is not necessarily the price you will pay. However it is where you start and it goes up from there. Finally when all bidding is stopped that is the price that is paid for the car. This price is still considerably lower than what you would pay for it had you bought it at a dealership.

Rule of thumb: repossessed cars are normally well cared for cars because they were taken from the original owners. In this case the cars are well taken care of. This is not always what happens but life’s a chance. Most cars are within the first few years of ownership so are fairly new. Using the repossession option should net you a car in pretty good shape for a reasonable cost.

Just because the car is new and you got it for a low price, take it in for a checkup when you get it. Even though the car was driven around by its previous owners you want to be safe. The wear should be minute but you want to know your car is in great shape. Because not all auction houses are honest, you may get a great price but if it doesn’t last long did you really.

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Be aware of many things when you are trying to shop for repossessed cars. These few things will benefit you in getting your dream car. You have a few options to find all those cars out there for sell.

There are two main ways that you can find repossessed cars. You can attend a live auction, or you can search for cars on the internet. There are different things that you should be looking for with either one of these search methods.

Finding Repossessed Cars Online

Staying at home and shopping is nice and online auctions make this possible. Looking at a vast amount of cars gives you the biggest chance to get the best deal. Also you can get what every car has been through: accidents, owners and maintenance. Use this information to pick through all the cars and find the one you want.

Financial institutions are your main supply of repossessed cars but some dealerships have attained them for resale. So you need to be careful because every time a car is sold it costs more.

Live Vehicle Auctions

There are a few reasons to attend a live auction. First you can actually see the product you want to bid on. They will have a few there, but not as many as an internet auction has to offer.

One good thing about live vehicle auctions is that if you arrive well in advance of the start time, you may be able to inspect vehicles of interest and make sure that you really are interested in them. You may even be able to hear the car run, but most likely will be unable to drive it. A car is a major purchase so being able to view the car in person can be a great benefit since you can simply pass up vehicles that you do not like the look of.

Another advantage of live auctions is you can actually see that the cars are from a bank or other financing company and not a car dealer. This will keep the cost lower and more affordable for you in that banks only want what is owned and nothing more.

However, you will need to contend with used car dealers who may be able to place higher bids than you are able to, and you will need to provide payment up front rather than being able to do any financing. This may make some people unable to afford repossessed cars.

Nothing says you can’t do both. Internet auctions and live auctions are great and they both offer what you need.

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They Didnt Pay for over 6 Months So I took matters into my own hands!