Repossessed Car Auctions

Nick walks us through the car buying process at the Manheim car auction in West Palm Beach, FL

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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.

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How to change the view settings: List view / Photo list (thumbnails) / Large Photos. The same cars are displayed, but are shown in different ways so you can set up your search in a way that you can quickly see the cars in the Japanese car auctions that are teh best ones for you to buy. Come to ProvideCars.com to sign up for a free 14-day pass to see for yourself here: www.providecars.com
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Cash4Cars Trade Me Member 3772110cash4cars Welcome to the Cash4Cars New Zealand YouTube Channel! Thank you for Viewing! We are your premier choice for Quality Cheap Cars and No Reserve Auctions! We sell everything and everything sells! so subscribe to our channel to ensure you are amongst the first to get our latest offerings and bid on-line for the best deals on the net!! We also pay cash for cars….anything considered all vehicles in all conditions so contact us today to get CASH for your car on 0800CASH4YOU or send us an email to Cash4CarsNZ@gmail.com www.cash4cars.co.nz
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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.
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