Repossessed Car Auctions

Question by key84: My car repo’ed & auctioned within 2 wks, & now I am being charged 00.00, how can they do that? Is it legal?
My car was repo’ed after discussing with a local finance company in the Denver Metro area (Fireside Bank). Tried to find a workable solution to my payments, until I got back on my feet. They said, if I paid them $ 200.00 in “good faith” they could work out a arrangement with me. (I was only 2 months behind) I paid the $ 200.00 and 3 days later they repo’d the truck without any written notice and 2 wks later they auctioned it, not allowing any time to reclaim the vechicle and now are trying to stick me with a bill of $ 6000.00, for a vechicle that they sold for less then the value of the loan, leaving me no more options.
I just want to find out if this is lawful. Any help would be appreciated.

Best answer:

Answer by nick@night
You were in default of the original agreement and have unfortunately found out what happens with a reposession. What they did is not ethical, but is legal.

Know better? Leave your own answer in the comments!

Hi I live in minnesota and would anyone out there who has purchased a repossessed car.How could I buy one without going to an auction online or at a auction.If you know or had experienced it to please let me know.And if you know of a website for minnesota repo’ed car sales let me know.thanks

does anyone knows good websites where you can buy cars on deep discount, like theft, repossession, salvage title cars.
Govenmental auctions or so…
something like copart.com

Well basically, let me give you the back ground. I actually know what comes next, and I know the process, but I would like to hear from all of you, just for feedback, and to make sure I’m not missing anything.

So I financed a car through AmeriCredit, a junk sub-prime lender. Yes, Yes, it’s my own fault, I signed the contract, and dug my own hole. Anyways, I financed about $17,000; that is after putting down $1,900. The APR was 19.99. Now I have been making payments every month, on time for the last 2 and half years. Since July of 2006. My last payment to them was in Janurary 2010. I have been paying about $435 a month. I have paid well over $10,000. Now, my wife just had a baby, and due to medical reasons, she can not work.

So I called them up, and told them that I am unable to pay this high amount. They did not do refinances. . and no other company would touch it because I just owed way too much, more than the car was worth. Mind you, it was a Chrysler and they went out of business. So my only option was to surrender the car. Hell, I even dropped it off at the repo place; I’m such a nice guy.

Now I get my bill, the amount is over $16,000. This is fees, and interest, and what not. HaHa, I am not paying that crap. A judge is going to have to force me to pay, that is the only way they will see a dime. But they didn’t even auction the car yet. And they are telling me to pay in full.

Now here is something some may want to answer. What are my rights during a repo. For example, doesnt the company have to tell me when and where they are going to auction the car off? Isnt that the law. They did say in the last letter with the bill, to call this phone number for information about this repossession. Is that suffient enough? I live in WA, and not sure where the company is based out of.

Another question, What is the chances that they take me to court, and a judge forces me to pay $16000 for a car that I don’t even own anymore. O. . . and will they sieze my money in my bank accounts, or will I get advance notice of that.

For the people that read this, and responded,. . thank you. I love Yahoo Answers and appreciate all that help out.

All comments and advice is welcomed.
Why do you repeat, as if to mock “Im a nice Guy.” You say it as if, because I had an issue paying back a car loan, I am actually not a nice guy. Now Me saying that I will not pay them back, I am saying that I will file bk first, as I can’t afford to pay back $16000 one way or another. Yes I am a very nice guy, just my financial status has changed, as with the majority of the middle class people in the US tyring to get by, make a living, and live their lives to the best of their ability.

Thanks for the feedback.
One more thing. . As far as rights. . the consumer has many rights during a repo. . for example . .Breach of peace is a right to the consumer, as well as notice of the sale of the vehicle. Also, in some states, if you tell the repo man that he can’t take your car, well he just can’t take your car. Thanks again.

So I recently had my car repo’ed because the lady I had talked to on the phone about my car straight up lied to me. I was behind a payment on my car loan ($214), and it was getting really hard to pay because I had to pay bi-weekly and I was really ripped off becuse I was paying $365 a month for a 2003 Dodge Neon. Anyways, she said that when a loan is 28 days late, then they come to repo the car. And I basically asked her what it would take to not repo it. This was last Tuesday when I had talked to her. I owed $214 plus another 182 to bring me current. I asked her if I made my car payment (182) plus $100 on the 3rd if they would not repo it and then I would just pay the remaining $100 or so the following week. She said if I paid $182 plus $114, then they would more than likely accept that. So I said, okay. So I figured everything would be fine and dandy. I got a letter on Saturday stating that if I didn’t bring my account current they would terminate my loan, sue me or a combination. I figured it was just a standard letter since I had spoke to her the same day the letter was printed off.

Well, I leave to go pay my car payment on Tuesday and my car is gone! She straight up lied to me! So I go in there and talk to her about it and she said that she told me that I had to bring my account current before the 31st because they couldn’t allow a deliquent account to carry over into the next month. Which, my step dad was sitting RIGHT there when I asked her, because he told me to ask her if they’d accept $100 on top of my regular car payment. She wouldn’t even accept the payment I was going to bring her. She said I would have to pay $396.50 plus the $100 repo fee. And if I don’t pay that in 10 days, then they sell my car to an auction and if the price sold at the auction doesn’t cover the amount of my loan (6600), they’re going to sue me for the rest (yeah, good luck with that. I’m a recent college grad. I don’t have ANYTHING. That car was my only posession).

Anyways, I desperately need a car. My credit isn’t absolutely horrendous. What are the chances of me being able to go to another buy here/pay here place, explain to them my situation and try to get another car that is cheap? I just need a car to get me around. I mean, I held up my end up the bargain, Auto Credit USA did not do the same. Its not like I was refusing to give them money. I tried to go in there and pay them, and she said it was out of her hands now.

There’s still a small chance my dad might be able to come through and help me get my car out of repo so I can at least have a car to use as a trade in and get a different car and get out of that loan. I don’t want to be a customer of a company that’s going to lie to me.
I was going to be in management when I bought the car, plus I had no credit at the time and didn’t have a co-signer, so I kind of had no choice in the matter.
Also, I couldn’t pay the bill because I was going to school full time and was only working part time and then my hours at work got cut from 35 to 10. Shit happens. Life happens. The economy is in the shitter right now. I didnt pay it because I didn’t want to. There was nothing I could do. My hands were tied. My parents were paying my car for me and they could only do so much.
When I say I held up my end of the bargain.. I mean that me and the lady agreed that I would pay 182 plus 114 on the 3rd and she said that was fine. But she totally went against her word.

My husband past away last year, it was self inflicted so I thought I couldn’t claim on the life insurance from the auto loans, the second vehicle got repo’d about 6 months later. Now I find out from my bank that it was good since we had the loan longer then a year. So my car is getting paid off and I’m getting a refund of all the payments for the last 11 months. I am wondering if anyone know what can be done with the other bank Citi Financial to reverse the repo and maybe get the difference from the insurance company. But then I’m still out a $26,000.00 paid off car. It only sold for $7,000.00 at the auction thing, but on my credit it still shows $19,000.00 being owed… PLEASE HELP!!!!

i hate this jeep i got i went to 5 places all them told me i could get any of the car i wanted id just have to let the jeep get repo’ed its with Chase bank who owns the loan. They said it wouldnt hurt me the new loan would off set it, and all its just im soo afraid of a lean put on my house or something if when they re sell it at the auto auction getting low for it and then hitting me with like a 8,000 lean on my house or law suit.
the cherry hill triple in nj told me we can give u any car ud want in reason just since u owe to much u can just have it repoed, and boom get the car u want, but im like what about liens they said to me well if u dont have it they cant take it can they, so i walked out pretty open jawd to have a huge dealer go this slimy to make a sale