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!

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

Question by ryan27: Does any one know an auction place where gov. repossessed are sold cheap in Georgia. or a web site.?
vehicles

Best answer:

Answer by lastchance
Well, in Georgia and every other state, local governments, county governments, state governments, and federal government all hold surplus and seized property auctions at different times and different places. Usually they are announced in newspapers on a certain day of the month. Here’s more details:

http://www.leaseguide.com/Articles/carauctions.htm

.

Add your own answer in the comments!

Question by jenna: repossessed car issues!!?
If a car is repossessed and you decide to let them sell at auction, am I liable for making any more payments? I reside in the state of Texas.

Best answer:

Answer by chelle B
i think it depends on what they sell the car for if it is less than what is owed then you are responsible for the difference

Give your answer to this question below!

Question by L70: car got repossessed!?
I have a question. My car got repossessed on the last month of my lease and now I’m forced to buy the vehicle but I don’t have 12,000 to buy the car in full. I was only late one month and they basically screw me over. I can’t get approved for a loan to buy the car and they will auction it at the end of this month and I will be liable for whatever remaining balance? This is unethical and so unfair! If I choose to pay, will this affect my wife’s nursing license? Will this prevent her from re-newing her license? I am so worried and do not want to file for bankruptcy. Is there some sort of loop hole here? Why am I being forced to pay for a car that I don’t have and have only ONE month left on my lease!?!? any advice would be helpful.
I meant to say if I choose NOT to pay – will this effect my wife’s nursing license? I can’t afford it and now we have to worry about buying another car.
Yes both our names are on the contract. I tried but they said since my contract is in default I don’t have the option of paying off the lease. Only option is to find 12k for the car plus repo fees or wait til they auction the car and be stuck with the remaining balance. They won’t work with us to sort this out.

Best answer:

Answer by Derek
you just got pwned sorry

Give your answer to this question below!