Repossessed Car Auctions

Question by Kat: Car repossessed. Want to pay off in full. Got a payoff notice. Is this right?
So I’m currently working with bf’s parents to help bf get his car back. (He’s in Afghanistan at the moment).

The car was reposessed and bf’s parents contacted the company, Santander to see if we can recover the car with full payment. Santander said we had until 5/30 to pay off the car. Keep in mind the car was just repossessed.

We wanted this in writing so that we can pay and get the car back. We didn’t get a Letter of Intent, but instead got a Payoff Letter saying that if we paid the remaining balance, plus the repo fees, they will mail us the title. Of course there’s nothing here stating the possibility of being auctioned off, nor does it say anything about a reposession. it just lists our account number and our car make/model/year as collateral. Letter was addressed as “to Whom it may concern”…..Also lists an address to mail payments to, but was told over the phone to make a payment via Western Union. Here’s the website with the same instructions they gave over the phone – http://www.santanderconsumerusa.com/customers/make_payment_western.aspx

Not sure of the laws and if this is right.

I just want to help pay the remaining balance on the car to get it back for my bf. But not sure if these should set off some red flags? Should I be getting a Letter of Intent? Or does it sound like the Payoff Notice suffices?

Oh, one more thing, they did say we had until 5/30 before car goes into auction, but when they sent the letter of intent, they listed the date as 4/30, and the car was repossessed on 5/9.
i know there are storage fees, that’s why I want to pay off as soon as possible. what i’m wondering is with this Payoff Notice, is this good enough for me to pay the total amounts (not including storage fees), to insure that Santander will give me back the car? I”m afraid if I pay off the car, and then they will still auction it. can they do that?

should i still ask for a letter of intent on top of this payoff notice?

Best answer:

Answer by Irv S
Careful.
Once they’ve got it, they want to hang on any ‘fee’s they can add on.
‘Repo fee, towing fee storage fee for holding it, who knows what-all else.
‘Mail you the Title” will leave you stuck with ‘storage fees’ when you try to reclaim it.
Yes they can’t auction it for a set time (5/30 ?) but those storage fees are ‘per day’
and piling up all the time.
You are entitled to know all fees and charges ‘up front’ before you plunk down any cash.

What do you think? Answer below!

The car is a Jaguar late model financed thru the Jag dealer and the owner had passsed away. The car was repo’d and sold at auction for 1/2 of value. Jaguar is su-ing the estate. The reopguy refused to sign the release which the Jag people had agreed to as condition of pickup

www.TheBest1ForYou.com/car-auctions

There are several excellent sources for buying used cars. Some of the best and sought after sources are the newspaper classifieds, car auctions, and car buying guides and used car dealers.Newspaper classified advertisements: Local newspapers can be a good source of information for purchasing used cars. The prices of the listed cars are comparatively lower than the car retail prices. Auto sellers advertise to find buyers and the buyers too benefit by buying used car for a lesser price than the retail price of the car. Since there are no middlemen involved the purchaser saves lot of money. Guides for buying cars: There are many online guides, which list the cars for sale in the particular area with the features of the car. A buyer can search from the list of available cars with the features to suit his needs. A vehicle history report can also be got from these guides making the source a reliable and lucrative one. Some of the reputed online car guides will provide all the necessary information pertaining to the used car listed for the convenience of the buyer to make a deal comfortably sitting at home.Car auctions: There are many kinds of car auctions available for the car purchaser. Some are listed below:

Public car auctions include cars repossessed by the financial institutions, banks and lending firms. The cars can be bought at wholesale prices from such kind of auctions. Generally these auctions are limited to people who possess dealer’s license, but these are however open to all.

Bankruptcy auctions allow cars to be purchased at rock bottom prices and it is also considered as one of the best sources for buying used cars. Such kind of auctions can be checked in the classifieds of the newspapers.

Government auctions sell used cars from various government departments such as the housing and urban development department, postal service department, police department, defense department, IRS, FBI etc. Good quality cars can be got at a best deal.

Car rental companies renew their rental cars every now and then, and their used cars are sold in auctions. Such car rental companies can be located in the neighborhood or can be found on the Internet by searching their websites.

Many car dealers too sell the used cars at prices lower than the wholesale rates. But many of the auctions need the bidder to have a dealer’s license to participate in the bid.

There are many online used car websites who provide all the information regarding the cars. It is considered as the easiest, comfortable and quickest way to buy used cars. But then people do not rely on the credibility of buying used cars online since there are lots of bogus websites. Care has to be taken while selecting the online car dealer or selling company as their credibility and reputation has to be checked thoroughly.

Purchasing used cars from new car dealers is the safest. As they sell used cars in a good condition, the price of the cars may be a little more than the above-mentioned sources. If the purchaser is very particular about the quality and reliability of the used cars, the best place to buy is from the new car dealer.

Buying a car is one of the biggest purchases that most people make, second only to a house, and everyone hopes to find a steal of a deal when it comes time to buy for the help www.auction-entrepreneur-kit.com. These days, thanks to the internet and online car auction websites, there are even more options for checking out a large selection of seized cars, repossessed cars and vehicles that are being sold through the various kinds of used car auctions, both online and off.

One of the best things about the online auto auctions is that, while browsing the internet for just the right vehicle to meet the needs of you and your family, you can also take advantage of that same technology to do the investigation that will help you to know whether or not you really are getting a great deal on the car. Having that kind of research in hand, which includes digging up the Kelly Blue Book price to give you a good knowledge of the fair market price of the vehicle, will help you know when to stop bidding so that you don’t get carried away and end up paying too much because you got sucked into a bidding war.

One of the reasons why online car auction websites are becoming more and more popular all the time is that they eliminate the hassles of dealing with a car salesman. There is actually a lot of truth to the old jokes about the various sales tactics that car salesmen employ, and you can avoid all of that when you make your purchase through a car auto auction.

As you prepare to make your first vehicle purchase through an online used car auction, you should register with at least a few of the different online car auction websites and spend some time getting familiar with every aspect of the website and the online auto auction proceedings and policies for the help www.mining-auction-gold.com. Watch a few auctions on all of the sites that you are registered with to see how things progress and to get a feel for the “culture” of the different online auto auction sites. You will more than likely start to feel that one of the sites feels like the best place for you to try your hand at getting the winning bid on a car.

The websites that run the online auto auctions usually have a filtering function that will allow you to look for certain types of automobiles and to search in a certain region near your home. You might find that you have plenty of options within just a five mile radius of your home, or you may have to extend the search criteria for areas that are quite distant from your location. You will want to restrict the search area to a distance that you are comfortable driving to so that you can do an inspection and take the automobile for a test drive.

There are also vehicle history reports that are available online that can give you additional information on the vehicle you are interested in bidding on. Some online car auction sites provide those reports for an additional fee or have links to help you find such services. Do as much homework on the vehicle as you can upfront and keep in mind that with any type of used car auction, all sales are final.

Have you attended a government repo auction before? Or have you heard your friends or neighbors talking about it?

If your answer is no, then you don’t know just what you are missing. These free public auctions can give you great deals on seized cars and repossessed real estate properties that can’t be surpassed by any car dealer or real estate vendor. If you are already 18 years of age and you have a valid driver’s license, then it’s time to get involved in such enjoyable, money-saving activities.

Hector Milla Editor of the “Best Government Auctions” website — http://www.BestGovernmentAuctions.org — pointed out;

 

“…Government repo auctions sell two types of properties: first are properties that are repossessed and seized from criminals; and second are defaults on loans or unsettled back taxes. Since the government doesn’t have enough money to finance storage costs for the hundreds of properties seized every month, the best thing they do is to auction these properties off. Through auctions, government agencies are also able to get back the administrative costs associated with processing these properties…”

The government’s purpose for hosting an auction is not to make profit, but to simply dispose these properties so they can recoup the administrative costs. Hence, starting bids at these auctions are typically low. To have big savings on whatever property you choose to bid on, it’s helps a lot if you will do a research first before bidding.

Among the valuable things you will find at government repo auctions are:

1.    Real estate propertiesWhether you’re looking for luxury vacation homes, single family house, undeveloped land, commercial properties, or business establishments complete with equipment, this type of auction is the one you should go to. This is even a great start for people who want to invest in real estate properties.

2.    Vehicles of various makes and modelsGovernment repo auctions also offer SUVs, sports cars, trucks, and almost all types of vehicles at prices much lower than their real market value. Many of these driving machines are used in not more than five years, so they are in mint condition. In many cases, these are high-end vehicles because these are products of law enforcement arrests and prosecutions. One of the biggest advantages of this type of auction is being able to get the car you’ve been dreaming of at a price lower than its Blue Book value.

“…Since we are already in the Internet age, another good option for you is to participate in online government auctions. There are many online auction sites that present up to date listings of government repo auctions and the items that customers can bid on. With this, you’ll have the chance to do a research first which can greatly help you in decide on the right bid for the project…” added H. Milla.

Further information about debt relief government grants by visiting: http://www.BestGovernmentAuctions.org

ok so here are the details, i got a pay cut at work from 60k to 31k a year, i have already closed the CC and informed everyone of my loans what happened.
today i get a call from Auto Loan company which has my auto loan that i can not afford anymore and wanted to see where things were if i was able to sell it or not.
i got a different manager and what he told me scared me

he said that after the repo takes effect that what ever the difference after the car has been auctioned they will bill me. which i knew but what he said was that they will right away garnish my wages
now if that happens there no way i can afford anything at all

is this true? i thought they would send me a bill and i could at least make payments and go from there. I did let him know that if i cant afford the payments how will i even be able to afford the garnishments to afford my mortgage and basic bills like electricity water food??

so again is this true? what can i do to avoid this without doing a bankruptcy