woroguda asked:
My finance company repossessed my car and sold it for $1200. How would they have disposed of a late model, low mileage vehicle for so little money and can the general public participate?
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My finance company repossessed my car and sold it for $1200. How would they have disposed of a late model, low mileage vehicle for so little money and can the general public participate?
Content supplied by Articlesbase.com
They are usually sold at auction. Most are dealer only events and closed to the general public.
Normally they have made there money off of the clients and they auction them off and make money sometime and sometimes they loose . But remember they are not in buisness to loose money.
Don M is an idiot in my opinion. The banks take the cars to a dealer only auction. The banks DO NOT make any money it. If the bank made any money on your vehicle or any vehicle they are required by law to refund you the difference. The bank has late fee’s, attorney fee’s, repo fee’s, sale fee’s, transportation fee’s and any reconditioning fee’s to make the car sell-able.
You however are still liable for the difference on what your car sold for and what you owe. If owed $6,000 and it brought $1,200 are are still liable for the $4800 difference and I am sure they will try and get a judgment against you.
The car was sold at an auction. Most automobile auctions are closed to the public (dealers only).
The reason your car sold for such a low price is because of the depressed economy. Auction prices are low because retail cars aren’t selling very well. Dealers can’t pay high prices anymore because they aren’t sure the car will move off the lot.