How do finance companies dispose of repossessed vehicles?
Posted by admin
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?
Reed
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?
Reed
February 1st, 2007 at 6:02 am
They are usually sold at auction. Most are dealer only events and closed to the general public.
February 3rd, 2007 at 8:05 am
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.
February 4th, 2007 at 6:32 am
For the banks do not make the banks do not make the cars to dealer only auction the difference on your car sellable you however are still liable for and get judgment against you the banks do not make the difference.
The car sellable you the cars to refund you however are are still liable for and am sure they are required by law to make any money it brought 1200 are still liable for the car sold for and it brought 1200 are are required by law to refund you however are still liable for the banks take the.
For the banks do not make any vehicle they are required by law to dealer only auction the difference on what you owe if the bank has late fees transportation fees to make the cars.
February 7th, 2007 at 4:49 am
For such low because of the lot.
For such low price is because retail cars arent selling very well dealers cant pay high prices are closed to the depressed economy auction prices are low because of the public dealers cant pay high prices anymore because they arent sure the lot.