How can you buy cars that have been repossessed by the lender?

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Each lender has their own way of disposing of a repo. Most will sale them at dealer only auctions. You can purse getting a used car dealer licenses from the state you reside and attending these auctions.
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Where can you buy repossessed cars?

Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got (MORE)

How can you find out which lender wants to repossess the car?

Ron, the SAFEST thing to do is contact a local repo company. Explain what you know and see how much its worth to them to know more. The info you need is not available to the public and the process to find out is more costly than you would make. Let the repomen get the car and you get the cash. LOL

What can you do if the lender sue for payment instead of repossessing the car?

Tim, I have never heard such a request. Ill answer your question but first I have one for you.WHAT is soooo precious about the car that you don't want to give it up? Did you go on your first date in it??Tim, the car probably isn't worth anywhere close to whats owed on it. That's why they sued to get (MORE)

Should the lender tell you where your repossessed car will be sold so you can buy it back?

It is not required. However, if you do discover where the vehicle is to be sold, provided it is close enough for you to travel, you can attend if it is a public auction as opposed to a dealer aution, and you bid like everyone else. Now, that being said, it seems it would be much easier for you to p (MORE)

Can you report another person to the lender for a car repossession?

IF you know which lender to report them to, you can. Doing so is really a GOOD idea because we ALL have to pay so the deadbeats can try to ride for free. Reporting them SAVES them(the debtor) money in the long run cause the lender doesnt have to pay to find them. Some people just dont know when to s (MORE)

Can a lender hold your personal items once a car has been repossessed?

%DETAILS% Hold your PP?? NO, NO and NO. The MO??? Good question, I've not encountered it before. Call a local attorney for better advice.ASAP The MO??? It was NOT in the car when you bought it sooo there is NO security interest in it. Doesnt matter whose name is written on it. You could have writ (MORE)

How do you buy a repossessed car?

If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca (MORE)

How can you get your car back after it has been repossessed?

Contact the lender and make up all the past due payments plus the repossession fees. Answer: You can contact the lender, or you can contact the repossessing agency. If you contact the lender, they may allow you to make a payment arrangement. Your payments may be less or could be more than you beli (MORE)

If a car is repossessed and sold at auction for less than the amount owed to the lender will filing bankruptcy discharge the remaining balance if it has been reduced to judgment?

It depends on the chapter. In either case, your remaining debt is now unsecured and a bankruptcy filing places the judgment on hold.. If it is Chapter 13, file a claim and you may receive a percentage of the bankruptcy estate, but not usually until near the end of the bankruptcy term (3-5 years).. (MORE)

What happens after your car has been repossessed?

Answer . You get into really good physical shape from all the walking.....\nno. Seriously, what generally happens is your vehicle will go to the repossession company's storage facility (unless the bank has told them otherwise) and you have a certain amount of time to pay the bank up to get it bac (MORE)

What can the lender do to you after repossession?

Answer . If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the (MORE)

Can you buy another car after a repossession?

Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment (MORE)

Can a car that a husband used as collateral to buy a van that was repossessed be seized by the lender if the car was awarded to the wife when the couple divorced?

Answer . You will have to take it up with the bank who repossessed the van. Since the car belongs to you, they should not be able to take it away from you. The laws may vary state-by-state. Talk to your divorce attorney to be sure you are protected.\n. \n. \n . \n Legally the vehicle could b (MORE)

Do you have to be notified if your car has been repossessed?

\n. \n Repo Notify \n. \nTo my knowledge yes. However, you are notified once you sign that sales contract. Above all, you're the only one who knows whether or not you've missed payments and if you have, then it shouldn't be a huge surprise if you find your car gone one day.\n. \n. \n Mor (MORE)

What should you do if the lender was rude to you when you tried to talk to them about your car payments and then they repossessed your car?

Answer . \nOh please! Are you saying he didn't speak to you with all the respect and concern you feel is deserved? And how much is deserved for someone who apparently asked for a loan, swore all over that you would pay it on time, exactly in a certain way, and even probably has mention of what (MORE)

Does a lender who repossessed your car have rights to your new car?

Answer . Not directly as a named lienholder would, but it depends on many things - mainly if the repossession reaped enough money to pay off the prior debt (which would include all late fees, interest, costs of collection, etc.). If not, the amount you would still owe may be turned into a claim (MORE)

If the lender writes off the loan can the car still be repossessed?

Yes, a vehicle is a secured debt and the lender can remain a lien holder even when the loan is charged off due to a default.. A "write/charge off" does not invalidate a debt nor does it relieve the borrower of the obligations of the original contract.. Ans . And more than that...you can expect th (MORE)

What action can a lender take after a car is repossessed against the borrower?

After the sale of the vehicle if there is a difficency balance the lender can file a judgment for the difference. Depending on the jurisdiction of the judgment the process used to try to collect on the judgment varies. First you must determine what assets the person has if any, and then that will de (MORE)

Is it illegal to drive your car if your lender wants to repossess it?

It is not YOUR car if you have not fully paid for the car or, have not been making payments. You need to either catch up on the payments or return the vehicle soon. Driving it is not so much illegal as it is borrowing trouble. A repossession will save you from paying the total price of the car shoul (MORE)

What is the catch in buying repossessed cars?

The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the (MORE)

Where can you buy repossessed cars from?

Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you (MORE)

When can a lender repossess your car?

Each lender will have different time periods they will allow before they send out an order for repossession, and their terms will usually be stated in the contract which you signed for your automobile loan. Technically, they could send out an order for repossession the moment you're declared delinqu (MORE)