My car has been is a repo....

[cimaxgt]

My 2006 Black GT is a repo....

I have been following up with Chase Auto Finance to see how much the car will sell at the dealer auction. My car is a repo as of 1 month ago. My question is what price will my car be sold at.
It has 57k miles, needs new tires, body is in good condition 1-10. maybe 7...
interior is in great condition. Car runs excellent. I believe that I owe more than what the car is worth. And my thinking is that I could buy it back at the auction for a lower price.. Any suggestions as for as how the dealer auctions work.

 

[Kirby Vieira]

Dealer auctions typically have a reserve. If Chase has many cars at the auction, a Chase representative will probably be there next to the auctioneer. If the car is not bid to Chase's minimum, the representative will likely tell the auctioneer the amount it will take to purchase it, and that will be announced after the bidding stops. Chase doesn't want to leave with the car, but they will typically not sell it below a preset price which is typically somewhere in the wholesale range. You will need to work through a registered dealer and the sale will require sales tax to be paid. Like any auction, if 2 or more want it, it probably will not go cheaply, but if only one is bidding, a smart bidder will not pay more than the minimum amount acceptable to Chase :cheers

 

[cimaxgt]

Thanks for the info

What do you think the market value of the car is based on 57k miles etc. etc..
I know for a fact that Chase will take a loss. What happens if the car does not sell for their asking price. Will I be able to negotiate directly with Chase and buy it directly from them.

Kelly blue book 138k I wonder what the wholesale price is.

 

[shelbyelite]

IMHO, what you are doing is unethical.
edited by bony

 

[cimaxgt]

There is no Dirty Laundry

My credit is ruined.. yes I did Fall behind 2 monthly. My cash flow dried up. From netting 50k a month for the last 5years to losing 50k or more a month in my business for the last 6 months. I have more than 75k invested in my car not including my down payment and interest payments. I have re establish my source of income... Thank GOD.

 

[598]

removed by bony

 

[Kirby Vieira]

What do you think the market value of the car is based on 57k miles etc. etc..
I know for a fact that Chase will take a loss. What happens if the car does not sell for their asking price. Will I be able to negotiate directly with Chase and buy it directly from them.

Kelly blue book 138k I wonder what the wholesale price is.

It's unlikely Chase would knowingly sell the car to you for less than your defaulted loan balance because you are an adversary, and they will probably pursue you legally for a default judgement for the money they may eventually lose on the transaction. There are better sources than this Forum to get advice you are seeking. IMO you should speak with a registered dealer prior to the auction and/or an attorney for the answers to your questions and professional advice. Good luck. :cheers

 

[shelbyelite]

My credit is ruined.. yes I did Fall behind 2 monthly. My cash flow dried up. From netting 50k a month for the last 5years to losing 50k or more a month in my business for the last 6 months. I have more than 75k invested in my car not including my down payment and interest payments. I have re establish my source of income... Thank GOD.

removed by bony
comment: if you can answer his question, please do so...

 

[OCPETE]

removed by bony... what did this comment add?

 

[B O N Y]

Gentlemen,
Lets try to act in a civil fashion. Pretend we are all sitting having this dicussion at a Starbucks. I will NOT allow this forum to go in the direction this thread is headed.
Thank you for your expected cooperation.
God Bless America,
daniel

 

[B O N Y]

or better yet at THE ELBOW ROOM and I have a MAKERS MARK MANHATTAN in front of me...
Thanks guys ... PLEASE!

 

[shelbyelite]

I will respect the atmosphere of the forum, but I dont think I am alone here

 

[B O N Y]

I will respect the atmosphere of the forum, but I dont think I am alone here

Thank you SIR!

 

[cimaxgt]

Thanks for the reply

assuming that I don`t buy the car. What will the car possibly sell for. I know there is an enourmous amounts of repo`s. Not only My GT, ferrari`s, corvette co6, lambos, etc. etc. etc.....0

It has become more difficult to finance larger auto loan amounts even with exellent credit scores....

 

[Nardo GT]

Folks like this are the problem with th U.S. economy. They agree to pay a loan then when circumstances change they want to default on their obligation, even PROFIT from it if they can. Totally, completely wrong. I say, let 'em sink and pursue judgment to the fullest. That includes the people with "adjustable" mortgages too. If you sign and agree to it then YOU are responsible for it. We actually reward people with bad credit and continue to allow them to borrow. That is not the way I do business. I just wonder if the collateral went drastically UP in value if they would share the profit with the lender.....the same as they want the lender to share in the loss. Wait,,,,,,, I'm not wondering anymore...I know the answer.

 

[shelbyelite]

Folks like this are the problem with th U.S. economy. They agree to pay a loan then when circumstances change they want to default on their obligation, even PROFIT from it if they can. Totally, completely wrong. I say, let 'em sink and pursue judgment to the fullest. That includes the people with "adjustable" mortgages too. If you sign and agree to it then YOU are responsible for it. We actually reward people with bad credit and continue to allow them to borrow. That is not the way I do business. I just wonder if the collateral went drastically UP in value if they would share the profit with the lender.....the same as they want the lender to share in the loss. Wait,,,,,,, I'm not wondering anymore...I know the answer.

I already said this pretty much, but it got deleted. Sorry Bony... Dont shoot me! :biggrin

 

[metalman]

What' with all the hostility against this guy. Have none of you encountered financial challenges and setbacks on the path to your success? I have.

Who thinks he is going to profit? His credit is ruined, Chase is going to get a judgement for the difference even if he does buy it back. And anyway if any of us who love our GT lost it in a repossession and our financial situation turned around quickly enough to try to get it back wouldn't you try too?

This isn't a tactic to get his car cheaper. Get off your high horses and give the guy a break. He asking here on the forum because he respects the opinions of it's members.

Best of luck to you, I hope things turn around quickly!

 

[metalman]

Folks like this are the problem with th U.S. economy. They agree to pay a loan then when circumstances change they want to default on their obligation, even PROFIT from it if they can.

Do you really think he want's to default? Do you think he planned this?

 

[shelbyelite]

Do you really think he want's to default? Do you think he planned this?

I definatly feel for people in hard times. You know me metalman. I am a pretty easy going guy. I just dont buy it on this guy. He has drug me and others around several times with no end to his stories. And I still stand behind my beliefs on letting a car get repoed. If this guy was losing $50k a month, were did he get his money to drive to cabo 2 months ago. Sounds like the person holding the loan on the car more or less paid for that trip. Seems as though he should have been saving the money to make his payments. Ok, I am done ranting. I am gonna leave this subject alone now.

 

[metalman]

I definatly feel for people in hard times. You know me metalman. I am a pretty easy going guy. I just dont buy it on this guy. He has drug me and others around several times with no end to his stories. And I still stand behind my beliefs on letting a car get repoed. If this guy was losing $50k a month, were did he get his money to drive to cabo 2 months ago. Sounds like the person holding the loan on the car more or less paid for that trip. Seems as though he should have been saving the money to make his payments. Ok, I am done ranting. I am gonna leave this subject alone now.

I agree, pay your bills first. I'm leaving it alone too.