That sounds correct Bill. I used to drop many of my repos at Southern Auto
Auction in South Windsor, CT. Only licensed dealers are able to get into the
Auctions there, so the vehicle would usually be sold at under book. The
borrower would still be responsible for any outstanding balance plus any
associated fees, such as repossession, processing and auction fees, etc... It
could still add up to a considerable amount of money. I could make anywhere
from $200 and up for each repo I did.
One scam some of the “We Finance Everyone, Buy Here, Pay Here” used car dealers
had was to put the car back on their lot and sell it to another sucker with bad
credit. Usually because of bad credit and no other reasonable choice, some
buyers were paying too much for a car on top of a high interest rate. Then, if
they got behind, my fax machine would be spitting out another repossession
order. On more than a few occasions, I repossessed the same car twice from two
different people.
Walt
http://www.Walt-n-Ingrid.Com
In article
<1ac.276e0b96.2e4256d3@cs.com>, DodgeDe@cs.com writes:
>
>
> Before you do a voluntary repossession ....... I believe they take the=20
> repossessed vehicles to the auction and sell them and then what ever is left=
> of the=20
> balance on the loan is still owed (in this case by your brother and then you=
> )=20
> Your best bet is to sell it for as much as you can get. They will get the=20
> total owed them from you one-way or another.=20
>
> Bill
> "We don't stop playing because we grow old; we grow old because we stop=20
> playing."
> -George Bernard Shaw
>
> 00 cc R/T Hemi Orange w/shacker hood
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