Rocco | "Car auctions worth it there are some worth you can sell bagley of what..."
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 Q. How to get membership and buy cars from auctions? ok. i wanna get membership at this auction called "iaa", membership is $200, but i don't have a business license, which is required to join this auction site. to get a business license i need a lot with at least one car on display( i plan to resale the vehicles i buy). i don't have the resources to get a lot right now, therefore i don't know how to go about getting the business license. is there some way i can go around this. maybe by joining under someones business license like an add on to their account. can anyone help me.
i know about public auctions, but the cars their are not so great and the bidders sometimes bid higher than what the car is worth. (not all public auctions of course)
any information would help ...................thank you.
"You buy a car under my license..."
IAA mainly sells insurance cars - typically salvage title or rebuild. They do have some contracts for repos, but not many. They also take some dealer cars, but again, not many. Most of the cars at their sales are used up, damaged, rebuilt, and not a wise investment.
You are trying to shortcut a process that exists for a reason. There is a reason that IAA only sells to dealers - their cars are generally not fit for the public buyers. They will need work to make ready, and IAA will not back them to the public.
If you can find a dealer who buys there, and offer him a fee for allowing you to buy uner his license, that is an option. But very few would be willing to do this, especially if they dont know you. You buy a car under my license, sell to the public, and it is found to be unsafe - guess who gets sued? the dealer who's license you used.
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Q. I would like to know if anyone has bought a vehicle from a public auction ?if so was it worth it? i am thinking about a second car for work only thats small and good on gas want some inputs on if this is a good idea and if some one has done it .
"Cars bought at auctions..."
The first poster is right.
With that said, its a bad idea if you are looking for a reliable daily driver to go to work with. Cars bought at auctions, used public service vehicles sold at auctions, and cars sold from car rental places are best suited if you are planning to moderately modify the car for racing/recreation or hobbiysts who want to work on their weekend cruisers during the week.
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Q. Can i get a good deal at a car auction? in columbus ohio there is a car auction every saturday. it is open to the public. i am looking for a vehicle and i have heard this is the best place to go to get my money's worth. is it worth it to go to an auction? i live 2 hours away from columbus. i just dont want to go and find that i can get a better deal from craigslist or something. im basically asking if anyone has ever been to an auction open to the public.
"Car dealers who attend these auctions buy multiple cars..."
Yes, it's possible to get good deals at auctions, but you take a bit of a chance in that you can inspect the cars (if you get there early) and even start them up, but you can't drive them.
Car dealers who attend these auctions buy multiple cars, and can afford to get a lemon every now and then. But when you're only buying one car, you take your chances.
There's one catch to auctions. That is, that there are other people there looking for bargains too. These people are bidding against you, driving prices up. So you have to know when to stop so that you don't overpay.
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Q. Car impounded and i no longer wish to keep it? i recently had my car impounded for being over 6 months late on registration. honestly, the car is a piece of s-it and with the pickup towing fees and the police fees around $600; at most my car is worth $400. i called the towing service and they stated very rudely i had to sign some forms and pay $220 for the car to released to them, before they sell this in a public auction. i told the service that i did not have $220 on me and he replied that "we will work something out." do i really have to pay this since they are selling my car anyways or are they just screwing me over? i don't mind just having them sell it, i just don't want to be paying for this "release fee" even though my car is in public auction. thank you
"If the towing and storage exceed the selling price of the car..."
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Q. Would you consider buying a former police car at auction without seeing it up close beforehand? for a little more than $2k, a county near me is selling a number of former police cars on an online public auction site used by state and local agencies.
the following is an example:
year: 2003
make: ford
model: crown victoria
mileage: 114,817
vin: 2fafp71w83x169857
running condition: yes
engine: 4.6l
transmission: a4
tires: 225/60r16 good
color - white
condition: good
the prices range from 2k to 3k right now, depending on mileage. the auction closes in the next hour or two, and i won't get to the physical site of the vehicles before the auction closes.
at this price, is it worth putting down $2k for a former police car? i assume that the county has maintained the vehicles fairly well and that they are simply being retired. the pictures of the outside of the cars makes them all appear to be in decent condition and are listed as being in good condition, but there's no way to be absolutely sure.
thanks for your feedback.
"I currently drive a former police car ('98..."
I currently drive a former police car ('98). It runs very well and I haven't had any major problems with it, apart from the regular maintenance you'd have to keep up with on an older car.
My grandparents have owned three of them over the years and all have been the same deal.
They've been driven hard, but they're also well maintained, so for the price I've had good luck.
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Q. Any ways to get out of an upside down car loan? i bought a car with my wife back in 2007. we used my current car and her car as a trade in. unfortunately she had a lot of negative equity from her car that got tacked on top of the loan of our new car. our payment was $600 a month for a $15,000 car. which sounds riduculous but at the time it made sense because we were paying for it together and we were able to afford it. also both of our previous cars together were about $750 a month. so we were saving. we ended up spliting in 2008 and i was stuck with the car. i've been trying to pay $600 a month by myself for the last 2 years and i can't do it anymore. i am still very upside down in the loan. the car is worth about $13,000 and the payoff is $24,000. the damn thing will die on me probably before i even pay it off. what makes the situation worse is that i don't even need a car. i live a mile from work and i am in a very public transport friendly area. continuing to try and pay for this car is just hurting me in every aspect. it is affecting my rent, my credit cards, my phone bills, my kids, just everything. its costing me about $1000 a month including insurance and gas and to maintain it. refinancing is not an option because i don't even want it anymore. but i am stuck with it. i have considered just giving it back and dealing with the repo. yes its a very bad ding on my credit that sticks for about 7 years. but at least i will be able to live my life and i wont continue to struggle like this. i do know that when you repo that they sell it at an auction and still come after you for the difference. but i just wont pay that either. i just can't afford this thing. my only worry is that when that happens do they take you to court over the remaining balance after it gets repoed? or do they eventually just give up, write it off and give you a really bad ding on your credit? if that is the case i am actually willing to take the ding and deal with it for 7 years. at least i will be able to get back up on my feet. and who cares about not being able to finance another car for 7 years. if i am saving $1000 a month i can save up for 6 months and just buy a used car in cash. please i would like to hear opinions.
yeah alhaji abu isah auto loans doesn't sound shady at all. ha ha ha. listen guys. you're not seeming to understand. we got the car together when we were still married. now i am stuck with it by myself and i can't even afford to live. what's the worst than can happen? they take me to court and garnish my wages? so what. i'd be stuck back in the same position i am in right now, which is having to pay it off. at least if they take it then it will probably take quite awhile for everything to take effect. i can't afford this damn thing. its affecting my rent, my child support, my cc cards, everything.
"Your car will get sent to auction..."
Refinancing would not be an option because the bank will not write a new loan with that much negative equity being tacked on. Banks are not overallowing right now due to the credit crunch. So, as you mention, that's out.
Selling the car for your payoff will be impossible, unless you find that one buyer who has no idea of vehicle values.
Giving the car back to the lender (a "voluntary repo") carries the same stiff penalties as the one involving tow trucks. You WILL get hit on your credit report, and it will stick with you for 7 or more years. Your car will get sent to auction, where it will fetch pennies on the dollar. Let's say they get $8K for it... that leaves you with a balance of $16K. They will come after you for that balance. If you cannot pay this, they will take you to court and obtain a judgment against you (hint: when they present you with a bill for the balance after auction, hire an attorney THEN, assuming you're going to go the repo route). Depending on what state you live in, the judge can order wages or assets garnished to meet the debt. When you're done with this, you'll end up with a repo, a judgment, and debt against a car you no longer have. And, collection efforts and court dates have actually RISEN in the past year, showing a trend that lenders are not "giving up" and writing stuff off. Since you are so far upside-down, it actually works against you in this situation. If you only owed a few thousand, and the car went to auction, the lender might not find it worthwhile to go after the monies owed. However, they are going to go after $16K or more.
Lesson learned... rolling over negative equity to a new loan (even if it saves a few bucks at the outset) never pays off.
There is never an easy way out of negative equity. You're $11K or more in the hole, and no magic way exists to erase it. Tighten the belt.
Not meaning to be harsh, but folks come on here often asking about the quick-and-easy way out of this, and it doesn't exist. One of the main reasons we are in this pseudo-recession is because banks were allowing loans with negative equities rolled in for years, and this is the result. There are millions of folks stuck in their cars right now.
**Edit -- "You're not seeming to understand" -- What is supposed to be so difficult about your situation? Sounds like you've already decided to take the voluntary repo route, and giving up. So be it. You'll accept terrible credit for 7-plus years, and will still be out the money, even if the court system takes months or so.
But the majority of us answered your question... there is no easy way out of negative equity. What answer are you wanting to hear? Lenders are cold-hearted. They don't just let things slide.
Don't brush off everyone's advice simply because they're not telling you what you want to hear. Your question is simple to understand, your situation is simple to understand... don't treat us like we're stupid simply because there is no easy way out of your pickle.
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