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How much do repo cars go for?

Suno

Suno

macrumors 6502
Original poster
Dec 12, 2011
252
1
I'm really hoping someone here is an expert in this field...

My car was recently repossessed and I am unable to pay it back. I have been told that my car will go up for auction and whatever is left over, if any, after being sold will be the balance I have to pay. The current balance is $10,000, so in order for me to be in the “safe” range, I need the car to sell for at least $9,000.

A quick KBB search told me the average "worth" of my car is about $12,000. I am very unfamiliar with how repo auctions work, but my guess is that cars sold at these auctions go for far less than their KBB worth price. So I guess my question is just how much less do cars go for at repo auctions?
 
What year make and model is the car? That will give us a better idea to give you an estimate of what to expect.
 
I'd say it depends on what kind of car it is... most of the cars i've bought were at an auction and I got them for almost nothing compared to their KBB value, but I've also seen cars go for around 90-95% of their KBB value.

edit: I'd expect around 70-80% of the cars value if I were to give a general percentage.
 
Oh sorry, must have slipped my mind.

The car is a 2007 Nissan Altima 2.5S model, automatic transmission, basic options (A/C, MP3, etc.) and it's in good working condition (better then fair, not quite excellent).
 
Well from what you have described and a little research expect it to go at auction for anywhere between 7,000-8,800. I guessed you were on an average of 15k miles per year and had about 75k total.
 
pvmacguy said:
Well from what you have described and a little research expect it to go at auction for anywhere between 7,000-8,800. I guessed you were on an average of 15k miles per year and had about 75k total.
Click to expand...

Would the price be any higher if I told you it has 55k total?
 
Suno said:
Would the price be any higher if I told you it has 55k total?
Click to expand...

Honestly, I doubt it. That's the range based on book values for wholesale. It just depends on the auction atmosphere as well, if there is limited interest in the car it might not even get that high.Iit is a entry level vehicle that's 5 years old with 55k miles and is out of warranty.

Only saving grace right now is the used car market is booming so there may be quite a few bidders trying to snag up the car to make a handsome profit on. Unfortunately I feel you will end up being upside down with the vehicle and still owing 2k or more after the auction.
 
pvmacguy said:
Honestly, I doubt it. That's the range based on book values for wholesale. It just depends on the auction atmosphere as well, if there is limited interest in the car it might not even get that high.Iit is a entry level vehicle that's 5 years old with 55k miles and is out of warranty.

Only saving grace right now is the used car market is booming so there may be quite a few bidders trying to snag up the car to make a handsome profit on. Unfortunately I feel you will end up being upside down with the vehicle and still owing 2k or more after the auction.
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this sounds like solid advice. I wouldn't count on your car coming near 10k at auction. Repo auctions - at least the ones I've been to - are known for getting good deals, so KBB value is really overspending.

Just my thought. Sorry.
 
that car has a fairly higher resale value being that it is a reliable vehicle and a good price for what you get. Depending on the auction atmosphere it could fetch between 8-9k, but you never really know with auctions. Sorry for your loss.
 
people buy cars at repo auctions because they want a deal......they're not interested in paying book value
 
If you take anything from the advise given its this, don't expect much at all and when it does sell if its more than you expected then be happy. Expect the worst first then see the bright side after.
 
Suno said:
I'm really hoping someone here is an expert in this field...

My car was recently repossessed and I am unable to pay it back. I have been told that my car will go up for auction and whatever is left over, if any, after being sold will be the balance I have to pay. The current balance is $10,000, so in order for me to be in the “safe” range, I need the car to sell for at least $9,000.

A quick KBB search told me the average "worth" of my car is about $12,000. I am very unfamiliar with how repo auctions work, but my guess is that cars sold at these auctions go for far less than their KBB worth price. So I guess my question is just how much less do cars go for at repo auctions?
Click to expand...

Like others said, it won't go for $9,000.

Back in 2008, I bought a new Chevy for about $16,000. Car was loaded, blue tooth/On-Star, power all, automatic. Stopped making payments after the second payment and a year after purchase, they repossessed it. I had nearly 20,000 miles on it and it sold at auction for $7,000.

As soon as I got the letter stating what it sold for, I then filed a BK so the bank couldn't try to collect any further. There got the car in August, got the letter after the sale in February and filed the BK with my tax refund.

Yes, the bank will come after you for the balance owed and you have to start thinking of a plan. If you can afford paying $2-3,000 then do that, they may accept a payment plan....or not.
 
What is a BK?

What is a BK?


hexonxonx said:
Like others said, it won't go for $9,000.

Back in 2008, I bought a new Chevy for about $16,000. Car was loaded, blue tooth/On-Star, power all, automatic. Stopped making payments after the second payment and a year after purchase, they repossessed it. I had nearly 20,000 miles on it and it sold at auction for $7,000.

As soon as I got the letter stating what it sold for, I then filed a BK so the bank couldn't try to collect any further. There got the car in August, got the letter after the sale in February and filed the BK with my tax refund.

Yes, the bank will come after you for the balance owed and you have to start thinking of a plan. If you can afford paying $2-3,000 then do that, they may accept a payment plan....or not.
Click to expand...
 
I bought repossessed car from auto auction, here's the link, it was 2 years ago so I don't remember the price but it was less than 70% of the car's value. It had a salvage title though (hail damage), that's why I got it very cheaply.
 
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Holy old thread batman, but I thought once your car was repo'd, that was it...who knew they still came after you even after taking the car back.

As far as I knew, if they repo'd the car, you were square with the bank since they took it back. I had no idea that wasn't the end of it.

Not sure what the bank can do to really collect at that point anyway, even without a bankruptcy a repo will have already destroyed your credit so what does it matter if someone doesn't pay the bank the remaining balance after the car is sold at auction?
 
Macky-Mac said:
people buy cars at repo auctions because they want a deal......they're not interested in paying book value
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Exactly.

I flip several cars a year and never pay anywhere close to book value and neither do the guys that I always see at the auctions. Auction buyers are mostly people like me looking to flip the car, not pay book on it and drive it. Remember, at the auction, you don't get to test drive it and check it all out. You are lucky if you get to start it. Many auctions you get to look at it in the yard and it has a number on it, then they auction it inside a building. They never move the car so you don't even know if it runs and drives.

Again, depends on the auction. I have yet to see one that lets you test drive it to make sure it works. This usually keeps prices down. I typically try to stay at no higher than 50% of book....maybe 60%. Only a couple vehicles will drive me to 75% higher. Mostly modified vehicles or vehicles that I already have a buyer for.
 
I think at this point the OP has his answer since the first post was back in March of 2012.

I agree with the other posters however. The mentality of the auctions for the buyers is to get the best deal and if they feel like the bidding is getting to high they move on. Its a business for them, not an emotional (for the most part) investment which could drive up the price
 
puma1552 said:
Holy old thread batman, but I thought once your car was repo'd, that was it...who knew they still came after you even after taking the car back.

As far as I knew, if they repo'd the car, you were square with the bank since they took it back. I had no idea that wasn't the end of it.

Not sure what the bank can do to really collect at that point anyway, even without a bankruptcy a repo will have already destroyed your credit so what does it matter if someone doesn't pay the bank the remaining balance after the car is sold at auction?
Click to expand...

They still lent you money that they didn't get back. Of course they're going to want you to come forward with it.
 
How much will my car sell for at auction. It was repoed, it is a 2012 rav 4 with 7000k and in good. Condition???
 
lsisto said:
How much will my car sell for at auction. It was repoed, it is a 2012 rav 4 with 7000k and in good. Condition???
Click to expand...

Go to kbb.org to get the bluebook value, then take a few thousand off of that and you might have a good guess. But no one knows for sure until it sells.
 
I hate to break this to you but most repossessed cars are sold at dealer auctions. They go for a fraction of their value. Cars bring far less at an auction because issues are hard to detect in the short time they are able to look them over. In addition, the finance company is going to assess you a repossession fee. Nothing like having to pay someone to steal your car. Repossessions never work out well for the debtor.
 
I'm actually kind of curious. Aside from the outright criminals, why the heck would you purchase a vehicle you know you can't afford? And if for some reason you actually did, why not sell it yourself to pay the debt and at least get these clowns off your back?

Personally, I'd rather set the car on fire then let them have it.
 
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