How much do repo cars go for?

Discussion in 'Community Discussion' started by Suno, Mar 13, 2012.

  1. Suno macrumors 6502

    Suno

    Joined:
    Dec 12, 2011
    #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?
     
  2. pvmacguy macrumors 65816

    pvmacguy

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    #2
    What year make and model is the car? That will give us a better idea to give you an estimate of what to expect.
     
  3. SDub90 macrumors 6502a

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    #3
    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.
     
  4. Suno thread starter macrumors 6502

    Suno

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    Dec 12, 2011
    #4
    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).
     
  5. pvmacguy macrumors 65816

    pvmacguy

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    #5
    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.
     
  6. Suno thread starter macrumors 6502

    Suno

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    #6
    Would the price be any higher if I told you it has 55k total?
     
  7. pvmacguy macrumors 65816

    pvmacguy

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    #7
    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.
     
  8. WoodNUFC macrumors 6502a

    WoodNUFC

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    #8
    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.
     
  9. einmusiker macrumors 68030

    einmusiker

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    #9
    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.
     
  10. ender land macrumors 6502a

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    #10
    KBB is also the recommended start price for negotiations, not necessarily "sale price."
     
  11. Macky-Mac macrumors 68030

    Macky-Mac

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    #11
    people buy cars at repo auctions because they want a deal......they're not interested in paying book value
     
  12. pvmacguy macrumors 65816

    pvmacguy

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    #12
    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.
     
  13. hexonxonx macrumors 601

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    Denver Colorado
    #13
    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.
     
  14. ratsg macrumors 6502

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    #14
    What is a BK?

    What is a BK?


     
  15. hexonxonx macrumors 601

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    Denver Colorado
    #15
    Bankruptcy.
     
  16. DBers, Jul 8, 2013
    Last edited: Jul 11, 2013

    DBers macrumors newbie

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    #16
    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.
     
  17. puma1552 macrumors 601

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    Nov 20, 2008
    #17
    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?
     
  18. AppleCruncher macrumors regular

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    Jun 17, 2013
    #18
    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.
     
  19. maflynn Moderator

    maflynn

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    #19
    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
     
  20. gsugolfer macrumors 6502a

    gsugolfer

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    #20
    They still lent you money that they didn't get back. Of course they're going to want you to come forward with it.
     
  21. lsisto macrumors newbie

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    Apr 17, 2014
    #21
    How much will my car sell for at auction. It was repoed, it is a 2012 rav 4 with 7000k and in good. Condition???
     
  22. yg17 macrumors G5

    yg17

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    St. Louis, MO
    #22
    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.
     
  23. lsisto macrumors newbie

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    Apr 17, 2014
  24. Southern Dad macrumors 65816

    Southern Dad

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    #24
    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.
     
  25. Synchromesh macrumors 6502a

    Synchromesh

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    SF
    #25
    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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