A lot of people, especially to those who had just encountered repossession, asks where do foreclosed cars go. If you are not aware about it, then let me enlighten you.
Once your car had been foreclosed and repoed, there is actually no getting back. This means no more car and no more money refunded back. If you think this is unfair, then I dare say yes. First, this was your decision to loan a car without even evaluating your capacity of payment. Second, it is your fault why did you let it foreclosed. There are lots of ways to get rid of this “repossession drama”, but once the situation happens, you just can’t smile.
Obviously, your car is taken back to the lender’s parking lot. They are being imprisoned, like a real human being. Certainly, there is a great chance of releasing them, but it maybe under the roof of someone else’s garage.
Foreclosed cars will not stay long in the lender’s place. The more they idle there, the more their prices depreciates and this means the more chances of loosing the lender’s chance to replenish their deficits. Hence the reason why auction companies are getting bombarded these days. They help the lender get back their money from those repoed cars.
If there are already enough vehicles for sale, auction companies may likely held an auction opening. Your car is then transferred there. In a matter of time, they will be sold in a very low starting price, even lower than what you really owe from the lender. If you still can’t let go of your precious car, this is your chance to get it back. All you need to do is to sign up and participate in auction bidding. However, you cannot predict what will happen next. Your may or may not get your car back.
Foreclosed cars at car auctions are very cheap. The bidding process may move rapidly and full of excitement. Yes, they may be offered in a very low rates but bear in mind, there is a great possibility that it will go higher than what you have expected.
In case you lose your car, cheer up. Lots of other cars are out there, so I guess its time to let go of your old one. There is no reason why you should pout and cry over a spilled milk when you can actually get another and is much better.