Reposession, what happens after?

Most likely, the same as other repos, cars, houses etc. If someone were to call the lending institution, they might do a quick deal for cash with the unfortunate borrower. Otherwise, they all have a pool of contacts in the wholesale business, that they would offer it to.

If that does'nt work for them, they would send it to auction. They guy in the bank would be the best bet for info. They don't want the truck.....they want the money.


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I dont' know much, but I do know a little bit.

It all depends on where the money was borrowed from ..

Some lendors will try to sell it first, then auction it off if no buyers.

Some will take it straight to the auction

As far as timeframe, I don't think there is one. From what I know (I don't know that much on this subject) once it is repossed, someone could buy it the next day from the lender.

I am assumming you possibly have a lead on a poteintal repossed truck, if so and you knew where the lender was I would contact them and tell them you are intrested in buying it.

Lenders want to get rid of their repossed vehicle ASAP to try to cover their losses on it.

 

Yes...that would be pretty much it...........the lender has a little fella sitting behind a desk.......he now has a new file to get rid of..........that file will go off his desk to the first person with the right amount of cash............usually.......

 

I have to ask if the thread starter is in this situation or is he curious on how this goes? From what i understand, the bank or whoever you borrowed money from repos it and if they can not sell it, they send it to the auction as a last resort. Know this from the boat industry. On the other hand if a company driver quits and does not turn in the truck, the company will send someone out to get it or send a new driver to collect his new company truck.

King

 

If the bank dosen't sell it for enough money to recover what they owe and for the costs of reposession, storage and I some other fees, you still owe the ballance.

Just because the truck is gone dosen't mean the loan has been satisfied.

Each state has laws regarding how long they must hold the truck before it is sold.

 

you couldnt blame anyone but yourself at that point though