Why are there so few sites selling repossessed cars online?
Despite the fact that there are so many products and services being sold online nowadays, places available to buy repossessed cars on the internet are scarce. This is mainly because it is easier to sell these vehicles in one location via an auction. Cars can be sold in a matter of minutes and payments can be exchanged immediately. There is no hassle of transporting cars to customers that selling via a website might have. There are repossessed car auctions operating in every major city in both the UK and USA so finding one isn’t hard. They also provide the opportunity for potential buyers to physically inspect the vehicle while the sellers are recouping money back for the loan on the car through a quick sale. Having said that, there are auction sites such as GAUK who are selling very successfully over the web.
My car is due to be repossessed, will I be charged to have it taken away?
When a car is repossessed the finance company will charge you any additional costs on top of the loan amount on the vehicle. This can include bailiff costs or the amount it costs them to get someone to tow the car away. Court costs and payment penalties can also be incurred. So therefore the answer to this question is yes.
After making regular payments and paying off the full loan on my car, the finance company repossessed my car without written warning after claiming that 7 months of payments had not been made on the vehicle. My bank statements prove I never missed a payment. What can I do?
The finance company has no right to repossess your vehicle in this way. Our advice would be to speak to a lawyer or visit the local Citizens Advice Bureau.
My car still has finance repayments outstanding, can a bailiff still come and repossess the car for a different debt eg. failure to pay parking fines?
Yes, even though the car still has finance, the car can be repossessed if the vehicle is in your name. When you owe money for an unrelated debt, the bailiffs will look to recover the debt they have come for by removing your assets. If one of your assets is your car then they will have the right to take this away. The unfortunate thing is that you will still have to pay back the loan on the vehicle even when it has been taken away so it is best to pay those parking fines.