How Much Under Value Can A Credit Union Sell A Repossessed Vehicle?
I had a 2004 cavalier repossessed and sold to a local car dealership for $5500. The car is valued at $9000. The car dealership is now selling it for $10995, more then what I paid for it brand new. Is this fair amount to be sold for by the credit union who sold it?
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Most of the time the repossessed vehicle will be sold at an auction and you will have to pay the difference of what it sold for vs the loan balance. A seller could sell the vehicle for blue book value but they could also sell it just to take care of the unpaid balance.
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A good way is to just look at repossessed car prices and compare them to retail values.Start by viewing repossessions for sale at www.repofinder.com you find a specific vehicle compare the price at www.NADA.com
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answered 5 months ago
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