Question:
i'm curious about how it works. Can they finance me there or do I need to go there with the financing in place? Will I really save a lot of money? Also, I'm worried that not much is known about the quality of the cars they are selling (such as does the car have a clean title) any info would really help.
Answers:
How does part ex-ing your car work with exisiting finance?
There are quite a few different kinds of auto auctions. Some are open to the public, others are dealership only, and would require you to know someone in the business to get you in.How much does a monster truck costs?
You would not be able to finance through the auction house, you'd need cash, or certified funds from your bank, in most cases.
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You *can* save a lot of money, but its best to know what you're doing extremely well. Most auctions will have rules that cars need to announce issues such as "odometer rollback" or "structural damage" or "flood damage" and such things. Auctions prices will typically reflect "wholesale" or trade-in value on most vehicles, but that can vary widely.
Again, you can find a great deal, as a lot of decent cars are sold at auction. But lack of experience can be a killer. You'd need to be able to know how much to bid on the specific vehicle you're looking for in relation to the private seller and dealer retail prices, not to mention what to look for in terms of wear and tear, damage, and such.
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I work for the leading company in the used auto industry, and we have very experienced (the training is 12 months long) people who do nothing but appraisals, auctions, and purchasing for the store. Even they get burned and miss important details, from time to time...
cash only,you need to have your financing in place ,its buy it as is ,,,,so my advice is go to a good used car dealer find the car you want make the deal and he will help you with the financing
Hey... car experts come and help plz?
You sort of answered your own question(s). Depending on the auction, you may be able to finance it right on the spot, but you are MUCH better off by pre-financing a vehicle with your own lender prior to the auction. That way you have a set limit as to how much you can bid and you will get a better rate. The auction will describe the vehicle and the title situation, i.e. clear title or branded. Avoid branded if possible as most insurance co's will not give you anything more than liability insurance for the vehicle and lenders want full coverage while the loan is still in place on the vehicle. Pre-inspection of the vehicle is always recommended. Are you going to get a "deal"? Sometimes, but usually not unless you yourself are a wholeseller. Do your homework and be cautious and smart. Set your limit and know the product you want. Don't comprimise. Turn and walk away if it is a penny over your limit, or it sounds too good to be true. If everyone else is not bidding, this will be your first clue it is not worth the trouble. Good Luck!If you are gonna go to an auction, you are purchasing vehicles that are very cheap. Usually auction payments are in cash or money order, financing is not done in most auctions and i have never seen an auction that does financing.. after u make a sale you can go to a bank and take out a loan for the purchase price of the vehicle and do it that way.. if you see a vehicle u like always make sure that you know how much u can spend and if it goes beyond what you are willing to pay then let it go.. no matter how attractive the vehicle is. Also never settle for any vehicle even if you classify it as okay.. You want to buy a vehicle that appeals to you and has a good resale value such as a honda accord or a pontiac solstice..
Hi! Great question.... This January if you have SPEEDCHANNEL on your cable subscription, you should check out the Barret Jackson Car Auction. They explain everything, and your mind will be blown as you see just how much people are willing to pay for certain cars,lol. As far as your other questions are concerned it works like this; At a REAL classy car type auction such as the above mentioned, when you get there you need to pay a bidder's fee first and register yourself in. Then you need a bank draft from your banking institute that you deal with proclaiming how much funds you have- basically this is to prove to them that you actually have the money to spend on the vehicles you are bidding on and that you are good for it. The good auction companies will inspect the cars people bring there and will turn away any "junk" after carefull inspections from bumper to bumper. And after you win your bid, you pay a percentage to the auction holder, this varies depending on how much you paid for the car you bid on. The auction is responsible for informing all bidders of title history- if there is one or not, title status, etc...NOW the important part- not all auctions are safe to go to because you never know why the cars are there. These are usually your local city vehicle auctions. Maybe the car was totalled, or a total lemon. Just remember this- buyer beware! And take someone or even pay a proffessional to go with you to look at the cars you are interested in. Hope I helped. Jeremy
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