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It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.
If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?
Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Has your name been taken off the title?
@Anonymous wrote:It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.
If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?
Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Agree, this is very very dangerous that the car is sitting there with no insurance. Has your name been taken off the title?
@Anonymous wrote:
If they don't feel that it's worth it to repo, then shouldn't they be willing to release it to us for very little? Would we need a lawyer to expedite this process?
You shouldn't need an attorney for this. I would call the bank's repo department and ask them what the status is. Ask who you can talk to to offer an amount to take it off their hands. Be prepared to emphasize the damage/repairs the vehicle has to bring it to a sellable condition. Maybe call them and offer $750 and see where that goes.
@Anonymous wrote:
@Anonymous wrote:It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.
If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?
Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Agree, this is very very dangerous that the car is sitting there with no insurance. Has your name been taken off the title?
Isn't it illegal to own a car with no insurance, at least in my state you have to pay the uninsured motorist fee to the DMV.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.
If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?
Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Agree, this is very very dangerous that the car is sitting there with no insurance. Has your name been taken off the title?
Isn't it illegal to own a car with no insurance, at least in my state you have to pay the uninsured motorist fee to the DMV.
In California, yes. Not sure what state OP is at. The car still under OPs responsibility. I don't think removing the insurance, stop making payments AND telling repo/bank to come get the cars, is enough to remove yourself from the responsability...idk.
In most states you can fill out a "de-insured" certificate to state you are not driving the vehicle and that is why there is no liability insurance