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Buying at Auctions

Sneeza

By Sneeza,
in Western Australia

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Sneeza Grand Master

Sneeza

Posted
Posted

Hi

As most of you know my car was repossed because the loser I bought it off used it as colateral on another loan....REVS etc etc (no comments about "didnt you ring REVS" please)

I would like some advice on buying the car back at the auction. It will be coming up for sale in a couple a weeks and the case manager at the bank said it either goes to auction or for public tender. (most likely auction).

Does anyone know how these auctions work, what would be the best approach for me? I have heard you can ring the auctioneer prior to auction day and purchase it before it goes under the hammer... is this true?

Any advice would be greatly appreciated

oh - and if anyone in this club buys my car - I have a spear gun.... :) hahhaa

thanks everyone!!

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Pva_Glue Grand Master

Pva_Glue

Posted
Posted

well 1st ting you can do is

Find out exact information about the car: aution day and reserved prices etc..etc.

then go to auctioneer b4 the sale date register you as buyer... take cheque book so if you win you pay small deposite for the car etc...etc.

since you know the car you know how much its worth it eactly so set yourself a reserve price then all you have to is to bet on it.

I hope that helps.... with tricks of hackling and that... you can read about it on web site... just do general search.

caminperth Grand Master

caminperth

Posted
Posted

Liz - find out where it's being auctioned, ring them and put in a tender. If it's above the reserve price then you should get it. Check with the auction place when you ring them - they should be able to tell you everything.

Good luck..

IMACUL8 Veteran

IMACUL8

Posted
Posted

Sneeza

If you get the car, doest that mean you have had to pay DOUBLE for the car??????

So will will still owe the bank for the original loan u took to buy the car, plus the additional cost of getting it back...

Geez i feel for you, i hope it all works out for you.

Daniel

Sneeza Grand Master

Sneeza

Posted
  • Author
Posted

Yes I will still have my original loan - but the reserve price for the car is really low, so it wont be double.

I am trying to do a deal with the bank - but they reckon they cant let me buy it back direct from them (no auction) unless the loser gives them permission - cause its his debts. Which is phucked... always protecting the bad and not the innocent

sexzila Veteran

sexzila

Posted
Posted

Well, firs you need to know whos the auction house...

You show up around 5 times before to study the crowd...

Than get into the process.....

See how many people detail the car...during the inspection day or two earlier.......

Set your budget...lots of people don't do this than loose double in the moment...........

dont start the bid........don't over do it with high bids....

slow the bid down to 100's or 50's.............

The best is to wait to the end and jump in last if you have a good budget..............

If you want the car than thats easy..............

Above all inspection is most important......

Calculate the fees and transportation like.....towing service or get temp licence for 24hr..........

well if you want to know more PM me :thumbsup:

al

Red Sky II Rising Star

Red Sky II

Posted
Posted
I am trying to do a deal with the bank - but they reckon they cant let me buy it back direct from them (no auction) unless the loser gives them permission - cause its his debts. Which is phucked... always protecting the bad and not the innocent

Liz, the Banks usually won't do a private deal as they have a duty to get market value for the car otherwise they can face action by the original customer - market value doesn't necessarily have to be a high price though.

If you can establish market value and offer them that then they may be interested otherwise it will get too hard for them and they will auction it.

I deal with banks and auctioneers all the time (do to me being a liquidator by profession) so have had dealings with them. If you find out the who the auctioneer is PM me as I may know them (there are a few in Perth I use all the time and get on well with).

Good Luck

Al

NO_RSPECT Mentor

NO_RSPECT

Posted
Posted

yeah al we knew the market value that the auction place has set for the car and the reserve price they have advised the bank. thats the reason Liz went to see the bank privately before it went to auction.

hope you can help Al.

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