My SUV was auctioned off today!!

[lookingforward]

Well, today was the sheriff's auction. I owed 25K. I called this morning and asked what was the starting bid and it was 7400.00. So, I looked at the original legal listing in our newspaper and started adding up all of the fees.
Guess what the total was? 7400.00.

So they were willing to repo my SUV and auction it off for the exact amount that it cost them to repo it and auction it off. How insane is that?

I see their point, I owed them money and they can't have someone just quit paying. But really. Sell it off for the exact amount it cost them to sell it off.

Seems like there should be another option.

Anyone else have a repo story?

[PoorGrammyinBK7]

I don't (yet anyway). It would seem to me to make sense for them to be more open to the idea of re-negotiating the balance to the fair market value if the debtor would reaffirm or sign a new new loan. I think this is usually the case - that they repo it and incur costs and then sell it, for far less than what was owed, yet they won't consider lowering it for the BK debtor.

[OhioFiler]

Well, today was the sheriff's auction. I owed 25K. I called this morning and asked what was the starting bid and it was 7400.00. So, I looked at the original legal listing in our newspaper and started adding up all of the fees.
Guess what the total was? 7400.00.

So they were willing to repo my SUV and auction it off for the exact amount that it cost them to repo it and auction it off. How insane is that?

I see their point, I owed them money and they can't have someone just quit paying. But really. Sell it off for the exact amount it cost them to sell it off.

Seems like there should be another option.

Anyone else have a repo story?

Just think if word got out that if you stop making payments on a car you're upside down on the lenders will simply lower the amount you owe them. Everyone would stop paying waiting for their adjustment. The lenders must repossess.