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  1. #1

    Sale of Reposessed Hire Car

    Good Afternoon,

    Recently my hired purchased car was repossessed by BMW. The lawyer acting on their behalf sent me a letter informing me of the following:

    1. that the car was sold at auction;
    2. the balance after sale at auction

    My questions are:

    1. is it a legal step to auction the car without informing me? at least I could have gone to the auction and bid for the car and, maybe, get it back?
    2. the balance after auction stated by the lawyer was more than 500 higher the balance after auction sent to me by BMW. Could this be possibly right?

  2. #2
    You have no right to be informed, after all it was their property until paid off

  3. #3
    : Yes of course they can, they own the car. I'm afraid they have no obligation to tell you "The car is being sold on x date at y place". You lost your rights to the car when you defaulted on payments.


    2: What was the balance before the auction, how much was car sold for? It may well be after legal fees and auction fees, the balance may well be higher.

  4. #4
    10% commission fees for sellers by an auction wouldn't be unheard of. This is what my local car auction charges:

  5. #5
    If you could afford to bid for and buy your car back outright, why did it get taken off you?

    As said, the car is theirs, they took it back, it's now nothing to do with you (except for the balance to be paid off). I'd have expected it to go into the first auction after being repossessed as there's no reason for them to want to sit on it to devalue.


 

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