Local Auto Auctions – 5 Resources for Finding Out About Car Auctions in Your Area

If you’ve decided that you want to go to a local auto auction to find a great deal on a used vehicle, the next step is to find out where these auctions are located. Below you’ll learn about five great resources that will help you find an auction in your area.

Local Newspaper Classifieds

Pick up a local newspaper and find the classifieds section. Look under the “Auctions” heading to find advertisements for local auto auctions. You might even look under the “Automotive” section as there may be auto auction advertisements listed there too.

Bulletin Boards

Many auction companies print out auction flyers with the location, date and time of nearby auctions and place them on bulletin boards in various businesses. The flyers may also list some of the vehicles that will be up for bids on the day of the sale. Write down the information that’s on the flyer, as well as the contact number if you have any questions before the day of the auction.

Internet Search Engines

The internet is a very helpful tool when looking for local auto auctions. Go to your favorite search engine and type “auto auctions” in the search box along with your city or town, and state. You’ll get several results and you may have to sift through them to find the information you’re looking for. Check the date and year of the auction listing to make sure it is current. Some websites don’t update their listings on a regular basis, so you may find some listings that are out of date.

Word Of Mouth

If you have friends, family members or acquaintances who buy their vehicles at auto auctions, ask them if they know of any local auctions that are coming up. Many people who regularly go to auctions will know where they’re being held. If you have a social media account, post your request there too and you may get several responses from others who are into the auction scene.

Government Auction Website

You can also visit a government auction website that lists all the auto auctions in every state. These sites compile the lists for you and it will save you a lot of time because you don’t have to search for them yourself. There is a one-time fee for this information, but it’s actually worth it, especially if you’re really serious about wanting to buy your vehicles at an auto auction.

By using the five resources above, you’ll be able to find legitimate public auto auctions in and around your area.

The Process of Car Repossession – Understand It So It Doesn’t Happen to You

In a perfect world, things would always go as they should.

Sometimes that’s just not the case.

If you’ve found yourself in a bind or on the verge of falling behind on your payments. The best thing to do is contact your credit card, mortgage or auto loan companies and explain your situation.

Take action

If you have a car loan, you understand the importance of paying your loan on time. If you cannot make your payments on the exact due date.

You are granted a 30-day grace period to make a payment without having this late reported to the credit bureaus.

If you don’t think you’ll be able to make a payment before the 30-day grace period ends or foresee yourself being in a bind that will last longer than 30 days, there is something you should know.

Ignoring calls from your creditor is the wrong route to go.

*While you may feel embarrassed or reluctant to contact your creditor, you are not alone. Thousands of people fall behind on their payments due to financial hardships. The person on the other end of the phone is trained to handle these types of calls and will be more than willing to help you the best way they can.

What should you do?

Most car loans have a stipulation that allows you to defer your payments for a short amount of time while you get your finances situated. Other options besides deferment might be offered such as lower payments until you can make the full payment.

Your options will depend on your specific car loan and terms agreed upon at the time of sale.

If you are currently in good standing:

Call your creditor and explain that you’ve had some setbacks and ask about your options to defer your loan payment until you can make payments. This will usually give you about 2 months to catch up.

If you are currently not in good standing(late beyond 30 days):

Call your creditor back and explain that you’ve had some setbacks and would like to make a plan to catch up on your payments or defer a future payment. Ask about your options to defer your loan payment until you can make a payment. You will usually be asked to make your account at least current up to 30 days before a deferral can be granted.

How will this help you?

Car repossession doesn’t end well for anyone. Not you and certainly not your creditor. Once a car is repossessed, it is usually sold at an auction for a fraction of the cost. This is a lose-lose situation for everyone.

While your loan is in deferment you will not be reported late to the credit bureau as you have made an agreement with the company to pay at a later date.

The downside to this, of course, is that your loan agreement will be extended and you will end up paying more interest in the long run. This is, however, a better alternative to having your vehicle taken.

When can your car be repossessed?

It all depends on the specific car loan you have in place. You are usually considered in default of your loan agreement as soon as you miss a payment.

With that being said, you are granted a 30-day grace period. Some states allow cars to be repossessed after one missed payment. The longer you take to make your payment is one step closer to having your car taken and a serious ding on your credit report.

A repossession will remain on your credit for up to 7 years and hurt your chances of obtaining other car loans in the near future. Even after a repossession, you may still owe the difference between what you owed your lender and what your car was sold for. This is called a deficiency balance. A deficiency balance is usually the norm especially if you purchased a newer vehicle.

Please note that these options are for those experiencing temporary hardships. It is not recommended for long-term foreseeable situations.