[GeorgiaPeach]

Hi,

My husband & I just did a voluntary repossession on our van. We owe about $8200 on it (a 2000 chev astro - loaded but with high mileage). NADA trade in value is 5400 & retail is 7550.

Today we received the notice that it would be sold at a private sale on 8/02 but we can request it be sold at a public auction.

My question is: which one is most likely in our best interest to get the highest possible price?

private or public auction?

Thanks so much,
Melinda

[aaron]

It's impossible to know in advance. It may be that the auction generates a higher sales price, or it could be lower.

[Genenco]

Hi,

My husband & I just did a voluntary repossession on our van. We owe about $8200 on it (a 2000 chev astro - loaded but with high mileage). NADA trade in value is 5400 & retail is 7550.

Today we received the notice that it would be sold at a private sale on 8/02 but we can request it be sold at a public auction.

My question is: which one is most likely in our best interest to get the highest possible price?

private or public auction?

Thanks so much,
Melinda

Private sale (At dealership) is best as they get the most money (By screwing the buyers up the wazoo!) and so will reduce the overall amount. (At auction, most vehicles go for 50-85% of real value)

Best thing? Wait and see...It can take 2-3 MONTHS before the loan company comes after you..Giving you plenty of time to see lawyers for free consults.

Auctions are bad as they don't "Spruce up" the vehicle. The delaership will go from front to back cleaning it and making it look good to all buyers.