Title shows sale at auction. Problem??
Looking at what appears to be a pretty clean 2011 Class B+. Worst I could find was two screws at the bottom of a slide with some rust, and some rust on the two bottom bolts for the awning. Relatively...
Forum Discussion
The bank may have run a repossessed vehicle through an auction to establish a legitimate valuation so they could begin the process of suing the original owner for a deficiency balance. Federal credit laws require that all repossessed merchandise be sold at "fair market value". This is to protect the person who had the item repossessed since they would be entitled to any monies collected over what was owed (including repossession, attorney, and disposal fees). It also prevents them from owing a deficiency balance larger than it should be.
It is entirely possible (and quite likely) the bank had no idea what the vehicle was worth until it ran through the auction. They probably decided to "no sale" the unit because the bids were too low and had the vehicle titled to them so they could attempt to get a higher retail value for it, thus cutting the losses.
It is entirely possible (and quite likely) the bank had no idea what the vehicle was worth until it ran through the auction. They probably decided to "no sale" the unit because the bids were too low and had the vehicle titled to them so they could attempt to get a higher retail value for it, thus cutting the losses.
