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Not technically a storage auction

Not technically a storage auction
« on: August 21, 2014, 04:53:32 PM »
Has anyone ever bought a vehicle at a lien sale from a towing company? Car got towed, owner never paid fess type of thing. What was the experience like? Were there a lot of bidders? Do the cars go for a decent (ie cheap) price or do people spend crazy money. I guess I am more interested in smaller mom and pop towing outfits doing this every once in a while, not the larger companies in LA and such that auction off several cars a week. Let me know if any of you have any experiences to share. Thanks in advance.

Offline alloro

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Re: Not technically a storage auction
« Reply #1 on: August 21, 2014, 05:11:44 PM »
I'm curious as to how one obtains a title when acquiring a car in such a way.

Offline Travis

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Re: Not technically a storage auction
« Reply #2 on: August 21, 2014, 08:19:26 PM »
I've been to a few. A lot of trash going for 75% of what it's worth. If you're a mechanic or body man, you could probably do alright. 

I'm curious as to how one obtains a title when acquiring a car in such a way.

The same as you would with a vehicle purchased at a storage unit auction. The towing company exercises a lien on the vehicle. They notify the registered & previous owners of the lien. If no one pays the storage fees, they sell the vehicle at public auction. Once sold, they give you an lien sale affidavit and other supporting documentation and you take it to your vehicle registration dept. It's pretty simple as long as they do their due diligence and complete the paperwork properly. In Texas, if you purchase a vehicle at a lien sale, you only pay tax on the amount you paid, not the standard presumptive value. 

Re: Not technically a storage auction
« Reply #3 on: August 22, 2014, 09:38:05 AM »

The same as you would with a vehicle purchased at a storage unit auction. The towing company exercises a lien on the vehicle. They notify the registered & previous owners of the lien. If no one pays the storage fees, they sell the vehicle at public auction. Once sold, they give you an lien sale affidavit and other supporting documentation and you take it to your vehicle registration dept. It's pretty simple as long as they do their due diligence and complete the paperwork properly. In Texas, if you purchase a vehicle at a lien sale, you only pay tax on the amount you paid, not the standard presumptive value.

Very similar here in CA, the DMV has explicit rules on how they are to sell it off, as long as all those rules are followed and you fill out the correct paperwork it is a really simple process. Unfortunately I called the company and the vehicle they are selling was rolled, sop no longer interested, but at least I did the research for future right? :93:


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