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TrueDebtCollect

Junior Member
What is the name of your state (only U.S. law)? OH

Anybody know if there is a certain percentage of market value that must be gotten at a car repo auction in Ohio?

I guess I'm asking when a court will rule that the auction price is not commercially reasonable.

Thanks.
 


TrueDebtCollect

Junior Member
Have you filed a motion or otherwise asked a court to make such a ruling?
I don't want to be rude but I seriously think that is irrelevant to my question. Why would that make any difference? If I haven't filed a motion then it's 50% and if I have filed it then it's 60%? I don't believe that. Obviously I made up those numbers.
 

Some Random Guy

Senior Member
Anybody know if there is a certain percentage of market value that must be gotten at a car repo auction in Ohio?

No. They will sell the car for whatever people are willing to pay for it. Although if the highest bid does not meet their minimum price, then the seller may refuse to sell the vehicle unless the bidder coughs up some extra cash (annoying, but it happens a lot)

I would never expect that the vehicle would be sold at "retail market value". That is because the used car dealers expect to buy these vehicles and sell them at a profit.

Additionally, bidders have limited time to examine the cars and look for problems, therefore they expect that there may be some hidden problems with the vehicles requiring money to fix before the car can be sold. This further drives down the price.

A third factor affecting the price is the auction fee. Many purchasers will pay $200-400 per car in auction fees. This means that they need to buy the car $200-400 cheaper to make up for their loss.

I guess I'm asking when a court will rule that the auction price is not commercially reasonable.

Well, how does your motion in your court case address the fact that about 100 experts (used car dealers who attended the auction or attended via the Internet) determined that your car was not worth bidding any higher on?
 
The amount the car is sold for is largely irrelevant. The only requirement is that the sale itself be handled in a commercially reasonable manner. If the car sold for $1 at auction, and the auction was commercially reasonable, then you're SOL.
 

cosine

Senior Member
I don't want to be rude but I seriously think that is irrelevant to my question. Why would that make any difference? If I haven't filed a motion then it's 50% and if I have filed it then it's 60%? I don't believe that. Obviously I made up those numbers.
The question was to get more information about your situation, or to determine if this was a question about a specific situation or just a question in general. Knowing this could change the answer. Since you are getting answers, I'll just leave it at that.
 

TrueDebtCollect

Junior Member
Thanks for the answers everybody. I think I understand now.

The question was to get more information about your situation, or to determine if this was a question about a specific situation or just a question in general. Knowing this could change the answer. Since you are getting answers, I'll just leave it at that.

I'm sorry cosine, but you just aren't making any sense my man. Again, I don't want to be rude, but I do not believe that the answer changes based on whether my question is specific or general.

Thanks for trying though. :o
 

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