How do I find a repossessed horse trailer?
By
Elaine Knight
In today’s article, we will talk about: How do I find a repossessed horse trailer? We will explain what is the reasoning behind a repossessed horse trailer, where and how to find the best deals.
How do I find a repossessed horse trailer?
The simplest way to find a repossessed horse trailer is to search online for auctions in your state or to contact your local bank. These are the best two places to start if you don’t have a lot of experience in buying repossessed vehicles.
In general, the bodies that can seize horse trailers and auction them after the event could be divided into two groups: public and private. The public bodies that seize vehicles that later go up for auction are:
- Social Security: Those who get into debt with Social Security run the risk of having their vehicle seized, which can become repossessed. This body makes one or two auctions a year, which are announced on its website. To participate you must pay 25% of the appraised value of the horse trailer.
- Tax Agency: These are horse trailers that have been seized from tax debtors or people who have imported them irregularly. The negative point of these auctions is that it is done by lots, and if you want a horse trailer you will have to get the whole lot with other vehicles.
- Municipalities: Not all municipalities trade-in vehicles, but those that do auction off those that have been withdrawn due to non-payment of fines or municipal taxes. The auctions of the town councils are face-to-face.
- Courts: Vehicles and trailers that are seized by court order during legal proceedings can be auctioned. You only have to give a deposit of 5% of the value of the horse trailer to participate. These auctions are both face-to-face and online.
- Office of National Drug Control: It is less common to find horse trailers in these types of auctions than in previous ones since the vehicles are seized from traffickers and are usually high-end cars. To participate, all you have to do is provide a deposit of 5% of the value of the horse trailer.
On the other hand, we have private organizations that can seize a vehicle and auction it later. These are the banks and financial institutions. There is a contradiction in the world of banks that auction vehicles, and that is that they are the most common auctions but, at the same time, the most inaccessible.
And why is this happening? Well, because, in general, the auctions give bad publicity to the banks and they are not in charge of advertising or giving them dysfunction. They are usually aimed at sales professionals, and the best way to find out their date and place is to ask directly at the branches.
Can you sell a repossessed horse trailer?
Basically, a horse trailer is seized for non-payment of the vehicle itself (to the financial company of the brand, to the bank, to a gold purchase …) or associated amounts (fines, taxes or being included in a declaration of assets).
In the first case, a court intervenes, which is the one who orders the execution of the sentence, and the procedure is processed by the Civil Procedure Law.
In the case of debts with the Administration, the procedure is governed by the General Collection Law and does not require the intervention of a court or the execution of a sentence. It is the Administration itself that orders the seizure of the car in an order similar to that followed by the aforementioned Civil Procedure Law.
From the moment a judge orders the seizure of a horse trailer until it is executed, that is, until the so-called “vehicle seal” is ordered, time, even years, usually passes, although lately they are accelerating and they are always executed before it prescribes the crime, which amounts to four years.
Contrary to what many people think, repossessed horse trailers can be sold. Of course, to be legal, if the intention of the debtor owner is to face the “puff” with what he takes out in the transaction, that circumstance will have to be included in the contract and the buyer may not deliver the rest of the amount until he has proof of that the embargo has been lifted. Be careful with false promises. Better everything in writing, signed by both parties and in agency or notary.
If, on the other hand, the defaulter decides to sell the repossessed horse trailer to get rid of the debt and get away with it, he will be incurring a possible crime of confiscation of assets with a prison sentence of one to four years and a fine of 12 to 24 months, which translates into an amount between 720 and 288,000 dollars.
How to check the condition of a repossessed horse trailer?
Once you decide to participate in a trailer auction, you must make sure before acquiring the vehicle that you are not subject to fraud and that all the maintenance of the trailer is correct. Normally, if they are auctions like the ones we have seen before, there should be no problem, but it is always better to be aware of possible irregularities.
It is essential to check the mileage of your second-hand trailer. One of the most frequent scams in used vehicles is the tricking of the miles travelled to increase the value of the horse trailer. If you think that your trailer may have the odometer tampered with, you can guide yourself and get an idea of what it has travelled by observing the condition of the tires and other parts such as the gear lever or the upholstery.
Another frequent scam is to deliver the vehicle in perfect condition on the outside, but with damage that cannot be identified with the naked eye. For example, you may have bad steering, something that can only be verified by driving or examining the tires thoroughly. This is why, of course, a vehicle must be driven before purchasing it.
Another area that should be checked and that is not seen with the naked eye are the underside of the trailer. It is very important to ensure that the engine floor does not sag and that there is no major chafing.
The disadvantages of buying a repossessed horse trailer
As attractive as the price is, it is never recommended to buy a horse trailer in an irregular situation. This is the case, for example, of seized vehicles.
The seizure of a car is generally carried out due to non-payment, either with the bank, the financial company of the brand, or as a result of a series of associated amounts, such as amounts, fines or being included in a declaration of assets contributed to the Tax Agency.
Although it seems a bit strange, it is possible to sell repossessed vehicles. Of course, for the process to be legal it is necessary for the debtor owner to allocate the money collected from the sale to remove the garnishment.
This must be stated in the contract, and the buyer must record that he will only pay the remaining money once the lien is lifted. In the case of making the sale of a repossessed car without the subsequent payment of the debt, the seller would be committing a crime of confiscation of assets, with a penalty of pressure of 1 to 4 years in prison.
When you decide to buy a repossessed horse trailer, when you take the documentation to DMV to make the transfer, the load that the vehicle supports will be notified, and if it is in accordance, the aforementioned change of ownership will be made.
When you acquire a repossessed horse without having proof of it, the most advisable thing is to report the seller for fraud and show that you are an acquirer in good faith. To do this, do not hesitate to contact the court that ordered the aforementioned embargo directly. Another option is to settle the pending debt and add it to the claim that you order on the seller.
Therefore, to avoid problems with the purchase of horse trailers seized by the State, Social Security or banks, always try to acquire vehicles from people you trust or from a dealer!
Final thoughts
Horse trailers that are sold repossessed – it can be done – can be a good business or investment, but it is important that you are very clear about what it means to buy a horse trailer in this situation. In general, the most attractive thing is that the vehicle will have a very low price compared to the market.
Please feel free to share any thoughts or comments on the content!
Other FAQs about Horse Trailers that you may be interested in.
Do you need insurance for a horse trailer?
Is a horse trailer a recreational vehicle?
References
- The Ultimate Guide to Purchasing a Repossessed Mobile Home
- The Free List of Bank & Credit Union Repo Sales – Repossessed …
- How to find a repossessed property bargain – lovePROPERTY
