Auction - Has anybody manage to really buy one?

[PearlJam]

Mercedes C200 for sale by auction.

 

The offer is via email, not some sort of closed tender box, closes at 11pm!

What is there to prevent someone from communicating your bid to someone else before the auction closes?

 

 

http://www.sgcarmart.com/used_cars/info.php?ID=468489&DL=504

 

[PearlJam]

Well, I have submitted a bid for it.  Let's see how it goes.  Wonder if anyone knows who was the ex-owner.

There is a cross hung on the rear view mirror.

  Car plate ends with  ' - - - - - 75C "

[PearlJam]

It has been a week and no one has contacted me so I guess my bid was not successful.

 

I believe I have put in a fair bid which I thought was decent.  Anyway. . . 

[retiefgoosen]

http://www.sgcarmart.com/used_cars/info.php?ID=472004&DL=1400

 

the car is on the dealer's hand now.

[bbwannabe]

Very unlikely one actually...

 

Priority of bids goes to:

1. Close car dealers

2. Car dealers

3. Car rental coys

4. Big businesses

 

Most finance coy not willing to spend the time to settle loan for consumer, handle customer questions, provide lemon law coverage, and etc.

[PearlJam]

http://www.sgcarmart.com/used_cars/info.php?ID=472004&DL=1400

 

the car is on the dealer's hand now.

 

Call me sour grapes but isn't that price too high for a W204?  Depreciation of $17,876/year.  Might as well go for a W205.

[PearlJam]

Very unlikely one actually...

 

Priority of bids goes to:

1. Close car dealers

2. Car dealers

3. Car rental coys

4. Big businesses

 

Most finance coy not willing to spend the time to settle loan for consumer, handle customer questions, provide lemon law coverage, and etc.

 

Exactly my sentiments.  Is the 'auction' a fair process for the poor guy who couldn't keep up with his installment payments and got his ex-car repossessed? 

I'll bet the ex-owner will want to know if that was the best price sold because he has to pay the difference between his outstanding loan and the recovered price of his ex-car.

[Ody_2004]

Exactly my sentiments.  Is the 'auction' a fair process for the poor guy who couldn't keep up with his installment payments and got his ex-car repossessed? 

I'll bet the ex-owner will want to know if that was the best price sold because he has to pay the difference between his outstanding loan and the recovered price of his ex-car.

 

I think property fire sales is similar?

[PearlJam]

I think property fire sales is similar?

No, property auctions are proper auctions conducted by licenced auctioneers. It is very transparent.

Tenders are also transparent.

Car "auctions" I am doubtful. I am surprised nobody has brought this up to the authorities. I guess people who default on their car loans are not savvy enough or just resigned to their bad luck. I pity them. They need better protection.

[chershen]

buying cars are like buying houses… make sure is good luck one.

 

with due respect to the previous owner, whose situations may be challenging, one may not want to inherit the not so good luck.

 

but this is me, I am very "pang tan" one.

 

just saying...

 

(=

[scm]

For those who are "pang tan" type, even number plates, color, will affect the decision on whether to get that used car or not.......

[Odessus]

Everything plays a part bro.

[PearlJam]

buying cars are like buying houses… make sure is good luck one.

 

with due respect to the previous owner, whose situations may be challenging, one may not want to inherit the not so good luck.

 

but this is me, I am very "pang tan" one.

 

just saying...

 

(=

 

For me, I think bad luck or good luck cannot be transferred.

It might be bad luck for him but if the new owner buys it at a good price, immediately the new owner has gotten good luck. 

What about the guy who buys this car from the car dealer now? He might not know that this is a repossessed car.

[PearlJam]

For those who are "pang tan" type, even number plates, color, will affect the decision on whether to get that used car or not.......

 

I am pangtang but I will still buy the car albeit with a lower price.

I once considered a black car with plate 4714

I decided that if I manage to buy that car, I will change the registration number plate.

So, yes, my offer price took into account the extra cost I will have to incur to change the number and even the colour.

[PearlJam]

buying cars are like buying houses… make sure is good luck one.

 

with due respect to the previous owner, whose situations may be challenging, one may not want to inherit the not so good luck.

 

but this is me, I am very "pang tan" one.

 

just saying...

 

(=

 

Remember the story of that Chinese KTV girl who drowned in a pool in a house in Sentosa Cove?

Very pantang house, right?

Somebody bought the house at a pantang low price.

So far OK la.  But I heard there were some stories after that.

But the fact is, if the new owner were to sell it today, I think he will make some big bucks.

 

However please note that my comments are in no way trying to prove you wrong. Just sharing.

[PearlJam]

But the main gist of my post is whether the car was sold at the best price so as not to further burden the poor ex owner who defaulted on his loan.

In this instance, it might be but it is not convincing enough.

[AHYEO]

But the main gist of my post is whether the car was sold at the best price so as not to further burden the poor ex owner who defaulted on his loan.

In this instance, it might be but it is not convincing enough.

when come to auctions, the owner is at the mercy of the auctioneers, sure lugi one

You know banks who got court order to repossess those who default on payment, they will go to the owner house and paste stickers to whatever they can like TV, fridge etc...

then the karang guni will standby and bid for them at very low price,

then owner later go to karang guni man and buy back their own items at a higher price.

So far for car auction, I have not heard of individual who are successful in getting them

mostly dealers or those insiders will get them

[PearlJam]

It is the way the 'auctions' are carried out that is worrying.

If it is properly carried out, then fairness is seen by all.

 

I dont know about bank auctions but if they are carried out at the site, conducted live, in the presence of the public, then it is fair.  Anybody can bid and everybody knows what are the hammer-drop prices.

For cars, the 'auctions' are carried out by fax and email.  Who knows?  Ahem.

 

But if only insiders get lucky, then there is potentially an element of collusion but I guess people who are already in financial shit will have no more bullets to challenge.

The fact is, "The poorer you are, the more you are squeezed."

[Jesmic]

Very unlikely one actually...

 

Priority of bids goes to:

1. Close car dealers

2. Car dealers

3. Car rental coys

4. Big businesses

 

Most finance coy not willing to spend the time to settle loan for consumer, handle customer questions, provide lemon law coverage, and etc.

 

The finance co does not provide all these. They always state that the car is as it is, no warranty, cannot test drive. Some dun even allow u to view the car. And you have to pay cash and get your own insurance within 3 days of winning the bid.

[Jesmic]

It is the way the 'auctions' are carried out that is worrying.

If it is properly carried out, then fairness is seen by all.

 

I dont know about bank auctions but if they are carried out at the site, conducted live, in the presence of the public, then it is fair.  Anybody can bid and everybody knows what are the hammer-drop prices.

For cars, the 'auctions' are carried out by fax and email.  Who knows?  Ahem.

 

But if only insiders get lucky, then there is potentially an element of collusion but I guess people who are already in financial shit will have no more bullets to challenge.

The fact is, "The poorer you are, the more you are squeezed."

 

I bidded before and din get it. So yes, i also wondered.. :/

[AHYEO]

It is the way the 'auctions' are carried out that is worrying.

If it is properly carried out, then fairness is seen by all.

 

I dont know about bank auctions but if they are carried out at the site, conducted live, in the presence of the public, then it is fair.  Anybody can bid and everybody knows what are the hammer-drop prices.

For cars, the 'auctions' are carried out by fax and email.  Who knows?  Ahem.

 

But if only insiders get lucky, then there is potentially an element of collusion but I guess people who are already in financial shit will have no more bullets to challenge.

The fact is, "The poorer you are, the more you are squeezed."

You are right bro !

When you are in shit, guess the only thing you wish for is pray to heaven and hope  to quickly get over this shit.

I think open auction also got kelong one,

I've been to a luxury watch auction, some of the bidders, the price they bid is ridiculous high, can almost get new one, not to forgot still have to pay buyers premium

I think the auction house put some phantom bidders to squeeze the real bidders to push higher