What things should I consider when buying taking part and buying a car from a Sri Lankan Auction?

[PreseaLover]

Hi Guys, have any of you taken part in leasing auctions before? I need to know the process and what happens at the time the auction starts, the things i should take into consideration when buy a car from an auction when I win the bid etc. Your input is highly appreciated. Also can we buy open book?

Edited March 5, 2021 by PreseaLover

[PreseaLover]

bump

[caesarprime]

Bump!

[ajm]

I heard its a mafia thing to be able to bid at harbor auctions ,thugs waiting on the way to the auction and turning people around with threats..

[PreseaLover]

4 hours ago, ajm said:

I heard its a mafia thing to be able to bid at harbor auctions ,thugs waiting on the way to the auction and turning people around with threats..

not not harbour auctions, im talking about seized vehicle auctions from leasing companies 

[john cooper]

Done this about 17 years back.

Guess it is still the same.

You will be buying on an AS-IS basis, with no guarantee or warranty. The company I was dealing, was a small finance company so hardly any competition.

Registered bidders get an opportunity to view the vehicles a few hours before the auction, had no chance to take them for a spin but the company use to say if it is drivable (last)

Once you have placed the winning bid you will be asked to "pay in full" (They gave us some deadlines to collect the goods)

You can't buy the car under an open book, the Leasing company will handle the transfer process for you.

hope this helps

regards,

JC

 

[PreseaLover]

1 hour ago, john cooper said:

Done this about 17 years back.

Guess it is still the same.

You will be buying on an AS-IS basis, with no guarantee or warranty. The company I was dealing, was a small finance company so hardly any competition.

Registered bidders get an opportunity to view the vehicles a few hours before the auction, had no chance to take them for a spin but the company use to say if it is drivable (last)

Once you have placed the winning bid you will be asked to "pay in full" (They gave us some deadlines to collect the goods)

You can't buy the car under an open book, the Leasing company will handle the transfer process for you.

hope this helps

regards,

JC

 

ahh great thanks mate.