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Originally Posted by benebob
Most autions sell based on a green light red light policy. Green light means the car is mechanically fine and needs nothing that isn't visual. It can be arbitrated within a few days of the sale for things like an engine miss, tranny issue, odo tampering frame damage that wasn't disclosed, misrepresentation, etc.
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Currently you have 1 hour to arbitrate a mechanical problem, overheating, slipping trans, IF the problem exceedes $400!
If its a frame damage, flood car, you have 1 week to arbitrate.
So when we bought a 70,000 mile super clean Jeep, and just over one hour away from the auction it overheated smoking the engine, WE were screwed, and had to replace the engine when it got home.
And the 96 Mustang GT with the PERFECT CAR FAX REPORT!!!
Discovered frame damage two years later when the bondo over it fell off!
Screwed again!
This stuff is offset by the dealers who spend hundreds of dollars to make the car right, and then have to take it back to the sale to pay off their floorplan debt on that car
With our floorplan you have three months to pay off the floorplan, or short term loan to buy the car.
If it does not sell in that time, for whatever reason, it has to be sold, even at a loss.
Its a vicious circle, with more than enough stress.
It is a very hard way to make a living!
So boys and girls, stay in school, get a great education, followed by a good job, live long and prosper!
