Yellow Light - In live auto actions usually yellow light means, the title is in transit, or there is some frame damage, but not enough to brand the title Ideally, when you buy at a live car auction, you'd like to have the title right there, since you are required to pay in full on the spot. Unfortunately, many titles at auctions are "in transit".
That stinks because you would like to have the title there on the spot so you can drive home in your new purchase. They expect you to pay full amount of the car, than they give to you title. Each car is usually on the live auto auction block for about a minute or two, and the bidding moves fast.
Green Light – It means everything is OK with the title during a live auto auction and you can undoubtedly bid for the auctioned car.
You need to always remember that during live auto auctions, everybody lies. They lie about how much money they have invested in the car, they lie about prior accidents, and claiming "not to my knowledge", or "the previous owner assured me the damage from the wreck was minor". They all skirt the law by hiding behind open ended statements like that, and "AS IS" documents that they make you sign, so remember, everybody lies in live auto auction, trust no one, the only person looking out for you is you.
So always remember before going to live auto auction, go with a full preparation with complete information about location of the bidding, number of auction items, about the company who is managing live auto auction process etc. and carry all legal documents with you.
The remaining 50% don't know what the heck to do, and the price ends up dropping usually 30%. The reason is that no one would like to buy a rebuilt car. Its one thing to have a quarter panel replaced or door dent removed, but a rebuilt title means something very bad happened to this car. It means the car was totaled in an accident, and then rebuilt, and the title was "branded" back to used car status again. Understamd the signals of the live auto or car auction. |
