January 4, 2008, Newsletter Issue #119: Legal Protections For Car Auctions

Tip of the Week

There are very few legal protections that apply to car auctions. At most car auctions, the cars are sold "as is", which means that if you agree to pay for a car, you are stuck with it, no matter what the condition. Remember that verbal agreements with the car sellers are non-binding. Only agreements made in writing, in terms of the title of the car and its advertised descriptions, are considered legally binding. Your best defense is a good offense. Go into the car auction prepared to check each car through Carfax and to verify prices through the Kelley Blue Book and the NADA guide. In order to protect yourself, it is wise to always assume the worst -- assume that the seller is not being totally straightforward with you, and to trust your intincts.

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