[Frankie]

I recently bid 4000 on a car at an auction and I was the only one to bid on it, the auction ends Wednesday. The car is worth 17 or 18 thousand. is it true that the bank has the option to not sell the car even if I remain the highest bidder and win it?thanks everyone

[Ralph T]

Yes. They can reject all bids if they are unreasonable. If the bank accepts the $4000.00 bid,they can then come back and demand the balance of the debt from you. It's in the loan agreement.

[echo]

Yes they will have that option.It sounds like your bid may be close to 25% of the value of the vehicle, so it's possible that you may get it. Good luckAnd, there is no way you would be responsible for paying off someone else's loan like another answerer said.