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How soon can you buy a car after a car has been repossessed?
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
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Your contract most likely states that the lender can demand payment in full at anytime. This means they can repossess the vehicle after demanding you pay it off. If you are 5 …days late, they could repossess it. There is no legal requirement for the lender to wait any amount of time before taking your vehicle.
Here is a variety of advice: If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. I wou…ld NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say. What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling.
You certainly can. Its illegal NOT to let you get your PP. There will be a charge for inventory and staorage of iy.
YES, IF you have a large D/P, any buy-here-pay-here lot will finance you.
If you are trying to buy a specific car, you can contact the bank or whoever holds the lien on the vehicle for more information. You may also start online with a free dire…ctory search for banks and other financial institutions who are selling repossessed cars. There are also other alternatives. You can go to either offline or online public auctions. Even though these auctions are attended by a high number of car dealers, you can still find very good deals, particularly since you're buying for yourself ( not to resell afterwards ). Besides public auctions, you might also consider government car auctions. They're repossessed auctions where a government contract was involved in the original purchase. They're pretty safe environments and you can save up to 90% or more by attending the right auction. Just find as many as you can in your area ( so that you increase your chances of finding one with few other bidders ) and familiarize yourself with the local rules and codes. Before bidding, always have the vehicle inspected by a mechanic and get a vehic
Answer You contact the LENDER. Very simple. Answer Have the bank /lender fax the exact amount you need to pay and tell them yo…u want the repo fees included in that number.
Contact the lender and make up all the past due payments plus the repossession fees. Answer:You can contact the lender, or you can contact the repossessing agency. If you… contact the lender, they may allow you to make a payment arrangement. Your payments may be less or could be more than you believe you owe. When the lender contracted the repossession agency, there were fees involved. These fees will be transfered to you. The lender, however, is in most cases not as aware of the fees as they should be; they are focused on the principle and interest of the original contract. If you move quickly, the repo agency has not billed the lender for these repossession fees. If the repossession company acted in a less than legal manner, you may not have to pay these fees. The most common offense is for the repo agents to make contact after 9:00 PM; this is a violation of the FDCPA (Fair Debt Collections Practices Act). If the repo agency violated any of the provisions of the Act, contact the lender and demand your vehicle be returned or you will file suit in federal court and list them as a defendant. They are as liable as the agency they contracted with, and the vehicle will have been "wrongfully repossessed." Keep in mind, the lender does not want the car; they only took the car to cover the past due amount. If they keep the car, you will still owe on the loan, and legal action is not far behind.
Answer You get into really good physical shape from all the walking..... no. Seriously, what generally happens is your vehicle will go to the repossession co…mpany's storage facility (unless the bank has told them otherwise) and you have a certain amount of time to pay the bank up to get it back (I am not going to say how long you have because I don't know what state you are in. Most states give you 10 days but I don't know about where you are). If you fail to pay the bank up in that time, the vehicle gets remarketed. Be it by auction or private sale, again depends on your state. If the vehicle nets less than what you owed, it is called a deficiency and you are still liable for it. If it nets more than you owed, it is called a surplus and the bank owes you the difference. Again, it depends on your state. I would recommend you contact your state's attorney general's office to get the specific laws for your state.
Answer Yes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down… a little. Answer Yes but why would you want too??save your money and buy a used car outright.Then there are no car payments or paying full coverage insurance.Think of the money you will save.
Repo Notify To my knowledge yes. However, you are notified once you sign that sales contract. Above all, you're the only one who knows whether or no…t you've missed payments and if you have, then it shouldn't be a huge surprise if you find your car gone one day. More Contributor Opinions In the majority of US states prior notification is not required, but in a few states the lender must send the borrower a Right To Cure notice before recovering the vehicle. The notice will state how many days the borrower has to bring the loan current. In Wisconsin a vehicle may only be repossessed by means of a replevin order.
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction…, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction.
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but m…ost of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles.
Yes, you are entitled to get your belongings out of the vehicle, but you will need to check within your state's laws to see if a company can charge you for retrieving your ite…ms.
No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossess…ed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.
No, since the car is no longer considered "your" property.
If they're mounted already, you won't be allowed to, unless yousucessfully petition the lienholder to allow it.
Each lender has their own way of disposing of a repo. Most will sale them at dealer only auctions. You can purse getting a used car dealer licenses from the state you resi…de and attending these auctions.