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 would 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 bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory …search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You can go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic
\n. \n Answer \n. \n. \nYou contact the LENDER. Very simple.\n. \n Answer . Have the bank /lender fax the exact amount you need to pay and tell them you want the …repo fees included in that number.
Answer . You get into really good physical shape from all the walking.....\nno. Seriously, what generally happens is your vehicle will go to the repossession company's stor…age 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 . \nYes, 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 lit…tle.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payments or paying full coverage insurance.Think of the money\nyou will save.
\n. \n Repo Notify \n. \nTo my knowledge yes. However, you are notified once you sign that sales contract. Above all, you're the only one who knows whether or not you'…ve missed payments and if you have, then it shouldn't be a huge surprise if you find your car gone one day.\n. \n. \n More Contributor Opinions \n. \n. \nIn 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.\n. \nIn Wisconsin a vehicle may only be repossessed by means of a replevin order.
As soon as a lender will let you borrow, or when you have the cash to pay for it. You will pay a higher interest rate, and you have to watch out for "finance here" dealers, wh…o are not licensed as lenders and often change the paperwork by filling in blank spaces after you sign.
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 aucti…on, 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.
Usually before you drive it off the dealers lot. Many policies give you automatic coverage for newly purchased vehicles for a certain number of days up to the maximum coverage… on you other vehicles. You need to read your policy and check with your agent on this matter before driving the vehicle. I have seen many car dealers tell people they are automatically covered if they have insurance and under many policies they do not have coverage. IF you drive off the lot and have an at fault accident you could be responsible for all damages and still have to pay the bank or finance company fora vehicle that is now wrecked when it could have been prevented with a phone call to your agent.
Repossessors are supposed to notify law enforcement when they repossess a car.
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 reposses…sed. 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.
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 willsale them at dealer only auctions. You can purse getting a used cardealer licenses from the state you reside and… attending theseauctions.