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What is the catch in buying repossessed cars?

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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.
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Where can you buy repossessed cars from?

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

When can your car be repossessed?

It can be reposesed the moment you miss any payment... even if only a day or two late. In practice, debtors look to your overall payment and credit history and to whether or n

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Where can you buy repossessed cars?

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

What do you do if your car is repossessed?

  Answer   Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to

What to do after a car repossession?

Car Repossession 101 Note: Do whatever you have to do to avoid your car being repossessed selling the car yourself, or if you need it, pawning possessions, getting loans from

Where is the car after repossession?

It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days

Can you still buy a car at a buy here pay here if you have two repossessed cars?

Buy here pay here lots make the decisions themselves to sell you a car or not. They typically base this on a number of factors not over looking their gut instinct. The only wa

What is the law for car repossession for a used car at a buy here pay here dealership?

  It may vary by state, but car repo (snatch and run) is against the law in Louisiana. If the repo man shows up wanting you to sign some papers, and has a cop sitting clos

Where can you get a loan to buy back your car that was repossessed?

 Answer   Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rati

How do you buy a repossessed car?

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

Can you still buy-lease a car after 2 cars repossession?

  No. Unless you go to one of the dealers that offer a little box on the dash board that requires payment to run. Total rip off. A repossessed vehicle will stay on your cr

Can you repossess your repossessed car?

you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually b