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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 most 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.
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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.
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…ng. With a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck
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
O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own,… and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You signed a contract to make payments each and every month. Be a man of honor and do what you said you would.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report.. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).. In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.. Remember this repossession will stay on your credit for 7 years.
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.
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…edit record for 7 years. Due the recent economy no one will get you a new car loan or lease. Your best bet is save mnoney and pay cash for a used vehicle.
When is the best time to buy a car? In summary the best time to buy or trade in a car will be as below: End of Year End of Month Monday to Friday
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.
First off buying a repossessed car is a horrible idea. You are buying a car that someone could not even make payments on. Do you think they took care of this vehicle? Do… you think it was serviced regularly, the oil/filter were changed, and anything else necessary was done. More than likely the car was neglected and just driven. Unless the car as very low mileage, these cars are usually run to death. You can wear a car out in short order if you neglect it and drive it as though you know you are going to loose it. Saying that, if you insist on buying one, contact the lenders in your area and ask about their repo cars and when/where they will be sold.
Yes. But you might have a difficult time getting a loan for it. If you just go pony up for a "beater" to get around in, you shouldn't have a problem.
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.
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend …one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.
Go to a repossession auction. They are often advertised in the newspapers and on radio.
In this state buying a repossessed vehicle is no different from buying any other vehicle as far as insurance is concerned. The insurance agent checks over the car, takes pictu…res, checks the odometer, and quotes the rate just like any other used car. Of course if you have one car and you purchase a second car, your insurance goes up.
Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask fo…r the car's maintenance records from the owner, dealer or repair shop.
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.