Can you purchase a car that's been repossessed?
Andrea, it is NOT impossible, just VERY difficult to buy a home after a repo. MORE DP and HIGHER interest rates are common. Same with a car. You may not get exactly what you want cause the lender and seller knows you are not in the best shape financially. Balance due on the repoed car?? Well, the lender will get a judgement, ask you to pay again then get serious with the collection efforts. This includes garnishment of your wages, attachment of other valuable property you may have. Get ready to sweat for whatever you get. Good Luck
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay…
Your car was repossessed after being six months behind and then you get a call from the car dealer after two years trying to repossess the car are you still liable?
If your car has been repossessed and you have not yet filed bankruptcy can you still be eligible to get the car back after you file?
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 pictures, 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.
if it was me i would ask them to prove that the gauges were working before you bought it. and i am not sure but i think that any changes you make such as a new radio or new rims and such will stay so if you take something off i dont think u have to put it back. but i am not entirely sure. and another thing if it is getting or has already…