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Can you save money by purchasing a repossessed car?

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2015-07-15 20:50:37
2015-07-15 20:50:37
Purchasing a repossessed carMost lenders run their repo's through "dealer only" Auctions, but you there are still a lot of smaller banks and credit unions that may sell to the public for a deep discount. Jo, the odds are NOT good unless you are or have access to a mechanic. BUT, you may have bought a repo before. It depends on where and how you buy it. Most MAJOR lenders run their repos thru the auction and sell them to dealers. You dont save any money there. ** I would strongly not recommend it, my husband has been in this industry for a long time and a family member of ours works on the other end at the auction. These cars up for auction are usually not very well taken care of and most have several issues not to mention extremely disgusting when we pick them up because most people know it's up for repo. Another thing we see quite often is people intentionally sabotaging the car or gutting it before it is picked up. You can also ask dealerships, who also buy at auction, if the vehicle was bought from auction or a trade in and they must disclose that information to you.

Something else to think about- If they couldn't afford to make the payment and the car was repo'd, it is highly unlikely that they spent the money for proper maintenance.

The risk simply isn't worth the savings.

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Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.

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not if you still owe money on it


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