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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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โˆ™ 2015-07-15 20:50:37
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Q: Can you save money by purchasing a repossessed car?
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Related Questions

How might one purchase a bank repossessed car?

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.

How can I save money while purchasing a luxury vehicle?

The best way to save money on a luxury vehicle is to buy it used. This will allow you to save money on the car buy not having to pay the new price for it.

Can I save money by buying pre-owned luxury cars?

Of course you can. You can save a lot of money buy purchasing a pre-owned luxury cars rather than a purchasing a luxury car brand new.

Benefits Of Purchasing a Used Car?

Buy purchasing a used car you can save a lot of money. For one, buying a used car is a good idea, because you will save money on insurance.The cost of insurance varies a lot depending on the make, year and model of the car, driver's experience and many other factors.But, I definitely recommend comparing insurance quotes before purchasing your used vehicle.

You can save money by purchasing a new car with a trade-in every three years or so?


Can a car be repossessed if money is owed to mechanic?


Can your car get repossessed after bankruptcy?

not if you still owe money on it

In Utah can your wages be garnished for a car that was repossessed?

You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

Can purchasing vehicles at car auctions save you both time and money?

Purchasing a vehicle at a car auction can save you time and money because you get the car cheaper and you don't have to spend hours at dealer lots. On the other hand car auctions frequently offer cars as is, with no test drive or inspection beforehand, so if you end up with a dud, it could cost you a lot more in both time and money!

Why should I purchase a new electric car?

The benefits of purchasing an electric car is that it requires no fuel, it is environmentally friendly, it requires no oil and will save you money on gas.

Can you buy another car even though is repossessed?

If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

If you LEASE a car and have it voluntarily repossessed will you still owe money on it?


Can you still owe money after your car is repossessed because of the recall?

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

Can your car be repossessed if there are children's safety seats in the vehicle?

Yes, it can be repossessed. If you owe money on a vehicle and do not have a clear title of the car - In reality, this car is not yours until the debt is paid. The car is collateral until your pay the loan off. If the car was repossessed, the personal contents like the car seat must be given back to you.

Can a car be repossessed when 1 payment is left?

As long as you owe them money they can take it.

Who pays the loan if a car is repossessed?

The one who BORROWED the money and/or the on who COSIGNED the loan.

F a car was repossessed two years ago and you put an old car that a friend had on the road can they come after that vehicle for the money still owed after auction?

No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.

What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?

How can you locate your repossessed car?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

Can they repossessed the car if you just owe the last payment?

The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.

If you put a lot of money in fixing up a car can you get the parts you installed back after it is repossessed?

NOPE, they are part of the car.

Can the lender collect the rest of the money you owe on a car that they repossessed?

In most cases, YES

Can your car be repossessed due to no registration?

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.

Can your car be repossessed if you lose your job?

No, but your car can be repossessed if you don't make the payments.

One Way to Save Gas?

One way to save money on gasoline is by purchasing an electric car. Electric cars are awesome for the lack of maintenance they require. These cars also do not require a large investment of funds. By purchasing an electric car, you will be able to keep your sanity as gas prices continue to rise. Be sure to buy an electric car for the incredible financial benefits it can offer you.