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 would 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
- 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.
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at email@example.com
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will…
Some of the best cars to buy are repossessed cars. If you're in the market for a used car, someone else's financial misfortune could turn into a spectacular deal for you. Most auto loan companies try to re-sell the cars they repossess in order to recoup their losses. If they sell the car for more than is stilled owed on it, the owner will get the difference. If it's sold for less than what's owed…
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…
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…