Hyundai Elantra
Repossession
Used Car Buying
Investment Theory

Why are repossessed cars so cheap and what is wrong with them?

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2007-07-28 15:17:11
2007-07-28 15:17:11

Watch out for 'flooded' cars from down south!

They were repossessed, which means the individuals did not make payments on them. Which means they probably didn't bother with routine maintenance, such as oil changes. There is no telling what condition they are in.

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These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.


Repossessed cars are generally sold at auctions, so look out for car auctions in the local press. Make sure that you ask for a catalogue before the auction and do some research before you go to bid.


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.


Yes, they can be repossessed. This is a common trick many debtors try to pull. Switch the cars and the repo agent will never catch on is the thinking. Wrong. Finding cars is what these guys do. And, working for many of them are people called skip tracers who are very good at finding things. So you can try this, but it will only work for a short time. The car will be taken anyway, only you might lose a friend in the process.


becausae on cars it looks really cheep!


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 the whole vehicle off if it was repossessed.


If you want cheap auto parts, you would be best off going to a pick-a-part car lot. They have very cheap parts. Most cars are reposed cars, so they are in good shape.


Suzuki, as well as other brands of imported cars, are cheap because they are mostly manufactured in other countries. These countries don't have the same labor laws as we do, so the labor is cheaper resulting in the cheaper price.


The most best place to find cheap cars for anyone on a tight budget would probably be Craigslist. On Craigslist they have a price that can be negotiated and so also have make an offer.


you have to be on the same side as the cars are going so if the cars are coming at you when you are riding your on the wrong side of the road see easy hope it helped :) you have to be on the same side as the cars are going so if the cars are coming at you when you are riding your on the wrong side of the road see easy hope it helped :)No on the wrong side that way you can see oncoming traffic and nobody can hit you from the front.


Take your papers down to the dealership and discuss it. Unless they picked up the wrong car, it is likely you missed a payment or so.


because the assembly line made building the cars faster and cheaper


If you are looking for a cheap car the best place to look is a site such as Autotrader. They will provide you with cars which have already been checked over so you have nothing to worry about when making your purchase.


To find a cheap Fiat Panda one would need to go to Italy where the cars were manufactured. The cost to import one of these cars was so prohibitive that there are few, if any, in the United States.


A cheap Chevy car in the US are those from the year 2000 or below. They run for very little, because now technology has upgraded throughout the years, not a lot of people want old cars. So if you want cheap, buy old cars.


On craigslist. They have so many nice cars and trucks for a really great price!


It is possible to buy repossessed land from the bank. Most banks hold monthly auctions where they sell repossessed land, houses, cars, etc. The prices of these items are usually considerably lower than retail cost, so it is a good investment.


Hey! I was looking for cheap cars a while ago, and was having a hard time choosing. A friend told me about Truecar.com, so I compared prices there. It really helped me, and I'm hoping it'll help you too! E-bay classifieds


Hertz Rent-a-Car might interest you. They have discounts and coupons so you could rent the care of your choice for rather cheap. Visit www.hertz.com. www.cheapoair.com also rents out cars very cheap starting at $14 a day. I would suggest comparing prices between the two.


It actually depends on the age, make and model of the car was well as the mileage. There are many dealerships that have signs and advertisements for "5 cars under $5000". Cheap Toyota cars can go as low as $1000, but you have to remember, that you get what you pay for, so if you buy such a cheap car, it may have very high mileage and not be very reliable.


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 owner will have to pay. Either way, repossessed cars are often sold at considerable discounts off the Blue Book price, and knowing how to buy them can save you a lot of money. The reason repossessed cars are usually the best cars to purchase is that they were usually not involved in accidents, floods or stolen. The fact is that most repossessed cars were driven and used responsibly and reliably. If you would like to purchase reposed cars, there are a couple of ways to go about it. You can go to a few auctions and try to spot some, or you can buy access to a directory that will let you in on the newest cars that were part of a foreclosure. This way, you can jump on the crowds and can sometimes pick up a car for much less than you thought you would. Some ways to get a head start would be to call your local auction houses and get the times and dates of upcoming repossessed car auctions. Most repossessed cars are sold via auction, but you should contact local banks and ask whether they sell repossessed cars. Rather than paying the expense of an auctioneer, some small lenders choose to sell the cars themselves, either through a website or through their own on-site sale. Call local used auto dealers. Both new and used auto dealers sometimes put repossessed cars back on the lot. Ask the dealers you call whether this is the case and whether they can show you some repossessed cars in stock. Browse the local newspaper for listings of repossessed auto auctions. Many times, banks and auction houses will take out large ads in the interior of the paper or list the upcoming sales in the auctions section of the classified ads. Make sure you bring the correct form of payment to buy your car. When you call businesses that may have repossessed cars to sell, ask them what methods of payment they accept, so you'll know in advance what arrangements need to be made. Examine the car thoroughly before you make an offer to buy it. Ask for a vehicle history report. Also, be sure to check under the hood, look under the car, and inspect the interior for defects. If it's possible to take the car for a test drive before making an offer to buy it, do that to get an idea of how the car sounds and handles on the open road.


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


Convertible cars have been going out of style lately, so it may not be easy or cheap to find one, especially if you are looking for some of the original convertible cars, as parts for those are more than likely out of production.


it depends what model, but hyundai's are cheap cars so regular gas can do..i thinks its 86 or 85


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.



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