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Why are repossessed cars so cheap and what is wrong with them?
Wiki User
∙ 16y ago
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.
Wiki User
∙ 16y ago
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How can I buy Repossessed Cars from bank or title lender?
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.
Where are repossessed cars sold?
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.
What is the catch in buying repossessed cars?
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.
Can items be repossessed if no longer in debtor's possession?
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.
Do you have to pay the whole vehicle off if it is repossessed?
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.
Could you inform me about Honda parts cheap?
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.
Why are Suzuki cars so cheap?
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.
What if a car is repossessed in error?
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.
Why was the ford model A so cheap?
because the assembly line made building the cars faster and cheaper
Where can one find a cheap Fiat Panda?
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.
How can one get cheap used cars checked out before buying?
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.
What is a cheap Chevy car in the US?
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.
