Repossession

A Repossessed Car Can Be Your Dream Deal?

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2014-03-05 14:39:05
2014-03-05 14:39:05

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.

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Related Questions



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


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.


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.


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


if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed


When a car has been repossessed the person paying the insurance should cancel it.


No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.


Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.


I have a welding machine on the truck they repossessed can they keep that?


This dream suggests that the dreamer fears the loss of something both important and practical. A car is a symbol of "getting somewhere" and "moving forward," so the threatened loss might involve the dreamer's ability to be successful. Alternatively, the dream might be a nudge to make an overdue car payment.



Yes, a car can be repossessed even if another car is in front of it. The person in charge of repossession the vehicle can call the police to help them get the car.


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.


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


The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.


If you don't make your car payments.


A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.


The only way to hide a car in Georgia if facing being repossessed is by filing chapter 13. If you have filed for chapter 13 it is legally ok to hide your car from being repossessed.


A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.


The only way you can have your car repossessed would be to not make any payments. If you have taken out a loan and have not made payments, they will take your car away.


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.


You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.



When you can't meet the payments.



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