Where can you buy repossessed cars?
Repo cars are privately owned vehicles that have been seized either by the bank, financial institutions or the government. Reasons vary why these cars have been repossessed. It may be because the owner fails to pay for the car mortgage or the car has been used as a lien for another loan, probably a house mortgage. Either way, these cars will become a bank’s, financial institution, or government’s property.
These cars are not so much of a use to their new owners so they will be sold to the highest bidder, through auction.
Buying Repo’d Cars
Here is 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 payments.
Buying a Car for Dummies
Buying a Car for Dummies (Paperback)
by Deanna Sclar (Author)
From Library Journal
For many, the experience of buying a car is as unpleasant as a root canal, and author Sclar (Auto Repair for Dummies) provides just the right medication. A well-known consumer advocate and expert repair consultant, she presents numerous tips on first deciding whether to buy a new or used car and, the best part, the truth about auto financing. With this handy and briskly narrated advice, listeners can now feel more confident as they steer their way through negotiating a fair price, getting insurance, establishing an affordable maintenance plan, picking cherries and avoiding lemons, determining what options are really needed, and calculating how much a car actually costs. Highly informative, this guide is recommended for all public libraries.ADale Farris, Groves, TX
Copyright 1999 Reed Business Information, Inc. –This text refers to an out of print or unavailable edition of this title.
Book Description
Buying a car is never easy. Besides spending a sizeable amount of money on this investment, your liveliness probably relies on this vehicle. You need to know that your car will get you from point A to point B in a timely and safe manner—so buying a lemon is not something you can afford to do.
Buying A Car For Dummies is for you if you need to find out how to buy, sell, insure, drive, protect, or rent a vehicle. It doesn’t matter how old you are (as long as you can legally drive and have a license), this book can make your experience with cars a smooth ride.
Buying A Car For Dummies can help you save a truckload of money over the life of your vehicle as you find out all you need to know about new and used car ownership in this entertaining and informative reference guide. This dependable book covers all avenues of buying and owning a car, from negotiating a fair price to finding reliable insurance to saving money on routine servicing. You’ll stay in the driver’s seat as you discover how to:
* Calculate how much you current car really costs you
* Weigh the pros and cons of buying new or used
* Get the best trade-in, resale, or donation value for your vehicle
* Pick out a cherry and avoid lemons—expert advice for buying a reliable used car
* Determine what features and options you really need in a new car
* Get the straight scoop on financing or leasing your car
* Find an insurance policy and company you can trust
* Protect your automotive assets—from steering wheel locks to full-blown security systems
With Buying A Car For Dummies as your guide, you can park you fears, frustrations, and anxieties as you discover how to decide between buying or leasing new wheels, how to negotiate with car dealers, how to foil car thieves and carjackers, how to protect yourself in a breakdown or accident, and how to protect your automotive assets with insurance, warranties, and service contracts. Plus, the book features a list of ten great automotive Web sites for pricing information, ratings, industry news, diagnostic troubleshooting, and more.