Apparently (according to the news at least) it's not only homes that are getting repoed.
How would a person go about getting a good deal on a slightly used car that has been reposessed? Or do you have to go to a dealer auction or something?
Apparently (according to the news at least) it's not only homes that are getting repoed.
How would a person go about getting a good deal on a slightly used car that has been reposessed? Or do you have to go to a dealer auction or something?
Most take Bids on emOriginally Posted by OUAndy1807
Call the banks and Credit unions and such in your area and ask em what they have
Make em an Offer .Most wont offer Ya financing on em tho . So If ya buy 1 from abc bank ya need to get your Financing from xyz bank
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I know every once in a while the bigger banks here will have an auction for cars they have had to repo. Not sure how much cheaper it ends up being. The police department will auction off cars they have in impound after a certain amount of time, but usually you have to pay your bid plus whatever the fine is the original owner of the car had to pay to get it out themselves.
My brother just bought a repo d 2005 Z71 extended cab off our credit union. Got a great deal on it and they did finance it..But Vet is right. Thats not the normal way they do it.
Bazinga
If you get a repo, I would change every bit of fluid in the car. You don't know how well or how poor the vehicle was kept. You got to think if they were in default, maintenance wasn't on their mind.
Everything progressives do is aimed at weakening democracy, capitalism and the social and cultural institutions that support those things...... They are about subjugating people and being a ruling class.
or keeping it clean. yuck.
Whenever a boy comes you should always have something baking.
my opinion is never buy a rental or repo!
The WRX I owned was a repo. The original owner first-payment defaulted on it and I got it with less than 1000 miles on it.
Used to be before interest rates got down to ridiculous levels a few years back that a lot of places would finance the repo for you at a point lower than their normal rates. Those deals have sort of gone away.
Larger banks and credit unions have started to sell the vehicles through dealerships and auction houses, as it makes compliance with federal collection laws a lot easier. If the institution sells it themselves, they have to get three reasonable bids before sale with no real clear definition of what "reasonable" means.
Anyhow, the advice that's been given in this thread is really good. Make sure you change the oil, brake fluid, etc if the vehicle is older than several months. Have a mechanic inspect it before purchase if you can. Try to figure out the history-I had one car on our repo lot where the original owner had blown his brains out inside of it.
"The choices we discern as having been made in the Constitutional Convention impose burdens on governmental proceses that often seem clumsy, inefficient, even unworkable, but those hard choices were consciously made by men who had lived under a form of government that permitted arbitrary governmental acts to go unchecked." INS v. Chadha, 462 U.S. 919 (1983) (Burger, C.J.)
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