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What are the Pros and cons of repossessed cars?
5th August 2010
Thinking of buying a repossessed car. Just wondering why it isn’t more popular and why more people arnt doin it? is there a catch somewer along the way? do i get the full title of the car? is there a special tax to be paid? thanks for any answers or help!!!!
what about the web site www.gov-auctions.com, do you need a dealers licience to buy from there??
Posted in: Auction FAQ | | Comments (2)
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The majority of lenders who repossess cars sell tham at closed dealer only auctions, that’s why more people don’t do it.
there are a few small banks that sell cars off thei "invantory list" before sending them tot he auction but the reality is these cars are never inspected, repaired or serviced. They are sold exactly as the lender recieves them. Some with missing parts, some destroyed and some really nice.
A lot of the time if a person knows their car is getting towed by the repo man they will destroy it as some form of sick revenge. I’ve seen cars at the auction that don’t even have wheels and that is exactly how they are sold.
Comment by mccoyblues — August 5, 2010 @ 6:40 pm
Lots of people buy previously repossessed cars. The dealers just don’t advertise the fact that some of their cars are repos.
99% of all repos are sold at dealer only auctions. Once they are sold, they are no longer repos.
A very small number of banks & credit unions attempt to retail their cars prior to sending them to auction. They are usually priced at or above retail.
Comment by n — August 5, 2010 @ 6:40 pm