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What is the best time to buy a car after a repossession?
When is the best time to buy a car? In summary the best time to buy or trade in a car will be as below:
End of Year
End of Month
Monday to Friday
End of Year
End of Month
Monday to Friday
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When 'that' particular vehicle holds the least real value to the consumer vis a vis cost to the manufacturer. -pay attention projected yearly gas prices -look around you for m…ode-income (not average but the amount of income made most often in that area at that time of year). A lot of oilfield money means people can afford the sticker price on that SUV -think of the utility of the vehicle vs your 'attention' to it which salespeople pick up on: not many people are thinking in investing in a convertible on the cold drive to work. But on the other hand seeing one all toasty warm and shiny through the showroom glass flips a lot of psychological switches. Moreover, they are not only 'looking' but also 'expecting' a great deal. And thus are potential buyers or your 'competition' for that single car. -pay attention to the time of year that the new models come out: manufacturers have huge investments in specific lines of cars which must be cleared of their own accounting books. A certain bulk of money must be achieved within a frame otherwise cutting into future profits. Bad sales for example, effects investor confidence and thus projected economic growth. AS well, cars sitting on a lot is like money sitting in your pocket, -losing value. And finally, the new line needs access to the market. For example, if in 2005, Chevy consumers have 2 billion dollars in disposable income that could potentially go to buying Chevy's, GM would rather have that money directed to the 2005 Chevy. This means that if the bulk of 2004's haven't been sold, GM would be competing with not only Ford and Chrysler but also itself.The best time in the winter because few people buy cars when it's cold. The salespersons are hungry for sales and will give you the best deal as long as you don't let their pushiness take over.I agree, winter and end of the month are best.You can get a good deal at the end of the month because dealers have a floor plan, which means they pay a monthly fee on each car if its still on the lot.You get a better deal at the end of the year, because no one wants to buy a last year model.But to be honest you can get a good deal any time you go to dealer. I used to work as a car salesman, so i know how all this works. Simple way to get a good deal is go to one dealer, get a number, go to another dealer tell him to do better but already drop a price a bit, like 15-20%. Then go to third and have them beat it. You have to show them that you are ready to buy so they spend time on you and give you a good real price.The absolute best time to buy a car is at the end of December, between Christmas and New Years. Salesmen/women are usually paid "end of month" bonuses, but many also get "end of year" bonuses. That could mean 2 bonuses for the salesperson, so he/she will do whatever they can to put you in a car.Buy on the last (2) weeks of the December. Who is thinking about buying a car when everyone's focus on Christmas? Trust, I did this and it worked out great. They were desperate.I think there is no specific year, it depends on the market availability. Its best buy new car when its already paced out or not hot cause you can have for a cheaper price.It depends on what deals are being offered and who you know. Any time is a good time if you can buy a car from a family member if they're a sales person of course.If you don't have a lot for a down payment, GM's 72 hours of 0% finance charges was a great time to buy a car a couple of months ago. In late August/early September the end of year models are being cleared out, so it's also a good time to buy.
Here is a variety of 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 wou…ld 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. It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling.
Answer Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rati…ng. With a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck
If you are trying to buy a specific car, you can contact the bank or whoever holds the lien on the vehicle for more information. You may also start online with a free dire…ctory search for banks and other financial institutions who are selling repossessed cars. There are also other alternatives. You can go to either offline or online public auctions. Even though these auctions are attended by a high number of car dealers, you can still find very good deals, particularly since you're buying for yourself ( not to resell afterwards ). Besides public auctions, you might also consider government car auctions. They're repossessed auctions where a government contract was involved in the original purchase. They're pretty safe environments and you can save up to 90% or more by attending the right auction. Just find as many as you can in your area ( so that you increase your chances of finding one with few other bidders ) and familiarize yourself with the local rules and codes. Before bidding, always have the vehicle inspected by a mechanic and get a vehic
I am a buyer and have been researching this question. Here are my findings and most experts, bankers, salespeople... agree: if you are not particular but want a really goo…d deal, buy last year's leftover models in early spring. Next best time is between Christmas and New Year when people are short on cash and the auto business is real slow. If you have to buy at any other time of the year, the last weekend of the month when salespeople have monthly quotas to meet and no time left. It is less expensive to buy a brand new car now, opposed to 2 or 3 years ago. Make sure to expand your search to find the car you want at the best price available!
The end of each month is a good time to buy a car because many of the lots want to get rid of their inventory. Also just before Christmas or the beginning of a new year. Just …before Christmas is slow, and the beginning of the year the new models are coming out and they want to get rid of the older ones. Pick Fridays to set up a deal on a car you may be interested in. Fridays are usually good days for most because of the weekend coming up. Even though car salesmen work hard and on commission and most weekends they still go out for drinks and have a good time ... so pick that Friday if you can. I bought a great Ford Taurus from a car dealership (1 year old and 16,000 clicks on it.) I asked the salesman when he would be going to an auction and so I went that route. You can also buy a demo car with low mileage. The salesman goes to the auction and picks out a car you have requested. I got a great deal on it doing it this way. The car was like new and I still have it (10 years now) and it purrs like a kitten with few mechanical problems. Another good choice would be to get the vehicle at a repossessed car auction yourself and cut the middle man. Of course, you'd have to go to a public auction (there are also private repossessed auto auctions for dealers only). Even one more option would be to contact a bank yourself and ask for the list of repossessed cars they have on stock before they even resell them publicly at an auction. In both cases, any time time during an economic crisis like the one we're going through is a good time to purchase on a repossessed car, since there are plenty of them in the market. No specific time actually if it is a used car. You can always check out cars classifieds online to find the model of car that you desire. Whether you are looking to buy from used car dealers, private sellers or business owners, you can always use this online cars classifieds to compare used car values and cars pricing to get the best car deal and the best value for your money.
Answer Yes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down… a little. Answer Yes but why would you want too??save your money and buy a used car outright.Then there are no car payments or paying full coverage insurance.Think of the money you will save.
Answer Unless you have a payment plan figures out with your loan company(I.E. i can pay 100 this month instead of 200) they will usually wait 90 days to proceed w…ith the repossion process.
The best time to buy a car is at the beginning of spring because it is easier to take care of when there is no snow. If you live in the south where it never snows, you can buy… it anytime during the year. when you get you income tax.
Answer . You should have taken care of this before it went this far. But as you did not, you may still have a chance to get the car back. If you hid the car to avoid repos…session, trashed the car, or lied on your credit application, you are probably out of luck. You know that they are going to sell this car to the highest bidder and you are going to be responsible for the difference in what it sells for and the balance on the loan. Your credit will also be ruined for 7 years because of this. You need to act very quickly and contact the lender and see if they will accept the back payments. You will also have to pay the repo fees and any other fees they incurred to retrieve their vehicle, you happened to be driving and paying for. Remember it is their vehicle until you pay off the loan. I will post a link you need to go to and read. Good luck..
The best time to buy is in late Fall and the Winter. Spring/Summer are peak seasons.
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.
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but m…ost of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles.
Go to a repossession auction. They are often advertised in the newspapers and on radio.
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
Each lender has their own way of disposing of a repo. Most will sale them at dealer only auctions. You can purse getting a used car dealer licenses from the state you resi…de and attending these auctions.