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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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Answer Depends on how the dealer buys insurance for the car. Most dealers buy insurance on a monthly basis, some don't. So for a dealer the best time would be at the… end of the month, when they are more likelly to lower the price to sell the car. Also at the end or sart of the year. This is when dealerships want to sell and fast. If you buy from a private party, then it really doesnt matter.
%DETAILS%. Answer . the finance company won't let you get your name off of it. That way they can keep you on the hook since he can't pay for it. it will hurt your credit…, but if you have a car you pay for on your credit and explain in the future what happened, you should be able to get another loan. If your name is on the title, you could possibly force the sale of the car depending on how it reads. you can also stop paying and make sure the finance company knows where the car is so they can go repossess it to sell and lower the amount that is owed. Bottom line is it will hurt your credit, but not as bad if you have your own good credit to off set it. It will deffinatly take you off the A+ list as far as lenders go, but again, not stop you from getting any car loan in the future assuming you have an auto loan you pay now..
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
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.
Depends where you live.
Under Texas law, a vehicle may be repossessed even if payment wasonly late for 10 days. This means that is payment was due on thefirst day of the month, and payment has not be…en settled on thetenth, then, vehicle will be repossessed on the eleventh.
Yes. But you might have a difficult time getting a loan for it. If you just go pony up for a "beater" to get around in, you shouldn't have a problem.
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend …one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.
Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the …lender) recovers their property from the defaulter.
I bought 6 used cars in my life, some of them just about to be scrapped and used them for 8-12 years, some are still "alive". Try to find out how many were produced and see …how many are still on the road, that is the best way to compare brands/models. Plus, chances are that you will find many cheap second-hand parts if many units are still on the road. Another approach: are you a DIY type? Buy cheap, a popular car, easy to repair. Not a handy person ? Buy a reliable brand, usually Japanese ones. They need less repairs but the parts cost more. Last but not least: be careful with the fuel consumption, calculate how much you save if your car take 2 more litres/100km or 5 more mpg. Calculate anual cost for this extra consumption, it might not be worthy to pay $1000-2000 more for a "fuel effficient" car. Which might not be as fuel efficient as advertized. In general term, some best used cars in 2015 are: a) Subaru Legacy b) Hyundai Genesis c) Mercedes Benz C Class d) Ford F-150 e) Ford Mustang f) Honda Fit
Buy here pay here lots make the decisions themselves to sell you a car or not. They typically base this on a number of factors not over looking their gut instinct. The only wa…y you will know if a particular lot will sell you a car is to contact them and ask.
After it's been repossessed once, it's not your car anymore, so... once? If it's repossessed and you're able to bring the loan current and redeem the car before it's sold s…o that you get it back, there's no limitation on the bank repossessing it again should you again fall behind. This could theoretically happen every single month of the loan, though in practice most lenders would insist that you either pay off the loan in full or give up the car on the second or at most third repossession.
it depends on how much you are going to use the car because if you just go to work and back leasing but if you are going to use it everyday then i would buy a car but it reall…y depends on what your budget is =]
The best time to buy a new car is in September or October. This is when the new line of cars come out and the dealers must make room for them and you can usually get a good d…eal on the "leftovers" of the previous year.
Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask fo…r the car's maintenance records from the owner, dealer or repair shop.
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More thank likely right before Christmas.