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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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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.
Depends where you live.
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.
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
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.
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.