Where in Western New York can you buy a repossessed car?
First off buying a repossessed car is a horrible idea. You are buying a car that someone could not even make payments on. Do you think they took care of this vehicle? Do you think it was serviced regularly, the oil/filter were changed, and anything else necessary was done. More than likely the car was neglected and just driven. Unless the car as very low mileage, these cars are usually run to death. You can wear a car out in short order if you neglect it and drive it as though you know you are going to loose it. Saying that, if you insist on buying one, contact the lenders in your area and ask about their repo cars and when/where they will be sold.
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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 would 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.
In most states they can repossess anytime of the day. More often they will repossess while you are at work. This way you won't see it happening, they are in a public place, an…d if you do catch it its less likely a scene could be caused. And yes of course they know where you work. You disclosed this info when you took out the loan. Even if you change jobs they will find out. Repossession companies employ specialists who do nothing but find out what you do not want known, such as employment, banking, additional property and storage locations, family connections, and their information.
YES, they are called FINANCE COMPANIES and charge HIGH interest rates. If the car is already repoed, your chances are NOT good.
In NYS how long do Banks/FCU's look for a car that needs to be repossessed? UNTIL they find it. Cars DONT fall off the face off the earth, now do they? Is the Bank or credit u…nion automtcly notified when the car is registered? In some states YES, common skip practice by lenders and repo companies is to check that. What does a bank do when they cannot find the vehicle?": IF it is WORTH finding, they dont "not find a vehicle". The Lender gets a JUDGEMENT against the debtor for the balance due on the loan in any case. They can then garnish wages, attach other property,ect. MERRY CHRISTMAS
1(ONE) DAY, not months.Read your contract.
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory …search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You can go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic
Answer . Read the contract you signed. it likely states that when in DEFAULT, the lender can repo the collateral. Default is when you dont pay a payment as agreed or any ot…her condition of the contract. No rocket science here.
Answer . \nYes, 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 lit…tle.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payments or paying full coverage insurance.Think of the money\nyou will save.
Answer . \nYou will not be able to immediately buy a new car if you are financing it because it will be difficult to get a loan. After some time has passed you should be a…ble to get financed with a higher interest rate.
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0.36 percent of cars purchased by owners acquiring loans arerepossessed in a quarter in the New York. Repossession occurs as aresult of failure of stressed borrowers to come t…o an agreementwith their debtors.
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 aucti…on, 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.
Yes, as long as they dont break anything to get to it.
Notification occurs within 24 hours, however this may be satisfied by the lender issuing notification that your vehicle is subject to repossession due to your default on the l…oan. In many cases, notification is done by next day delivery to the address where the vehicle was recovered (private residences) or to the home of record. In most New York state jurisdictions, it is necessary for repossession agents to notify law enforcement. This is as easy as contacting local dispatch and letting the operator know that a vehicle has been secured not stolen. This can also substitute for debtor notification, especially in situations of antagonistic debtors.
A "Repossessed" car is one, I would consider, to belong to the legal "LIEN HOLDER" typically a financial institution. Legally speaking they are the rightful OWNER of the vehic…le until the day it is paid off, or LIEN is SATISFIED- so after successful repossession occurs, I can imagine the goal is to sell the vehicle ASAP to recoup financial interest. However, a title must be requested from the NYS DMV which is currently 4-6 weeks from delivery. Vehicle could not be sold without a proper transfer of "ownership". Garageman's or Mechanic's Liens takes a minimum of 30 days to notify the owner via certified with a return receipt and 2 publication ads to be run. Proof of contract (contesting the contract has been broken) must be provided and all proof of actions be supported. Entire process takes 6-8 weeks MINIMUM. Sheriff or Marshal's may sell cars 30days after car has been Towed/ Impounded, they produce their own ownership documents (Marshal's Papers).