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View Full Version : Buying a Repossessed Vehicle

MikeNaked
02-27-2005, 11:15 PM
Anybody have any experience purchasing a repossessed car or other vehicle?

EV+? What is the right way to go about it?
lighterjobs
02-27-2005, 11:19 PM
be sure to go over everything on the title. oh, and test drive it.
Alobar
02-28-2005, 12:08 AM
[ QUOTE ]
Anybody have any experience purchasing a repossessed car or other vehicle?

EV+? What is the right way to go about it?

[/ QUOTE ]

I had a friend who got one, and found a [censored] load of cocaine unerneath a quater panel
Michael Davis
02-28-2005, 12:12 AM
That's awesome. The car paid for itself.

-Michael
A_C_Slater
02-28-2005, 12:13 AM
How cheap are they? Where does one go to purchase one?
MikeNaked
02-28-2005, 01:16 AM
Apparently, you can get them for around half-off the blue book value through government auctions. Just started googling it and have run into a number of cheesy sites proclaiming they would privy you to all the inside knowledge of the trade...for a low fee of course.

Still looking into it....if anyone has any more information, give it up por favor.
FatMan
02-28-2005, 08:47 AM
Spend $75 or $100 to have a mechanic go over the car to find out if anything is wrong. If they won't let you take to a mechanic to check it out, don't buy it.
Fred G Sanford
02-28-2005, 03:58 PM
[ QUOTE ]
Anybody have any experience purchasing a repossessed car or other vehicle?


[/ QUOTE ]

I have some experience in repossessing them and then selling them after that. Some dealers use this as a marketing ploy but its ridiculous. No one is going to be selling a car for less than it is worth just because of a default. How would it benefit a bank to take less for a car they have already lost money on?

Also, most of the cars I have repossessed have been treated very badly. People who don't pay for their vehicles also don't spend any money on caring for the vehicle.

FGS