Buying a Repossessed Vehicle

MikeNaked · #1 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 · #2 02-27-2005, 11:19 PM

be sure to go over everything on the title. oh, and test drive it.

Alobar · #3 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 · #4 02-28-2005, 12:12 AM

That's awesome. The car paid for itself.

-Michael

A_C_Slater · #5 02-28-2005, 12:13 AM

How cheap are they? Where does one go to purchase one?

MikeNaked · #6 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 · #7 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 · #8 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