How To Buy Repossessed Cars
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Repossessed vehicles, also known as repo cars, are those lenders have taken back from the registered owners. When car owners fail to make their payments on a vehicle, the lender hires a repossession company to reclaim it, sometimes without the owner's knowledge. Repossession usually occurs after an owner has missed monthly payments for an extended period and cannot resolve the problem with the lender.
Many repossessed cars are priced well under fair market value because of the negative stigma associated with the previous owner's circumstances. People who might consider buying a repo car assume that the owner's financial struggles prevented them from properly maintaining the vehicle. In some cases, an owner may have abused the vehicle as a retaliatory tactic against the lender upon learning the financial institution's intention to repossess the car. On the other hand, it is possible to find a repossessed car in excellent condition. Whichever is the case, it is vital to obtain a thorough inspection of the vehicle before purchasing it.
Some banks will make their repossessed vehicles directly available to the public. For them, this is the fastest way to get their money back on a loan that has gone bad. In this case, they accept closed offers for a period and sell the vehicle to the highest bidder.
The effort begins with identifying lenders that are selling their repo vehicles directly to the public. Also, keep in mind these vehicles are often not prepped for sale since they have been sitting in lots from the time they were repossessed. They are generally in the \"as-is\" condition, which means they may have cosmetic or mechanical issues. And the buyer typically will not even get to see the vehicle until their bid is accepted. Before bidding, be aware of the car's general market value based on make, model, year, and mileage.
Repo companies are the middlemen between the lender who has repossessed a vehicle and the buying public. A buyer can find these companies online, do a quick search of their inventory, and place a bid, all in one sitting. So, this route can be very convenient.
Buying repossessed cars can be a great way to save money. Buyers can often purchase a vehicle at a cost lower than fair market value. However, buying repo cars can be tricky, especially if you are unfamiliar with the way the repossessed car trade works, or how to find a repossessed car. You should always make sure you're covered with an affordable car insurance policy. We've put together a quick guide to help you find and buy repossessed cars safely and at minimum cost.
The repossessed car meaning is simple; when a buyer fails to make payments or defaults on a vehicle loan or lease, the lender has the authority to take back the car without the need for legal action. Lenders can repossess cars from the registered owners if the registered owners default on car payments. The LA Times reports that, depending on the laws in your state, a payment may need to be late for just a few days in order for a bank to file a levy on a car and send an order to repossess it.
For this reason, no matter which route you take to find and buy repo cars, it is crucial that you inspect the vehicles thoroughly before purchase. There is usually no test drive, warranty or guarantee on a repossessed auto and often no returns either. That means once you sign and pay, it's yours, running or not.
Sometimes your bank or credit union will allow you to look at their repo file, which lists all the cars and trucks they have repossessed and would like to sell. Often the lender just wants to recoup their losses, so you can get very good deals this way. Sometimes you can even get financing for the car directly from the lender that owns it.
If your bid is the best the lender can find, you will usually have a chance to look the car over before paying and signing the paperwork. Make sure to bring a mechanically inclined friend with you when you make the final inspection if you don't know much about cars.
These days, you can find many companies online that specialize in helping lenders get rid of their repossessed car inventory. Brandon Macomb, who has worked in repossession sales since 2003, says to look for companies that move the inventory from lender to buyer, without taking ownership. Dealers who buy repo cars and transport them prior to reselling them incur extra expenses, which will inevitably fall on the buyer.
The advantage of working with a reseller service is that these companies often keep up a standard for the condition of the cars. They may even take the initiative to clean and detail each repossessed vehicle and make sure the cars are running well before listing them for sale.
To buy a repossessed car from this kind of seller, locate the vehicle make and model you would like online, from a service you trust. Macomb advises that you avoid resellers who charge viewing fees and other upfront payments before you see the car. Make a bid at or over the minimum bid.
The types of car auctions in the market are virtually limitless, with most selling to used car dealers, not individual buyers. They include government auctions, which offer impounded cars from the police lot, along with repossessed and confiscated vehicles.
One of the disadvantages of the auction setting is that cars can be dirty and in disrepair at the time of sale. They may be full of trash, have worn tires or be completely unusable. Any problems become your responsibility once you make the deal. Also, it can be difficult to win against the pros.
You can find repossessed cars in your area and across the country with the tools and services available on the Internet. Many offer top quality vehicles like Ferraris and Hummers, as well as other items like boats, RVs and planes.
Bank repossessed cars and bank vehicle lots are a great source of good quality used/ second-hand/ pre-loved/ pre-owned vehicles - cars, motorcycles and trucks alike. In fact, a lot of these bank lots in the Philippines are such a treasure-trove that many used car dealers get their supply from the banks. They'd fix the car's issues, bring them to more accessible, high-traffic lots and then sell them for a good profit. If you're looking for a bargain car in the Philippines, then read on to know how to successfully buy used bank repossessed cars!
Here's an introduction to buying Repossessed Cars in the Philippines (Taglish)And a walkthrough of how to use Automart PH to buy repossessed auctioned cars from banks and other financial institutions. #AuomartPH
Here, the company has partnered with six (and counting) banks so that they can display thousands and thousands of cars on their online store. You can now virtually browse the units and see if any catch your fancy, all from your cellphone! Best of all, Automart.PH will never add any amount, not even a single centavo on top of the purchase price! Instead, it will only take a small commission from the seller for units sold.
Contrary to popular belief, 80% of cars that get repossessed are actually voluntarily returned and not abused. Some owners just had a reversal of fortune and so they must give up the units. If you're lucky, you can even get units with 2000km on the odometer and still pristine, but at low prices vs brand new.
When you buy repossessed cars, you deal with banks with long histories, and Automart.PH which has a long track record of helping many people buy their cars. Keep in mind though, that repossessed cars are sold as-is, where-is even though you're dealing with banks. They're not trying to cheat you, but that's just the way the cars are sold - no warranties, since they're selling it as they got it as well. That's why it's best to have a mechanic go with you to inspect the unit.
Repossessed cars mostly come from owners who took out loans from banks or financing institutions to purchase the cars. For one reason or another, they're unable or unwilling to pay their amortization and so they must return their cars to the banks - thus the banks put them in their repossessed cars inventory. Through a Philippines court order, banks are then legally able to sell the repossessed cars or used cars to another buyer.
To make life easier for you in buying repossessed cars, Automart.PH has compiled the repo car lists of different banks and institutions. Keep in mind that Automart will never add anything to the price - walang patong. No Buyer's Premium.
Some banks have two prices on their website or price list. The Floor Price is the Lowest Bid Price you are able to buy the car for, but it is still a bidding process until the auction period ends, so the highest bidder wins. A Buy Now or Selling Price ends the bidding immediately in favor of the person clicking the Buy Now Price. Of course, Buy Now or Selling prices are normally 3-7% higher than the Floor Price, but ensures that you can buy the unit. Note, not all cars have a Floor Price and/ or a Buy Now Price.
When it comes to finding repossessed car auctions, most of the major car auctions will be listed online. You can search our car auction directory to find your local auto auction locations. You may find one off repo car auctions listed in your local newspaper, or regional car magazines. Finally, check with friends and family in your local area, as they may have experience attending repo car auctions.
Repossessed auto auctions can often have a wide, unpredictable range of vehicles for auction. Some of the larger auction houses will release a list before the auction, this list will outline all the cars that are available to be bid on. Some auction houses will publish them online mixed in with their other stock, while others will withhold the details and just provide them to auction goers on the day. Typically, there will be a wide variety to choose from, it could be anything from family cars and four-wheel drives, sedans and hatchbacks to sports cars and even motorbikes. The vehicles will also vary in their condition, some will be nearly