How to buy repo cars? (car loan, credit, sell, drivers)

[LittlePumpkin]

Hello everyone.. I dont know my thread belong to this forum but I just would like to know how to buy repo car? Please advice!! Thanks a lot everyone!

[moving123456]

Originally Posted by LittlePumpkin

Hello everyone.. I dont know my thread belong to this forum but I just would like to know how to buy repo car? Please advice!! Thanks a lot everyone!

Get a dealer license and go to a dealer auction.

[repo407]

Go to MrRepo.com they have alot of repo's cheap here's there # 407-656-7440

ps I bought one there so tell them that Mark Hall sent you so I can get my 200 referral fee thanks

[sunsprit]

Visit with the lenders/banks who might have a "repo" file of car loans that have defaulted. They'll tell you how much they're willing to sell a car for at that point, and are usually willing to deal. Simply go to a bank/credit union/finance co and ask to speak with the person in charge of their "repo file". Some places will even have a daily sheet listing the cars they've got available and the asked price.

Alternatively, get your dealer license ... which can have a lot of expense and insurance/bonding/location requirements ... and go to the wholesale car auctions where these cars may trade. Of course, if you're only seeking to buy a single car for yourself, this would be a prohibitive expense for the purchase, so do this only if you're looking to go into the business of actively trading cars.

Do keep in mind that when you're buying these cars, you're not buying from a car dealership with all the support and warranty that they provide. You're strictly buying a piece of merchandise from a lender, which may or may not be in good condition or roadworthy.

I had a "dealer license holder" approach me once with a scheme to use my excess parking lot space at my repair shop to "retail" a number of repo'd cars that he'd arranged with a local bank to dispose of. Foolishly, I gave him the OK to set up operations, and the next day I had 45 cars in my parking lot. Not one of them was presentable or saleable merchandise ... all were "rats" that folks had badly abused, wrecked, or just turned to junk before allowing the bank to "repo" their car. It took another couple phone calls to get the fellow to have his drivers remove all the cars from my place. Plus, there were some concerns about folks coming down to my place of business and getting abusive about "their" car being on my premises ... I didn't need the hassle for my main business. But you could have bought some cars very very cheaply during that episode .....

[Stratford, Ct. Resident]

Originally Posted by LittlePumpkin

Hello everyone.. I dont know my thread belong to this forum but I just would like to know how to buy repo car? Please advice!! Thanks a lot everyone!

Why would you want to buy a car that someone couldn't afford? Do you honestly think they worried about oil changes, maintenance, and driving it reasonably?

[JoshB]

I work at an auction the sells repo's from JP Chase and Wachovia Securities. The vehicles that come in have unreliable history and usually come in as if they were a pig pen. Very nasty. In Wisconsin you need to sell at least 12 cars a year to obtain a dealers license and it cost $500. You can get some deals though on some clean repos.