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Old 10-19-2007, 03:33 PM
 
15 posts, read 163,881 times
Reputation: 33

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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!
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Old 10-19-2007, 05:05 PM
 
Location: MN
1,669 posts, read 5,802,056 times
Reputation: 951
Quote:
Originally Posted by LittlePumpkin View Post
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.
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Old 07-22-2008, 09:27 AM
 
11,369 posts, read 47,095,928 times
Reputation: 15460
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 .....
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Old 07-22-2008, 04:56 PM
 
8,778 posts, read 17,711,183 times
Reputation: 5262
Quote:
Originally Posted by LittlePumpkin View Post
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?
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Old 09-15-2008, 08:46 PM
 
Location: Middleton, Wisconsin
4,229 posts, read 16,200,947 times
Reputation: 2302
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.
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Old 12-07-2010, 07:01 AM
 
1 posts, read 36,330 times
Reputation: 13
what i did when visiting SA recently was to buy a bank repossessed car
from an online site ([url=http://www.mycars.co.za]Bank Repossessed Vehicles | Bank Repossessed Cars | Buy repossessed cars online[/url]). after my visit i managed to sell the vehicle for basically the same price i got it for in the first place

Last edited by pankrias; 12-07-2010 at 07:25 AM..
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Old 07-11-2011, 05:26 PM
 
1 posts, read 31,714 times
Reputation: 11
so do you have to have a dealers license to buy a repo
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Old 07-11-2011, 05:31 PM
 
Location: Earth
4,235 posts, read 22,425,765 times
Reputation: 2237
Quote:
Originally Posted by Stratford, Ct. Resident View Post
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?
He might be just looking to clean it up, change the fluids (to make them look good) and then flip it for a profit. Like what 99% of the dealers who buy them would do.
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Old 07-12-2011, 07:13 AM
 
Location: Keosauqua, Iowa
9,270 posts, read 18,249,573 times
Reputation: 12640
Quote:
Originally Posted by cool9p View Post
so do you have to have a dealers license to buy a repo
No.

I've never bought a repo, but I've inquired about a few and bid on a couple. In all of my experiences the bank gave me a bid sheet which I would fill out and return. It varies between banks whether they accept bids for a set amount of time and let the person with the best offer have it or whether they just keep it until they get an offer that they consider reasonable. Sometimes they will tell you what is owed on it and if you bid at least that amount you will probably get it, as they aren't looking to make a profit on the cars but just cover their expenses. Very seldom are the cars worth what is owed on them, though; if they were theowners would have probably sold them rather than letting them get repossessed.

Usually the quality of a repossessed car is questionable at best, but there are some exceptions. I know of one old man who went to the nursing home, he had a very nice low-mileage car that got repo'd simply because nobody thought to make the payments. And sometimes people will let a car go back to the bank because they think it's got some major problem which turns out to be very simple to fix.

Good luck!
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Old 07-12-2011, 11:47 AM
 
Location: Victoria TX
42,661 posts, read 78,535,466 times
Reputation: 36332
Quote:
Originally Posted by cool9p View Post
so do you have to have a dealers license to buy a repo
You have to have a dealers license to get into an auto auction lot, which is where most repos get sold. Just a policy of the auction houses, to keep one-time buyers from slowing down the process.
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