Bank Reposessed Vehicles

[Boeta]

It's almost time (actually long over due!) to upgrade my Fiancé's car and I've been thinking about where to start looking, etc.

Has anyone recently bought themselves one of these Bank Repo cars? What is the setup like, is it always just on auction or can you ask them for a list of available cars and then take over the installments of the chosen car/maybe negotiate?

I would think this is a good time to look into something like this with so many unfortunate people not being able to afford payments, loosing jobs, etc. What are the pittfalls of going this route and what should one be cautious of?

I worked for one of the large banks repo centre for a few years

What I have seen is , The owner knows up front that the car is going to be repo'd. the bank doesnt repo a car after the first month you did not pay , it is more like 6 months of non payment that they repo the car.

Now in this 6 months the current owner doesn care about the car , skips services , drive it like a rental. I have even seen them renting out the car.

This is not always the case but I assure you its most cases.

With that said , I have seen guys buy nice bargains as well .
Depends what you know about what you buying

[LS d2]

Boeta
i'd say it's a very good place to go look for bargains, i've seen some great buys through a friend who's involved in one of the big bank's auctions but unfortunately the only way is to get the list and bid on auction day(at least for this particular institution).......you can however view them beforehand

also take Rocky's advice and check it out properly and if you know cars a little you'll spot the difference between a buy and a DON'T BUY

good luck and keep us posted

[moz fan]

boeta I got some contacts in the liquidating business....what are you looking for?

PM me.

[Imvubu]

AFAIK, most auction houses will let you start a vehicle, but you can't take it for a test drive. With sales the way they are at the moment, you might find a second hand bargain for the same sort of money you'd pay on auction. Attend a few first without bidding to get the feel for it.