I heard this morning on the Today Show that this was a good time to visit a ‘repo lot’ for a better deal on a vehicle. Problem for me is I’ve never heard of a ‘repo lot.’ Is that anything like an auto auction?
Originally posted 2009-03-26 02:37:59.
Related posts:
- Credit.help.cosigned? I cosigned with my ex on a car….He didnt pay for the car and it was repo-ed. They are now charging me for the cost of the car after they auctioned it. Th car originally cost us 16,000 we payed about 3000 on it and they auctioned it for...
- Let the Repo man come take it away? I have a 98 Chevy Lumina. 115,000 miles on it. It blew something (piston, bearing, whatever) in the Engine. Engine needs to be replaced. That’s about 2500 bux at worst…sure we could shop around and get it cheaper, but that’s not the point. It also needs all new tires,...
- Vehicle repossession in Indiana. Dealer never produced title and has resold vehicle. What is my option? OPM auto sales in Howe, IN sold me a vehicle and never produced a title within 21 days as his paperwork stated he had to by law! I refused to continue making payments until he produced a title – vehicle was repossessed last Wed. morning. I was told repo...
{ 4 comments… read them below or add one }
Look for credit union sales. Companies like TechCU and Keypoint in the bay area, (Not sure where your from and what kind of credit unions are in you area). I know they have a sale once every 2-3 months on cars that they repo back from people who can’t afford it. Keep in mind that people get a notice when their car is going to get repossessed soon so they probably don’t treat it very well in that 30 day notice. However the people selling the cars aren’t such great sales people either so better deal for you.
They absolutely exist. My brother in law manages one and the today show is right. The repo lots are busier than ever and the cars that are there, are there for a reason. They are good cars that ppl just couldn’t pay either that or they were towed from places they shouldn’t have been parked at. I drive and Audi I bought for $800 and a contour I bought for $109, both off of his lot.
However, it is not that simple. It is for me because I have an in with someone who works there. But the repo game is a complex one. What happens to the cars depends on the lenders that financed them. Some banks will only sell the repo’d via auto auction, some will only sell via silent auction amongst local dealers, some will just sell to the best offered price.
I don’t know of any repo lots that give the public access, I’m not sure if they legally can unless they have a dealers liscense too.
My advice would be to score a good deal at an auto auction. Even if you found an in at a repo lot, there can sometimes be lots of work cleaning up the title and typically you don’t run into that at the auctions.
hope this helps
Sure!! They exist. Usually ran by the city. Confiscated by the cops or whomever. It is exactly like an auction. Problem is usually you have to buy as is…not starting it or anything. And sometimes no license or key. Risky!!
And you have to have cash,
Actual repo’d cars are usually sold at an auto auction where you have to have a dealers license to bid. I have not seen one where the general public can bid.