Can you buy another car after a repossession?
Yes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little. Answer Yes but why would you want too??save your money and buy a used car outright.Then there are no car payments or paying full coverage insurance.Think of the money you will save.
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Simple. Ask to see the title. If it has the name of the person selling it, he/she has full ownership. If it has a bank name or another name on it, or they cannot produce the title don't touch it.
Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got …pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. . Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say . . What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. . It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. . It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. . Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling. (MORE)
Anon, It depends on how much you put as down payment and how HIGH an interest rate you are willing to pay. There are SUB PRIME lenders in every market waiting for you. Good Luck
Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.
Nancy, you can buy one as soon as you find someone to finance you. You will probably pay a higher interest rate and need a bigger down payment,but the choice is yours. Good Luck
IF you know which lender to report them to, you can. Doing so is really a GOOD idea because we ALL have to pay so the deadbeats can try to ride for free. Reporting them SAVES them(the debtor) money in the long run cause the lender doesnt have to pay to find them. Some people just dont know when to s…ay" I CANT make these notes". Its a combo of pride and desperation??? (MORE)
Sure, you can. The entire sub-prime lending market is waitingfor you. Max legal interest rate, higher DP, its all about you. TheOCC bulletin 2001-6 says: . "The term "subprime" refers to the credit characteristics ofindividual borrowers. Subprime borrowers typically have weakenedcredit histories th…at include payment delinquencies, and possiblymore severe problems such as charge-offs, judgments, andbankruptcies. They may also display reduced repayment capacity asmeasured by credit scores, debt-to-income ratios, or other criteriathat may encompass borrowers with incomplete credit histories.Subprime loans are loans to borrowers displaying one or more ofthese characteristics at the time of origination or purchase. Suchloans have a higher risk of default than loans to primeborrowers. (MORE)
Some do, some dont. I dont. They are not supposed to but that doesn't mean won't
IF you mean a car that is being searched for by the lender, YES. You sure can RISK spending the money one day for ins. and watching it be towed away the next. Its your gamble.. If you just want insurance to drive any car, I once read that you can get insurance without a car. Ask an insurance agent.… (MORE)
How long after your car is repossessed can you get finacing for another vehicle without a large down payment or going to a buy here pay here place?
This question can not be answered in months, days and hours, it depends on several things. How much do you consider LARGE,ect. how well you do at rebuilding your credit rating, how well you know the loan officer. Could be 6 months or 6 years.
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca…n go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic (MORE)
Answer . \nNo. That would not only result in a breach of peace charge, but probably trespass and tampering with private property as well.
O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own, and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You …signed a contract to make payments each and every month. Be a man of honor and do what you said you would.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report.. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).. In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.. Remember this repossession will stay on your credit for 7 years. (MORE)
When there are multiple liens on a car, it is possible for eitherlien holder to repossess it. However, one lien holder is normallyin the first position and the other one is in the second position.The one with his name on the title is normally the one in the firstposition and is the one who gets paid… first when a car isrepossessed, no matter who does the actual repossession. (MORE)
Answer . Where are you located? I know a guy who can do it. Email him at SWRYuma@hotmail.com
Answer . It depends on three things...1) How long ago was the repo? 2) What is your credit score like now? 3) Do you pay your bills on time? Dealers work with several lenders who will finance people in your situation although the interest rate on your loan will most likely be higher than someone… without a repo on their credit. (MORE)
If a car that is to be repossessed in Missouri has a mechanics lien on it what can happen to the person who was supposed to be buying the car?
Answer . \nYou don't have clear title to it so don't buy it till this mess is cleared up otherwise your money will be lost.
Answer . Yes. Answer . As long as they do no damage to it and put it back, it is legal. Per U.C.C.
No. Unless you go to one of the dealers that offer a little box on the dash board that requires payment to run. Total rip off. A repossessed vehicle will stay on your credit record for 7 years. Due the recent economy no one will get you a new car loan or lease. Your best bet is save mnoney and pay c…ash for a used vehicle. (MORE)
Answer . \nYou will not be able to immediately buy a new car if you are financing it because it will be difficult to get a loan. After some time has passed you should be able to get financed with a higher interest rate.
When is the best time to buy a car? In summary the best time to buy or trade in a car will be as below: End of Year End of Month Monday to Friday
It usually depends on a used car companys policy but most will go ahead and let you apply on line for another vehicle right away.
Sometimes a friendly dealer will pay off the other car that you still owe on and take it in trade. If not, you have to make payments on both until they're both paid off. If the dealer takes your other vehicle in trade at a price less than you owe, you are responsible for paying the balance of the pr…incipal. If you want to buy an economy car and you now have a big SUV that the dealer doesn't want to take in trade, you have my sympathy. In that case, you have to try to sell the vehicle yourself that you don't want anymore at the best price you can get for it. Again, if it's less than your payoff balance, you must pay for your new car plus the remaining balance of the old one. (MORE)
You can buy a car right after your car has been repossessed. Itwill however, depend on whether your credit is stable enough toqualify or if you have the cash to pay out of pocket.
Well let's look at this from a logical standpoint. You undoubtedly made a very poor decision on the last car you purchased or you would not have lost it to repossession. You bought way more car than you could actually pay for. Also remember that if this car was repossessed recently, you are going to… have to pay. The lender will sell the car. You will then be responsible for the difference in what the car brings when sold, and the balance on the loan. You may also have to pay the lender's repossession fees. If you have already settled all this and know there is nothing more you owe on this vehicle, then yes you probably should buy a car if you need one. Question is what sort of car. Purchase a car you can pay cash for . The worst thing you can do is go right back in debt for another car. Your credit will be horrible and the loan rate will be high. Buy a car that is mechanically sound and can get you from point A to point B safely. You can buy a decent car that fits that bill, for around $1,000 if you spend the time looking. A private seller would be a good place to look. Look for a car they are asking $1,500 or less. Sellers will always come down. Just be sure to have the car looked at by someone who can spot a car you should not buy. It may be what is called a beater and may not look so good but it will be yours free and clear. You can sleep good at night knowing you owe nothing on this car. Credit is what you go you into trouble, so don't make the same mistake twice. Learn something from your mistakes. (MORE)
First off buying a repossessed car is a horrible idea. You are buying a car that someone could not even make payments on. Do you think they took care of this vehicle? Do you think it was serviced regularly, the oil/filter were changed, and anything else necessary was done. More than likely the car w…as neglected and just driven. Unless the car as very low mileage, these cars are usually run to death. You can wear a car out in short order if you neglect it and drive it as though you know you are going to loose it. Saying that, if you insist on buying one, contact the lenders in your area and ask about their repo cars and when/where they will be sold. (MORE)
Yes. But you might have a difficult time getting a loan for it. If you just go pony up for a "beater" to get around in, you shouldn't have a problem.
Yes, a car can be repossessed even if another car is in front ofit. The person in charge of repossession the vehicle can call thepolice to help them get the car.
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the… fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction. (MORE)
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you… view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles. (MORE)
It may vary by state, but car repo (snatch and run) is against the law in Louisiana. If the repo man shows up wanting you to sign some papers, and has a cop sitting close by, don't worry. By law, if you don't sign that piece of paper, they cannot take your car. (The cop and repo guy are friends, or …just got a kick back.) But it's easier to do that than go to court and end up paying the court fees also. (MORE)
You do have a grace period, if it is agreed upon by you and the seller, to return the purchased auto if you are not happy. At least that has been my experience in my own purchases. I have never immediately traded "it" in for another.. I am sure, should you find a willing salesperson, such a transac…tion may take place.. "Money talks and Suckers walk." (MORE)
You had a car repossessed you have now just finished paying for another car but the bank is refusing to give you the car title till you pay the old repossessed car can they do this?
\nThere may be more to it. Call the banks legal department and ask them for cause.
Yes, if you have the money you can buy it. If you are searching for a car loan, you may have some difficulty in that. Paying cash, no problem.
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate…. Check on the local regulations and restrictions on the auto auctions in your area. (MORE)
Even though it is a buy here pay here dealer it is in the contract you signed. You dont pay they will take your car and you WILL have to pay the late payments on top of the repo cost before you get your car returned.
yes if you can find someone that will finance it for you... good luck look for places that don't do credit checks
Not as such. The bank can assess your property and sue you for the amount left over after the sale of your repossed automobile. If you owe less than the car is worth(in the case of the non repo'd car) the court can force you to sell it and surrender the equity from the sale. If that car is your on…ly car left, some states will consider this primary transportation, and not allow it, however. (MORE)
in this case, dont worry what the law says, regardless. look at it like this, if you were out driving, and at the red light you were carjacked, and 2 weeks later you went with a few friends across a few state lines, then out of nowhere you saw your car parked, would you as the rightful owner of th…e car jump in it and go? or are you going to wait for the police? fact is: as a repo guy paid to act on behalf of the owner (in this case, the dealer), you will jump in, sit down, and drive off, no excuse... yes, you can be repoed out of state... (MORE)
Yes, but it might have to be a place that carries their own paper-which means more interest if no one else will do it. It also depends on circumstances. (Was it voluntary)
you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually being asked; i.e., the guy/gal wants to go grab the car from the repo guy or car lot where the repo was delivered to. My ans…wer is YOU BETTER NOT TRY. That would be auto theft, grand larceny or theft over x hundred dollars. Why? Because you do not own the vehicle. Your grab-it and run plan would be the same as taking any car parked on the street. (MORE)
In this state buying a repossessed vehicle is no different from buying any other vehicle as far as insurance is concerned. The insurance agent checks over the car, takes pictures, checks the odometer, and quotes the rate just like any other used car. Of course if you have one car and you purchase a …second car, your insurance goes up. (MORE)
If you don't pay your car payments, people go to your house and take it away.
Buy here pay here lots make the decisions themselves to sell you a car or not. They typically base this on a number of factors not over looking their gut instinct. The only way you will know if a particular lot will sell you a car is to contact them and ask.
I assume you mean other than your home address. But the answer is yes, it can be repossessed anywhere, provided they are not breaking and entering, such as a locked garage....
Yes it can but you have to call the nrma to change the details of the car other wise they will think you stole the number plates
A valid repossession must not cause an unlawful breach of the peace - even if the debtor is the one instigating the breach. So if the debtor gets into the car, it cannot be repossessed at that time, you'd be kidnapping them essentially. In the USA, this actually happened, the repossession was declar…ed to be non valid and the debtor awarded a cash settlement in court. (MORE)
Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask for the car's maintenance records from the owner, dealer or repair shop.
If you have had a car repossessed, you have not kept up with thepayments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford topurchase another car and would not be able to obtain the finance todo so.
Each lender has their own way of disposing of a repo. Most willsale them at dealer only auctions. You can purse getting a used cardealer licenses from the state you reside and attending theseauctions.