Can you buy another car while your other car is in repossession?

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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.
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Where can you buy repossessed cars?

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 (MORE)

Where can you get a loan to buy back your car that was repossessed?

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.

Can a car be repossessed while it is impounded?

Robert, read the contract where it mentions DEFAULT. Default is not JUST making payments on time. It usually covers having the required ins., NOT using the car in an illegal manner. Whenever you are in default, the lender can repo. YES, it can be repoed from the impound. On an involuntary tow, the i (MORE)

Can you report another person to the lender for a car repossession?

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 (MORE)

Can you ever get another car loan once your car is repossessed?

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 (MORE)

Can you keep buying insurance for a repossessed car and drive legally?

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 do you buy a repossessed car?

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 (MORE)

Can you buy another car before your car gets repossessed?

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 (MORE)

Can a lienholder repossess a car if it is titled to another lienholder?

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 (MORE)

Can you buy another car after a repossession?

Answer . \nYes, 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\nthere are no car payment (MORE)

Can you still buy-lease a car after 2 cars repossession?

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 (MORE)

How do I buy a car when you owe on another?

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 (MORE)

Where in Western New York can you buy a repossessed car?

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 (MORE)

After a repossession can the bank take your other car?

No, not unless you default on a loan on that car. If you have no outstanding loan on that car or are making the payments on time if you do, they cannot touch it. They can however garnishee your wages with a court order.. When you finance or lease a vehicle, your creditor holds important rights on t (MORE)

What is the catch in buying repossessed cars?

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 (MORE)

Where can you buy repossessed cars from?

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 (MORE)

If you are buying the car can you trade it in for another?

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 (MORE)

How can you buy out a leased car when the lease expired and car was repossessed?

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 (MORE)

Can your car be repossessed while you are active duty?

Technically no. They still can but they may not know your on active duty. Servicemembers Civil Relief Act Installment Contracts. The SCRA gives certain protections against repossessions for installment contracts (including automobile leases). If the contract was entered into before going on activ (MORE)

Can a buy here pay here car be repossessed?

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.

Can a car get repossessed in another state?

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 (MORE)

Does buying a repossessed vehicle raise your car insurance?

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 (MORE)

Can your car be repossessed while parked in reverse?

Yes/No , because if it is parked in reverse, the back wheels would be dragging, and soon shift gears (If repossessed by a chain truck), but if it is a flatbed tow truck, then yes, it can be repossessed , because the back wheels would not be dragging, therefor the wheels would not shift (MORE)

Can they repossess your car while in a civil court case?

You could lose your car as part of the judgment resulting in acivil case, but your car will only be repossessed by thelienholder, and that's typically either for missing payments, orfor something such as a vehicle being in an impound lot and pendingauction.

What research should one do before buying repossessed cars?

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.

Can you buy another car even though is repossessed?

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.