What is the best time to buy a car after a repossession?
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
End of Year
End of Month
Monday to Friday
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When 'that' particular vehicle holds the least real value to the consumer vis a vis cost to the manufacturer. -pay attention projected yearly gas prices -look around you for mode-income (not average but the amount of income made most often in that area at that time of year). A lot of oilfield money …means people can afford the sticker price on that SUV -think of the utility of the vehicle vs your 'attention' to it which salespeople pick up on: not many people are thinking in investing in a convertible on the cold drive to work. But on the other hand seeing one all toasty warm and shiny through the showroom glass flips a lot of psychological switches. Moreover, they are not only 'looking' but also 'expecting' a great deal. And thus are potential buyers or your 'competition' for that single car. -pay attention to the time of year that the new models come out: manufacturers have huge investments in specific lines of cars which must be cleared of their own accounting books. A certain bulk of money must be achieved within a frame otherwise cutting into future profits. Bad sales for example, effects investor confidence and thus projected economic growth. AS well, cars sitting on a lot is like money sitting in your pocket, -losing value. And finally, the new line needs access to the market. For example, if in 2005, Chevy consumers have 2 billion dollars in disposable income that could potentially go to buying Chevy's, GM would rather have that money directed to the 2005 Chevy. This means that if the bulk of 2004's haven't been sold, GM would be competing with not only Ford and Chrysler but also itself. . The best time in the winter because few people buy cars when it's cold. The salespersons are hungry for sales and will give you the best deal as long as you don't let their pushiness take over. . I agree, winter and end of the month are best. . You can get a good deal at the end of the month because dealers have a floor plan, which means they pay a monthly fee on each car if its still on the lot. . You get a better deal at the end of the year, because no one wants to buy a last year model. . But to be honest you can get a good deal any time you go to dealer. I used to work as a car salesman, so i know how all this works. Simple way to get a good deal is go to one dealer, get a number, go to another dealer tell him to do better but already drop a price a bit, like 15-20%. Then go to third and have them beat it. You have to show them that you are ready to buy so they spend time on you and give you a good real price. . The absolute best time to buy a car is at the end of December, between Christmas and New Years. Salesmen/women are usually paid "end of month" bonuses, but many also get "end of year" bonuses. That could mean 2 bonuses for the salesperson, so he/she will do whatever they can to put you in a car. . Buy on the last (2) weeks of the December. Who is thinking about buying a car when everyone's focus on Christmas? Trust, I did this and it worked out great. They were desperate. . I think there is no specific year, it depends on the market availability. Its best buy new car when its already paced out or not hot cause you can have for a cheaper price. . It depends on what deals are being offered and who you know. Any time is a good time if you can buy a car from a family member if they're a sales person of course. . If you don't have a lot for a down payment, GM's 72 hours of 0% finance charges was a great time to buy a car a couple of months ago. In late August/early September the end of year models are being cleared out, so it's also a good time to buy. (MORE)
Answer . Depends on how the dealer buys insurance for the car. Most dealers buy insurance on a monthly basis, some don't. So for a dealer the best time would be at the end of the month, when they are more likelly to lower the price to sell the car. Also at the end or sart of the year. This is whe…n dealerships want to sell and fast. If you buy from a private party, then it really doesnt matter.. (MORE)
%DETAILS%. Answer . the finance company won't let you get your name off of it. That way they can keep you on the hook since he can't pay for it. it will hurt your credit, but if you have a car you pay for on your credit and explain in the future what happened, you should be able to get another… loan. If your name is on the title, you could possibly force the sale of the car depending on how it reads. you can also stop paying and make sure the finance company knows where the car is so they can go repossess it to sell and lower the amount that is owed. Bottom line is it will hurt your credit, but not as bad if you have your own good credit to off set it. It will deffinatly take you off the A+ list as far as lenders go, but again, not stop you from getting any car loan in the future assuming you have an auto loan you pay now.. (MORE)
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)
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
Answer . IF you want a "magic" answer, quit reading now. The best way is to do what built that good rating. SAVE your money and make bigger down payments, make your payments on time, dont over extend yourself and LIVE WITHIN YOUR MEANS. Put money back for the rainy day. Good Luck.
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)
NOT just for a simple repo NO. IF there are other complications added to the repo, maybe.
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)
I am a buyer and have been researching this question. Here aremy findings and most experts, bankers, salespeople... agree: if youare not particular but want a really good deal, buy last year'sleftover models in early spring. Next best time is betweenChristmas and New Year when people are short on ca…sh and the autobusiness is real slow. If you have to buy at any other time of theyear, the last weekend of the month when salespeople have monthlyquotas to meet and no time left. It is less expensive to buy abrand new car now, opposed to 2 or 3 years ago. Make sure to expandyour search to find the car you want at the best priceavailable! (MORE)
The end of each month is a good time to buy a car because many of the lots want to get rid of their inventory. Also just before Christmas or the beginning of a new year. Just before Christmas is slow, and the beginning of the year the new models are coming out and they want to get rid of the older o…nes. Pick Fridays to set up a deal on a car you may be interested in. Fridays are usually good days for most because of the weekend coming up. Even though car salesmen work hard and on commission and most weekends they still go out for drinks and have a good time ... so pick that Friday if you can. I bought a great Ford Taurus from a car dealership (1 year old and 16,000 clicks on it.) I asked the salesman when he would be going to an auction and so I went that route. You can also buy a demo car with low mileage. The salesman goes to the auction and picks out a car you have requested. I got a great deal on it doing it this way. The car was like new and I still have it (10 years now) and it purrs like a kitten with few mechanical problems. Another good choice would be to get the vehicle at a repossessed car auction yourself and cut the middle man. Of course, you'd have to go to a public auction (there are also private repossessed auto auctions for dealers only). Even one more option would be to contact a bank yourself and ask for the list of repossessed cars they have on stock before they even resell them publicly at an auction. In both cases, any time time during an economic crisis like the one we're going through is a good time to purchase on a repossessed car, since there are plenty of them in the market. No specific time actually if it is a used car. You can always check out cars classifieds online to find the model of car that you desire. Whether you are looking to buy from used car dealers, private sellers or business owners, you can always use this online cars classifieds to compare used car values and cars pricing to get the best car deal and the best value for your money. (MORE)
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)
Answer . \nDepends on the contract you signed and the state that you live in. Some states require a 15 or 20 day Right to Cure letter be sent to the debtor prior to repossession and some states allow the vehicle to be repossessed the day after you miss your payment.
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 . \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…s or paying full coverage insurance.Think of the money\nyou will save. (MORE)
Answer . Unless you have a payment plan figures out with your loan company(I.E. i can pay 100 this month instead of 200) they will usually wait 90 days to proceed with the repossion process.
Answer . \nRepossession is a complicated situation. The more the consumer knows the less power a Repoman has. Why? Because a Repoman has NO power or jurisdiction.\n. \nEverything a Repossession Agent(more acceptable term)says or does is based on outsmarting the debtor. The contract you signed w…hen purchasing the collateral is full of loop holes and Civil Law constraints which really restrict what can actually be done. Again the more the consumer knows the less thqat can be done to him or her.\n. \nI have executed 1000+ Repossessions in the last 8 years and only once did I come up short because a consumer was educated and took the steps to prevent the repo.\n. \nNow there does exist Foreclosure and other Criminal Laws that can be used against a debtor. In Georgia, O.C.G.A. 16-9-51 'Hiding, encumbering or endangering property subject to security interest', is an antiquated statute but I have used it dozens of times without fail. It takes two weeks to make this law effective in each case.\n. \nOnce a process like this goes into effect a Warrant for Arrest WILL be issued.\n. \nBe more specific and I will try to guide you in your situation.\n. \n. \nPOST: I do not work in the industry any longer. I "reposses" people now! (MORE)
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.
Answer . \nBest time is at Christmas. Usually sales are slumping during December do to everyone shopping for Christmas. I bought a used car on Christmas Eve at a great discount becasue the sales manager just wanted to hear the cash register ring once during the day.
The best time to buy a car is at the beginning of spring because it is easier to take care of when there is no snow. If you live in the south where it never snows, you can buy it anytime during the year. when you get you income tax.
Answer . You should have taken care of this before it went this far. But as you did not, you may still have a chance to get the car back. If you hid the car to avoid repossession, trashed the car, or lied on your credit application, you are probably out of luck. You know that they are going to s…ell this car to the highest bidder and you are going to be responsible for the difference in what it sells for and the balance on the loan. Your credit will also be ruined for 7 years because of this. You need to act very quickly and contact the lender and see if they will accept the back payments. You will also have to pay the repo fees and any other fees they incurred to retrieve their vehicle, you happened to be driving and paying for. Remember it is their vehicle until you pay off the loan. I will post a link you need to go to and read. Good luck.. (MORE)
Under Texas law, a vehicle may be repossessed even if payment wasonly late for 10 days. This means that is payment was due on thefirst day of the month, and payment has not been settled on thetenth, then, vehicle will be repossessed on the eleventh.
The best time to buy is in late Fall and the Winter. Spring/Summer are peak seasons.
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.
spring and summer months are great times to make a purchase, but sometimes dealerships may sell a convertable cheaper in the winter months!
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.
\nThe time your contract says. If once a week or once a month. Read the contract or bend over.
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)
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)
Vehicles cannot legally be "repossessed" due to a lack of insurance. Re-possession can occur only when there is a default in the payment contract and the original owner (the lender) recovers their property from the defaulter.
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.
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)
I bought 6 used cars in my life, some of them just about to be scrapped and used them for 8-12 years, some are still "alive". Try to find out how many were produced and see how many are still on the road, that is the best way to compare brands/models. Plus, chances are that you will find many chea…p second-hand parts if many units are still on the road. Another approach: are you a DIY type? Buy cheap, a popular car, easy to repair. Not a handy person ? Buy a reliable brand, usually Japanese ones. They need less repairs but the parts cost more. Last but not least: be careful with the fuel consumption, calculate how much you save if your car take 2 more litres/100km or 5 more mpg. Calculate anual cost for this extra consumption, it might not be worthy to pay $1000-2000 more for a "fuel effficient" car. Which might not be as fuel efficient as advertized. In general term, some best used cars in 2015 are: a) Subaru Legacy b) Hyundai Genesis c) Mercedes Benz C Class d) Ford F-150 e) Ford Mustang f) Honda Fit (MORE)
It can be one day, but usually 30 days at least. Best thing to do is stay in contact with lender and they are most likely to give you time
The best will be the car will serve your needs the best. If you need a car for driving from home to work only - than think about fuel economy. If you have a children you might consider a minivan. Even if the price is a biggest concern you have to consider your needs fist.
Some of the most popular car-buying websites include: autotrader.com, Craigslist, carmax.com and cars.com. These sites list many cars--typically used--for sale. If you are interested in researching which cars to buy, you should also look at sites such as Edmunds.com, US News and World Report, Motor …Trend, Car and Driver and Consumer Reports which requires a subscription but is an excellent and trustworthy source of information. (MORE)
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
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.
After it's been repossessed once, it's not your car anymore, so... once? If it's repossessed and you're able to bring the loan current and redeem the car before it's sold so that you get it back, there's no limitation on the bank repossessing it again should you again fall behind. This could theo…retically happen every single month of the loan, though in practice most lenders would insist that you either pay off the loan in full or give up the car on the second or at most third repossession. (MORE)
The best time to buy a new car is in September or October. This is when the new line of cars come out and the dealers must make room for them and you can usually get a good deal on the "leftovers" of the previous year.
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.