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View Full Version : Good opportunities for repossessed cars in this economy?


jetstream23
04-24-2008, 10:00 PM
With reports of bankruptcy rates doubling, foreclosures climbing and a general economic slowdown I am wondering if car repossessions are increasing and, if so, are their good opportunities to find "lightly used" vehicles at good prices? If so, how do you find these? Thanks.

200mph
04-25-2008, 07:22 AM
When banks repossesses cars, they are usually sent to dealer-only auctions. This keeps the banks out of the retail car business, which they are not equipped to handle. A good way to acquire one of these is to develop a relationship with a dealer who has access to these auctions, and ask him to find you such a car.

A better opportunity might be to frequently check local ads for "must sell" and "takeover my lease" ads. Someone in difficult financial straits may sell their car or get out of a lease to get out from under a high payment while preserving their credit standing.

In many cases you can take over a lease where the lessee made a large down payment, which he wont recover, but lowers the monthly payments. It can be a good way to drive a nearly new car with no money down and a very reasonable payment.

Another consideration is wear and tear... lessees often take very good care of their cars, knowing they will be accountable for any excess wear or damage at lease turn in.

jetstream23
04-27-2008, 12:22 AM
When banks repossesses cars, they are usually sent to dealer-only auctions. This keeps the banks out of the retail car business, which they are not equipped to handle. A good way to acquire one of these is to develop a relationship with a dealer who has access to these auctions, and ask him to find you such a car.

A better opportunity might be to frequently check local ads for "must sell" and "takeover my lease" ads. Someone in difficult financial straits may sell their car or get out of a lease to get out from under a high payment while preserving their credit standing.

In many cases you can take over a lease where the lessee made a large down payment, which he wont recover, but lowers the monthly payments. It can be a good way to drive a nearly new car with no money down and a very reasonable payment.

Another consideration is wear and tear... lessees often take very good care of their cars, knowing they will be accountable for any excess wear or damage at lease turn in.

Thanks. Good insight!

chicagofan00
04-27-2008, 10:06 AM
lessees often take very good care of their cars, knowing they will be accountable for any excess wear or damage at lease turn in.

I don't know about this part. There have been several individuals on this board that could care less about the break-in period or how they treat the engine as they will just be getting rid of it in 2 to 4 yrs and won't have to deal with any of the problems this may have lead to down the road.

oilbelcher
04-27-2008, 11:38 AM
I don't know about this part. There have been several individuals on this board that could care less about the break-in period or how they treat the engine as they will just be getting rid of it in 2 to 4 yrs and won't have to deal with any of the problems this may have lead to down the road.

I agree. The average person on this forum is probably a bit more respectful to their leased car, but image the average Joe out there with a 2 year lease, beating the crap out of their drivetrain and engine, but being very careful of door dings and dirty carpets.

jetstream23
05-11-2008, 01:33 PM
I agree. The average person on this forum is probably a bit more respectful to their leased car, but image the average Joe out there with a 2 year lease, beating the crap out of their drivetrain and engine, but being very careful of door dings and dirty carpets.

Probably more true than you'd think!