Buying a repossessed BMW or working with a good dealer lookin for info

[rocken]

Thinking about getting my first BMW. Thinking 2005-330CI or 325CI or possible 2006-330i and I am wondering if anyone out there in canada can let me know if they have every dealt with getting one that was repossessed (limited info on this for CDN's and google) say from a bank or a company that does repossessions.

Looking at the US to Ca $$ it doesn't seem to be worth the hassle and the pain that BMW-Ca is doing, maybe 18 months ago it would have been worth it.

If getting a repossessed one is not feasible has anyone worked with a dealer that can get and knows BMW's from the auction say in TO?

I am 1 hour outside of TO and don't mind working with a dealer not in my town.

Just looking for some info on how to save some a few $$

Thanks in advance
Ryan

[neill]

BMW Financial Services repo's are sold live at the auction (no internet pre-sale) - for other lenders you would need to do research in your area who handles each respective bank...

[rocken]

BMW Financial Services repo's are sold live at the auction (no internet pre-sale) - for other lenders you would need to do research in your area who handles each respective bank...
Neil

thanks that is good to know(BMW canada) in regards to the banks do you think a few calls to local banks may lead back to the correct div inside the bank to who handles this type of work?
ryan

[neill]

Hi Ryan - recommendations for research bank-wise:
1) The bank's asset recovery department - if you can find a contact through calls and detective work, most of them have one dept (ie. not in each branch itself) that handles delinquent accounts, they will tell you what their disposal method is
2) Local auctions - out here in Calgary, one of the locals does handle repos (some also run at the large auctions, Adesa/Manheim
3) Find yourself a good wholesale contact - either an independent broker, dealer used car manager or local corner lot owner, especially if they have these vehicles in stock...

Not sure what the repo angle you are chasing represents - savings? The BMW FS vehicles go through regular wholesale disposal channels (Adesa/Manheim) and as such pricing would be in the same range as wholesale consignments there.....

Best of luck!