Archive for the ‘Latest Information Posts on Repossessed Cars’ Category

Finding Repossessed Cars For Sale

Sunday, March 13th, 2011



Whether you buy repossessed cars from auctions or through ads, finding repossessed cars can mean huge savings for you. Most people have heard that repossessed cars for sale can be bought for little money, but the majority of people dont know where to look.

Keep in mind a few simple tips and your search will be an easy one. Look for repossessed car auctions close to you. You can try searching for auto auctions close to you. Visit our Repossessed Cars homepage and search for an auction close to you by using the locations links on the right hand side.

Finally, try reading our repossessed cars for sale info and this may also give you further ideas or ways you can find the perfect repossessed vehicle for you.

Repossessed cars are sometimes sold individually in local newspapers, car magazines and on classified ads websites. Try contacting private parties and car dealers, they may be willing to give you advice on how to buy repossessed cars and on where you can find repossessed cars for sale.

How To Stop Your Car From Being Repossessed

Thursday, February 17th, 2011



The right of owning a vehicle is available to anyone, but it also comes with responsibilities. If you purchase a car on finance, what’s important is that you make your repayments on time. If you don’t then the car repossession man will turn up and repossess your vehicle, which can result in extra costs as well as bad mark on your credit rating.

Many of the brand new cars these days are fitted with a GPS tracker system which is embedded in the hardware of the car so if you did end up not paying your outstanding repayments and then try and hide the car from the finance company, the repossession man will have the relevant GPS tracking software to enable him to find the vehicle and remove it from you.

When buying your vehicle, check the repayments and make sure they are within your budget. Remember that circumstances can change easily, particularly with today’s economic climate, so consider your purchase carefully before going ahead and with your loan agreement. Make sure you make your repayments in a timely fashion, in order to avoid repossession.

The best advice is to save up your money and outright buy your vehicle. Maybe you might have to consider buying a car which isn’t the one you wanted ideally but it means you can avoid car repossession.

Read our article on Avoiding Car Repossession or How to Dispute a Car Repossession.

Alternatively, visit our Repossessed Cars Homepage which will provide you a starting point on many articles regarding car repossession.

Finally, if you have arrived at our site and are looking to buy a repossessed car, then visit our Repossessed Cars Buying Guide.

Repossessed Cars FAQs 2011

Saturday, January 29th, 2011



Are there any hidden dangers in buying a finance repossessed vehicle?

Check the car is sound mechanically, it’s important to remember that dealers are also buying repossessed cars and selling them in their showrooms. If they can pick the bargains up from the auction houses and sell at a profit, then why can’t you? Remember that if you buy from an auction, there may be fees to pay so remember to factor these costs in when bidding.

Can you recommend a website for buying a repossessed car?

There are a number of websites available to buy a repossessed car. Sites such as Repossessed Cars provide details of where to buy the latest repossessed cars in the UK. If you are in the United States, visit the Government Auctions site.

Hi I purchased a car on finance. Unfortunately my partner became ill and I was not able to make my repayments as I had to give up work. The Finance company repossessed my car back in good condition. The vehicle was resold under market value and a bill for £1250 was then sent to me. Why am I the one who has to pay this? The company have their vehicle back and I have no control over the resale price?

When you completed your agreement with the finance company, the signed documents contain details of your loan amount and the value of the repayments. It also contains a statement which mentions that if you default on these repayments then you are reponsible for the difference of the amount you have paid and the amount still outstanding on the loan. The finance company will have resold the vehicle via a repossessed car auction and then deducted that amount from the outstanding money. Any costs incurred for repossessing the vehicle will also have been added. The balance is then £1250. As you signed the agreement at the time of purchase, you are liable to pay back the funds. The bank with whom the agreement was made, unfortunately have no interest in the car, they only want to recoup their money. Your circumstances whilst being unfortunate will not have any bearing on this repayment amount, the bank’s only concern is that this money is repaid.

My husband died recently and left his car on finance with an outstanding repayment of over £3000. The car was in his name and now there is a repossession order on it. Will this affect my credit rating? We have small 2 children, and already have many other bills to pay.

When your husband died so did the liability on the purchase agreement of the vehicle. It is more than likely the loan will be insured in the event of death, so you should contact the finance company and advise them to collect the vehicle. If the car was on his name, you have no liability for this loan, sorry to hear about the death of your husband.

Repossessed Motorbikes

Monday, December 20th, 2010



Not only are cars available at knockdown prices, but now motorbikes and motorcycles are appearing more and more through the UK’s auctions. As more and more motorcycles are repossessed, the choice of bikes available to the public is increasing on a daily basis. Often with full service history and excellent condition, finding a repossessed motorbike has never been so easy.

Remember to read one of our guides for buying a repossessed motorbike and to find a location near you auctioning the latest repossessed motorbikes simply go to our homepage and view the auction lists on the right hand side.

Motorbikes are often repossessed for non payment so finding one which is near new can be a much cheaper option than looking to buy from a dealer or via a private selling magazine like the auto trader. Many people struggle at an auction so its important to have the right information to hand and do your research on auctions before you start bidding. Make sure you inspect the motorcycle carefully and set yourself a maximum bidding price.

Look to visit as many repossessed motorcycle auctions that you can. This will give you an idea of the market as well as which locations have the best deals. Remember that motorbikes are repossessed on a daily basis so don’t feel you have to buy from the first auction you go to, there will be other opportunities.

Video: Car Repossessed With Baby Still Inside

Saturday, February 27th, 2010



A recent car repossession in the US shows the lengths repo men go to get the job done. A young mother witnessed her car being driven away whilst her child was still inside. View the full video below:


Repo Man Takes Somebody_s Car With Their Baby Still In It!
par TheFlamm

Repossessed Cars For Sale UK

Thursday, January 28th, 2010



Now that you have made up your mind that you are willing to consider buying a repossessed car, knowing where to buy one is the next stage of the process. Repossessed cars are available for sale in the UK in a variety of locations.

Buying a vehicle of this type can often make you huge financial savings and it’s fair to say that it is a common myth that repossessed cars are not roadworthy or have been in poor condition. This negative social attitude often stops people considering this type of purchase.

In actual fact, these are only myths and stereotypes. The majority of cars are repossessed due to a change in financial circumstances for the owner, often the cars are almost new or in excellent condition, a far truth from the common myths of a smoking pile of junk.

It may also be the case that the owner may have attempted to sell the car before it was repossessed and had been unsuccessful. How many people do you know who would consider the sale of their car in a less than sellable condition? Anyone looking to sell their vehicle would make sure it is in the best condition possible. The only time a car might be sold in a poor condition would be in the case of a quick sale….if they were looking to do this then it’s more than likely it would have been sold to a second hand car dealer. A car dealer’s forecourt is going to be the location where a car can be expected to actually be a pile of junk.

So where can you go to take advantage of these low prices? Repossessed Cars recommend the various car auctions going on every day to be the best place to find repossessed cars for sale in the uk. Our homepage contains a list of all the running auctions local to you, searchable by location. Simply scroll to the bottom right of the page and find an auction location in your area.

Visit our homepage and find repossessed cars for sale uk.

Before attending an auction, it’s important to remember that although you can make huge savings, it is a case of knowing exactly what you are doing. We have a number of guides designed to assist in this process. Again visit our homepage in order to make a start on finding the help and advice you require. We have a number of auction guides, written especially to make sure you don’t end up getting ripped off.

Another piece of advice would be to try and find desperate or distress sellers. Viewing message boards on the internet, car magazines and newspapers are all good places to start. Often desperate sellers are attempting to avoid repossession and so may be more willing to let their car go for a knockdown price. Speaking to car dealers can help to get information on locations near you which are selling repossessed vehicles.

Many residents in the UK are looking to emigrate overseas. As a result, they are often looking to sell their car as soon as they can. Often with constraints of deadlines before their impending move, they are more open to the idea of negotiation. Someone looking to leave the country, often using the sale of their car to finance their move, is a good person to find and approach. Again the internet is a good place to find people like this. Adding adverts on the internet will often bring the sellers to you. Remember an estimated 400,000 people emigrate from the UK each year. It’s more than likely a large proportion of these people are attempting to make a quick sale of their car.

Repossessed Cars: Returning A Finance Company Car

Friday, December 18th, 2009



Before a car is repossessed, you have the option of returning the car to the finance company voluntarily. This could ultimately save you repossession fees and other costs. Remember, you will still owe any outstanding money as per your finance agreement – giving your car back doesn’t allow you to avoid this cost. Lenders will often charge auction fees involved with a car repossession so returing the vehicle can mean these costs can be avoided.

Below are some useful steps you can take and the process for returning a car to a finance company.

- Check your finances to see whether you can remove other costs from your monthly expenditure and maybe avoid repossession. Remember that you will still have to pay monies owed for the car, even if you give it back so maybe trying to hold on to it may be benficial in the long run if cirsumstances change.

- Contact the lender, they often see repossession as being a last resort. Attempt to try and get a more affordable payment plan. Finance companies are fully aware that the current recession means that money is tight for many people. They may be willing to come to a new arrangement with you and this can mean you can keep your car.
Remember to also find out the costs involved you may be charged for giving back the car.

- Get the car cleaned. Pay for a valet if possible from one of the many local car washes. The car will be sold after you give it back so making it look in tip top condition is a priority, it may end up boosting the sales value.

- Repair the car. When a car is repossessed it is sent to auction to be sold. A car with mechanical faults will be spotted by an astute buyer and may result in a low sales price. Obviously this will depend on your finances.

- When ready to return the car, contact the dealer or finance company to arrange for them to come and collect the vehicle or for you to drop it to them. They may require you to sign some paperwork when you surrender the car.

- After they have taken the car, contact the finance company to find out how much the car was sold for. This will give you an indication of how much you will still owe.

For further free information on repossessed cars or car repossession, visit the Repossessed Cars homepage.

Repossessed Sale

Tuesday, November 24th, 2009



The biggest repossessed sale can be found right on your door step if you know where to look. Auctions, are always a good place to start. Visit the homepage at repossessed cars and scroll down to the bottom right to search for places to buy repossessed cars in your region.

The repossessed sale of cars is proving to be a booming business as the economic downturn continues. The repo man has never had a better time than in recent years as cars continue to be repossessed on a daily basis. Knowing where to find these cars can allow buyers to make huge savings and people right now are doing just that.

It’s a common myth that repossessed cars and trucks are piles of junk, neglected motors falling apart at every hinge and joint. As the repossession business increasingly becomes more competitive, it is actually immaculate vehicles which are turning up at repossessed sales. Hungry repo men are picking up people’s pride and joy within 3-4 months of missed payments.  Hardly enough time to be get into a state to be classed as junk. Rather than wasting time and money on accident damaged cars or high mileage ex-lease ones, look for the repossessions in the car auctions. They tend to have been well looked after and often a case of unfortunate circumstances end up leading to their repossession.

For US visitors, we recommend visiting our Repossessed Cars USA information on where to find your nearest repossessed sale.

Our UK users would be advised to start at our Repossessed Cars homepage.

For buying repossessed cars the best repossessed sales are known as car auctions. They prove to be the best place to pick up repossessions as finance companies know that they can sell quick in the auction. This is due to the fact that once the hammer is down the deal is final. If you know what you are doing, car auctions can be an excellent place to buy repossessed cars. Reading our guides on buying and also bidding at repossessed car auctions will help you.

biglady

Repossessed Cars Update

Wednesday, November 4th, 2009



Just a quick update to thank our readers for all their feedback and input. Many thanks for the emails received, we hope our repossessed cars resource has helped answer common questions related to car repossession. Should you have any questions you would like to ask, then please feel free to contact us via email at info@repossessedcars2009.com

Has your car been repossessed? We would love to hear your story, maybe some of your first hand advice could help others avoid repossession.

If you have any information you would like to add or an article you would like to submit, mail us at info@repossessedcars2009.com

muscle-car-babe-girl-woman

Repossessed Cars Are Not Junk

Wednesday, October 21st, 2009



It’s a common myth that repossessed cars should not be touched because they are in bad condition or someone has neglected the car. Most repossessed cars are in very good condition, some being only months old. I know I’d rather buy a car that didnt get washed too often than one which had been in a collision with a lampost or the back end of a Honda Civic. Many cars sold at low prices today are accident damaged or worse. These vehicles are often not roadworthy and not worth your hard earned money.

A person who has their car repossessed could be me or you, a normal person with a normal job whose circumstances suddenly change for the worse.Things were good at work, the wife was happy and buying a BMW made perfect sense. Repayments were higher than he wanted them to be ideally but they were still affordable, why not, he deserved to live a little. Fast forward 12 months and the recession has begun. The company is making some cutbacks…mortgage repayments, kids to feed, suddenly those affordable monthlies are looking a lot more unaffordable. A few missed payments later and the nice 325i he was driving is now a repossessed car.

So in that plausible scenario who can say that the car will be a pile of junk or that it will be neglected? All types of car have good and bad, being able to identify which are the good ones are key. Where can you take this knowledge and put it into practice? Where can someone get their hands on a repossessed car?

Car auctions are the best location to buy repossessed cars. After a lender has repossessed a vehicle they look to try and recover their losses as quickly as possible. Putting it through a local car auction will be a quick way to get some of the loan back before chasing the borrower for the remainder of the loan – Hence the knockdown price. Buying a repossessed car can be a great way of picking up a great car at a much lower price than the one you could have thought.

Read our guide on buying repossessed cars and make sure you follow our top tips below:
1) Look for quiet auctions – less people less rivals to bid against.
2) Go on a weekday – auctions held on weekdays are usually less busy than the weekends.
3) Wait for bad weather – rain, cold, snow and sleet are all a good deterrent to other prospective buyers.
4) Inspect the vehicles carefully before the auction starts – take a mechanic with you if possible. Looks can be deceiving, make sure you know what to look for. Check bodywork, and engine thoroughly, edges, corners, frame and interior.
5) Remember there fees to be paid to the auction, make sure you factor this into the price. Find out the payment method for the auction before bidding.
6) Dont exceed your maximum bid. Remember there are always more auctions and more cars so don’t be drawn into the trap of paying more for a car than it’s worth.
7) Dont be drawn into bidding wars.

Check our guide for buying repossessed cars at auction