Posts Tagged ‘buy repossessed cars’

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.

Ezine: Are You Crazy Enough To Buy Repossessed Cars?

Thursday, September 10th, 2009



Article writer Jessica Hannah has come up with some logical reasons as to why you she wants to buy repossessed cars.


After many years service at a big corporate I was used to driving a brand new company vehicle every two years. Handing back the keys presented me with a real challenge but only until I discovered that I should buy a repossessed car.

My last company car was a C Class Mercedes Benz that came fully loaded with all the usual extras such as satellite navigation, onboard trip computer, leather seats and so on.

So after figuring out my budget my first idea to find a new vehicle was to visit the Auto Trader website to see if I could find something similar.

The criteria I had in my mind was simple, I was after another Mercedes with four doors (I have kids), full service history and long MOT and Tax. Obviously the vehicle must also meet my budgetary requirements as well.

After a week or two of searching I became increasingly frustrated as I could not find a vehicle to suit. In fact anything I did find was either over 200 miles away from my home or had already been sold by the time I got to speak to the seller.

I only really understood what the issue was when I attended a vehicle auction near my home in desperation. After striking up a conversation with a dealer he explained to me that the market for second hand vehicles had really been impacted by the Credit Crunch. Apparently people where holding on to their vehicles and not buying new autos. This actually made sense with all the news stories I had seen about new car sales being flat.

So I questioned the dealer further and asked his advice. Quite simply he explained that I should buy a repossessed car. The idea seemed absolutely crazy to me. After all why would I want to take someone’s snatched back family vehicle? However on further investigation I discovered that many repossessed cars come from organisations as well as private individuals as well.

It soon came apparent that my local vehicle auctioneers even sold whole fleets of repossessed vehicles on behalf of the official receiver (this is the office that deals with failed companies in the UK).

So applying the same criteria I searched through all the lots and was amazed and delighted to pick up a Mercedes for nearly $1000 under my initial budget. It was in metallic black, had blue tinted windows with a prestige interior of grey leather.

Who is crazy enough to buy repossessed cars? Well I know I am from now on, in fact I am sure this is the only way I will source all my vehicles in future.

Check the original ezine article.

Repossessed Cars: Types of Cars

Sunday, August 2nd, 2009



Many buyers of cars rave about the amazing deal they picked up. Not only can they buy repossessed cars at knockdown prices but there is also access to a wide range of ex-demonstration, company, fleet and ex-rental cars. You too can reap the benefits of buying a bargain used car if you follow the tips which are laid out below.

Most important when buying any prospective car is to try and establish how well the car had been taken care of previously.

Questions to Ask?
Was the oil changed on time?
- Was the car given routine services and maintenance?
- Were repairs made immediately when required?
- Was the car ever involved in an accident?

As a buyer of repossessed cars, being able to find the answer to these questions can help you find the bargain repossessed car that you have been looking for at a superb price. It’s important to be extra careful and following the correct steps can ensure you pick up a bargain repossessed car.

Types of Used Cars
Cars which are available in auction, are often classed as repossessed but can go by a variety of names. It’s important to learn the terms so that you get a better idea of what type of car you are buying and what to look for whne inspecting a vehicle.

1. Company Car
Company cars are usually bought by a company or organisation as new and then driven by an executive of the company for a period of time. Company cars are often
sold on in auction after a few years use but have often accumulated many miles during that time.

2. Demonstration / Demo / Ex-Demo Cars
Demo or ex-demo cars are usually used by a dealership for customer test drives. They have often been driven by the sales staff, dealership staff or customers. These cars aften nearly new and are fairly low mileage.

3. Rental Cars
Rental cars end up at auctions after 2 or 3 years use by a rental company. Again these can be high mileage vehicles but many experts insist ex-rental vehicles are good value if in good condition.

4. Repossessed Cars
When an owner is struggling to keep up with car repayments, the car can be repossessed and sold on in auction. Repossessed cars can be a great option as they have often been looked after well and are only repossessed once the owner suddenly falls into financial difficulty.

5. Salvage Cars
Salvage cars are damaged vehicles which have not been repaired due to the expense in fixing them so they are sold to salvage companies or auctions for parts. Some salvage cars can prove to be a bargain, as they have been written off as non-roadworthy when in reality they have only little damage and can be repaired.
It’s recommended that you have a good knowledge about cars before attempting to try and buy a salvage car. If you don’t know what you are doing, they can be a risky proposition.

When buying any car, particularly repossessed cars it’s important to check the following:
- Age of vehicle
- Maintenance Records / Service History
- HPI Check / Car History Report
- Number of Previous Owners
- Mechanic Opinion
- Price

Read our guide for buying repossessed cars for further free information.

MJ Kid Kicks Repo Man In The Ass

Wednesday, July 22nd, 2009



Funny video from reality TV show, Operation Repo. The US programme shows “real-life” car repossessions. In this episode, the team go to repossess a young man’s car and find themselves on the end of a Michael Jackson superkick.

How to Buy Repossessed Cars

Sunday, July 5th, 2009



With so many cars being repossessed nowadays, buying one can save you a lot of money. But where can you find repossessed cars and how do you buy them?

Car repossession occurs when finance companies repossess a vehicle from an owner for non payment. For further details on the actual car repossession process, read Why Is A Car Repossessed. Once the vehicle is repossessed, the lender will look to sell the car as quickly as possible, which can mean that the price will often be lower than the going rate – excellent news for any prospective buyer.

Often people who cannot afford to buy from a conventional car dealer will look to buy a repossessed car. Repossessed cars are often cheap and in mint condition. Our step by step guide for knowing how and where to buy them will help you if buying a repossed car is something you are interested in.

1. Where are Repossessed Cars Sold?
There are various methods for selling repossessed cars, depending on where you live. The best place to start looking for one is in a car auction. The majority of repossessed cars are sold in car auctions. On the bottom right of our homepage there are links to local car auctions in your area.

Read our guide on Buying Repossessed Cars At Auction for further advice on buying at a car auction.

As well as auctions, it’s also a good idea to get in touch with local car bugatti.veyrondealers. A good local car dealer will often be attending these auctions and picking up bargains himself. Speaking to them for advice can be helpful and often they may have purchased repo cars themselves and are looking to sell them – this means you won’t have to attend a car auction yourself and go through the bidding process. Their experience can help you.

If you are planning on attending an auction make sure you know what you are doing. Reading our guide on Bidding For Repossessed Cars At Auction will help.

Another option would be to contact the bank themselves. They often have lists of repossessed homes as well as repossessed cars. These lists are made up of repossessed properties and vehicles which are due to go to auction, sometimes you can get access to a car before it goes to auction.

2. Payment
When purchasing from a car auction, its usually preferable to have cash available. Many auctions nowadays accept other forms of payment so it’s worthwhile contacting the auctioneers prior to attending and finding out.

When purchasing from a bank, they may be interested in setting up a new finance plan with you for the vehicle. Make sure you stick to manageable payments – otherwise it could be you facing car repossession.

3. Check The Car
When buying from an auction, it’s very important to remember that cars are sold “as seen”. this means that there won’t be a refund available in the majority of cases, so it’s important to check the car before you buy.

Our Avoid Buying a Stolen Car article will help as well as our guide on buying repossessed cars at auction.

4. Buy The Car
When buying at an auction, it’s very important to understandthe bidding process. When bidding it’s very easy to end up paying over the odds, make sure you have a maximum price in mind for any car and stick to it. Being patient is the key, your car will come but don’t rush it and end up buying a clunker.  Remember there are no refunds.

Read our guide on bidding for repossessed cars at auction.

Repossessed Cars: Types Of Loans

Friday, June 5th, 2009



Before repossessed cars are actually repossessed they are purchased using a loan from a lending company. A car is initially purchased “on finance”. Let us investigate the different types:

1) Normal Unsecured Loan

The buyer obtains the money in advance in order to purchase the car and then makes the repayments of this loan debt as per the agreement back to the loan company. This method of loan is available from banks, building societies and independent finance companies.

However, initially obtaining the loan is often difficult and repayments can often be high due to the lack of security on the loan. Lenders are more likely to prefer homeowners. In this case the buyer owns the vehicle outright.

2) Normal secured Loan

The buyer obtains the money in advance using an asset eg. a house as security in order to purchase the car and then makes the repayments of this loan debt as per the agreement back to the loan company. This method of loan is available from banks, building soceities and independent finance companies and repayments are cheaper than the unsecured loan. However, the lender can confiscate the asset offered as security if repayments are not made as per the schedule and in extreme cases a buyer can lose the asset which was given as security. In this case the buyer owns the vehicle outright.

3) Car Hire Purchase

The buyer of the car will pay an initial deposit, followed by a fixed amount for an agreed number of months and then the buyer will own the vehicle. This method of loan is available from banks, car dealers and loan companies and is usually easy to obtain as well as being cheaper than other types of loan. However, the lender will own the car until the agreement is fulfilled and all payments have been completed. The car cannot be sold without permission until all payments are made. Failure to pay the company’s repayments can result in a car being repossessed and then sold at a discounted price in an action. The company can then sue the buyer for any outstanding amounts owed as well as their costs.

If you are in this position, clicking on the has your car been repossessed? page can provide further information of what can be done. The car is subject to agreed annual mileage limits (the buyer will pay extra if these are exceeded). The car must also be serviced correctly and kept in good condition.

4) Personal Contract Purchase

A buyer will pay an initial deposit (up to 20% of the total value) and then an agreed number of low repayments for a period of up to 3 years. Payments will be made on a monthly basis. After this a final payment will be required to be made. This value will be agreed at the beginning of the paymentt and is known as the Guaranteed Minimum Future Value (GMFV).

Upon completion of the agreement, the car owner has a choice of 3 options, either to keep the car, give the car back, or part-exchange it for a brand new car. If the car is handed back, nothing more is owed but no part of the initial deposit or any of the payments made is refunded. If the buyer part-exchanges the car, the dealer will value it. If it’s worth more than the GMFV, that amount will be put towards the deposit on their next car. But if the car is worth less the buyer will not have to make up the shortfall. This method of loan is available from car dealers, independent finance houses, banks.

This method often has cheaper monthly payments than for other types of finance and is a convenient way of funding a new car every two to three years. However, this method is more expensive than the other types of loans mentioned above. The car purchase is subject to agreed annual mileage limits (if these limits are exceeded the buyer will be forced to pay extra). The car must also be serviced at the correct times and its condition must be maintained.

Bidding For Repossessed Cars At Auction

Saturday, May 23rd, 2009



When attending a car auction, there are certain techniques which can be implemented to ensure you get the bargain repossessed car that you have been looking for:

1. Take a Trial Run
Bidding at auction is not necessarily straightforward for a first timer. We advise going on a trial run by attending the auction to observe and see how it works. This will give you an idea of how much time you have to view the cars, regsitereing and getting the catalogue and most importantly how the bidding process is carried out.

2. Look for Quiet Auctions
Auctions attended by a large number of people are often the hardest to pick up a bargain. It doesn’t take a genius to see a bargain and the more experienced car traders will be looking to snap up those cars too. British Car Auctions and Manheim Car Auctions are both well known auctions all over the UK selling repossessed cars,  so attending these would be the best option for the inexperienced. We would advise to check the auction times and go for a weekday which will tend to be quieter. Buying right at the end of the year is also recommended as car dealers tend to slow down on their buying during this period, so the auctions tend to be quieter.

3. Check the Car
We advise taking a mechanic with you or someone who knows about cars. Check the car you are interested in properly but remember that time is limited and you probably won’t get as good a chance to check the car as thoroughly as possible. Look for any signs that the car has been in an accident, our guide for buying repossessed cars at auction will help you. When they bring the car forward look for any signs of smoke when the engine is started, or listen for any abnormal noises.

4. Look Like a Car Dealer
This may sound trivial but always remember that genuine car dealers are extremely experienced and attend auctions regularly. They see the same faces and so can recognise a new one. Often they can use tactics of bidding with no intention of buying in order to get newcomers to keep increasing bids and end up paying more. There is no need to attend dressed up looking like Del Boy but then its always important to know that its rare to see a car dealer in an expensive suit either so try and find some middle ground.

5. Bidding
This is the most important part of the process. We would advise standing in the trough with the other car dealers, rather than the stand seats where the private buyers usually sit. When bidding, raise your catalogue for your first bid to get the auctioneers attention, a nod will be sufficient for further bids. If you attend the auction with someone else, make sure you don’t accidentally start bidding against each other, this happens more often than you would imagine, so its best to decide on one person for bidding.

6. Have a Maximum Price and Stick to it
When attending auctions, it is very easy to become interested in other cars and forget the one you went for. Make sure you stick to the car you like and also stick to the maximum price you set yourself. Anyone can win an auction, you just have to keep bidding, the secret is knowing when to stop, after all there will be more auctions so don’t feel upset if you are outbid, the nxt auction is only a few days away.

7. Fees
Remember that when you buy any repossession car, auctioneer fees will also need to be added to the price. These are usually set at 3% of the sale value and are payable upon purchase. Car auctioneers usually don’t accept credit cards but debit cards are allowed. Inform your bank beforehand that a large payment may be leaving your account on that particular day. This will save you hassle while the bank authorises the transaction.  Cash is the preferred method of payment but there is usually a cash limit of around £10,000 due to money laundering laws.

8. Remember There Are No Refunds
Its important to remember when buying repossessed cars at auction, that there are no comebacks if there is a problem, so although you may be able to pick up a bargain, its important to follow these steps and not end up buying a lemon.