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:
Posts Tagged ‘repossessed cars’
Video: Car Repossessed With Baby Still Inside
Saturday, February 27th, 2010Repossessed 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 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
Cop Cars Repossessed
Sunday, October 4th, 2009
CBS news has put together an article which shows that nobody is safe from car repossession:
To say times are tough economically in this country is an understatement. But the sheriff of Alexander County, Illinois has set a new standard for deprivation. Sheriff David Barkett had his official cruisers repossessed by the local bank in the county seat of Cairo.
Usually, when you see a lot of sheriff’s cruisers in a bank parking lot it means a crime has been committed. Say, a bank robbery. But not now. Four of Barkett’s five cruisers (the fifth one is in the shop for repairs) now sit humiliatingly in the lot of the First National Bank of Cairo, shorn of their emergency lights, antennae and even their seals. You can see the faint outline of them on the suddenly denuded cruisers.
Alexander County, estimated population: 8,000 started the year $500,000 in debt and revenues have not exactly picked up. There is a “historic downtown area” that includes many more empty storefronts than businesses. Indeed, Cairo doesn’t even have a McDonald’s. Crime, especially drug trafficking is a big problem.
That’s why the cutbacks forced upon Sheriff Barkett are so painful. “God willing,” he told us, “We’re going to protect these people. And we’re going to continue with what we got. We’re used to struggling.”
In addition of losing the cruisers, the county commissioners laid off about 15 of 20 or so deputies and staff workers Barkett once employed. And starting Oct. 1, the tri-county jail says it will not accept any more prisoners from Alexander County because of non-payment of the $53-per prisoner per-day fee. What prisoners they arrest, will have to be held in the county courthouse.
So I asked Barkett about all of this and the fact that this was a pretty extreme example of recessionary hard knocks. He readily agreed. “I’d say it’s very extreme when it affects the protection of lives and property,” said Barkett.
A county commissioner Angela Greenwell told us the county simply has no money and no where to turn for help.
But that’s not entirely true, it turns out.
Barkett and a few of his friends took advantage of a national network of law enforcement agencies to send an S.O.S. about the county’s plight. And as fast as you could say “Sunshine State,” St. Lucie County, Fla., responded by shipping five used cruisers to Illinois for Sheriff Barkett’s use.
“Timing was of the essence,” said St. Lucie County Sheriff Ken Mascara. “We had the vehicles (used Ford Crown Victorias, actually). They were headed for auction and we were not going to receive a lot of money for them. And I know he (Barkett) will see them as priceless.”
Barkett is very grateful. Since last week, he’s been patrolling in a loaner SUV from the governor’s office. He’s been working very long hours and has relied on volunteers and state troopers to pick up the slack for the forced reductions in his staff.
“Altogether it’s about a 92-93 mile round trip,” he said of the county patrols. “It’s a big area for just four or five people to cover.”
Now if he could just get his man back, they could be out driving those new cruisers.
Live Repossessed Car Auction
Thursday, October 1st, 2009
View the video below of a repossessed car auction in the US. The fast pace of the auctioneer gives you an idea of how easy it is to end up paying extra and get carried away with bidding. If there was ever a need for a repossessed cars rapper then I think this is the man. Make sure you don’t fall into the trap.
Buying Repossessed Cars: What To Remember
Wednesday, September 30th, 2009
When buying repossessed cars in auction it’s very important to remember the following:
1) No Warranty
Vehicles sold in auction are typically sold with no warranty. Repossessed sales mean that if something goes wrong with the car, it is you will have to pay up to repair the car.
2) Repossessed Cars Are Sold “As Is”
When you buy a repossessed car, the car is sold as it appears. It is down to you to properly check the car.
3) No Test Drive
Before any repossessed auctions, there is an opportunity to inspect all cars, but it’s important to remember that you will get to hear the car running, but there is no chance of a test drive.
4) No Refund
After the sale is complete, you are unable to request a refund under normal circumstances.
5) You Can Inspect The Car
Before the auction, you can look at the cars which will give you a good opportunity to assess the state of the vehicle. Check the locks to see if someone may have tampered with the car in the past. Check bodywork and paintwork thoroughly, rough spots or colour changes indicate the car has been in a previous accident. Ideally take a mechanic with you. They will be able to inspect the car properly.
6) Bidding
When bidding for repossessed cars have a maximum price and don’t exceed this amount. Do Not be drawn into bidding wars – sometimes the car is not to be yours. Don’t let your emotions carry you away.
7) Payment Method
Find out what payment methods are accepted at auction before you go.
Fees
When buying repossessed cars at auction, there are always fees which need to be paid following a purchase. Don’t forget about these as these will added to your accepted biid offer. Each auction charges its own fees so look to get the full breakdown from an auctioneer before the auction starts.
Read our guide on buying repossessed cars at auction.
Alternatively, visit the repossessed cars uk homepage.
Repossessed Sales
Wednesday, September 30th, 2009
With this global economic recession in full flow, one of the latest buzz phrases has to be repossessed sales. Repossessed cars, homes, boats, trucks, vans and anything else are now the most sought over items in the current climate. People are searching for all kinds of items including electrical goods and other seized goods. With people struggling to make repayments on their credit purchases, many others are looking to take advantage and buy cheaper than they normally would.
In previous years, lenders had been quick to offer huge credit to anyone who wanted it. People had more disposable income and more money was available. With people losing jobs nowadays and less funds available, spending is tight and as a result making repayments has become more difficult. Lenders are unable to consider circumstances when repayments are not being made. They need to recover their loans quickly and so repossession is inevitable.
Once items have been repossessed, they are normally resold in repossessed sales. Repossessed sales are attractive to lenders or finance companies as they can resell the items quickly and recover the maximum amount possible. For prospective buyers they prove to be very cost effective as they can buy a bargain repossessed car for example or a low priced house. Often something which had been out of someone’s budget in previous years can become a reality.
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.
Repossessed sales of cars are available all over the UK. Visiting repossessed cars will be an excellent place to find the sales local to you. For repossessed homes sales in your area, visit our repossessed homes site.
Repossessed Auctions
Wednesday, September 23rd, 2009
Buying repossessed cars can often be a good way to purchase a well priced vehicle and can prove to be a quick and easy process if you know what you are doing. Repossessed auctions are the ideal place to find car which have been taken from the owner and then resold by the banks or finance companies. Because lenders want to recover losses as quick as they can, they will look to try and use repossessed auctions to sell a repossession car without delay. By selling quickly they reduce the costs involved with storing a vehicle and also prevent depreciation. Therefore auctions become the logical option.
Repossessed auctions are held all over the UK and USA and are a particularly attractive proposition for first time buyers or those with smaller budgets. Others are looking to get a vehicle at a lower price than the conventional car showroom or private sale from the local newspaper. Car dealers are also firm favourites of this method of car buying and many travel to auctions far and wide looking for those hot deals.
The internet has become the best place for finding information on any subject and buying repossessed cars is no different. Many websites provide useful information on repossessed auctions and where they are held. With economic problems affecting the majority of countries, now has never been a better time to find an auction near you. Stock levels are high as repossessions of both homes and cars are on the increase. This is a result of people struggling to make loan repayments and ultimately falling into debt.
Finding repossessed auctions is fairly straightforward but there is a lot to remember when you actually attend one. Inspect the vehicle throughly before bidding, have a maximum bidding price and make sure you don’t exceed this limit you have set. Many people get carried away at auctions so make sure you don’t do the same and end up paying over the odds. Don’t forget that typically there are NO refunds when buying at repossessed auctions so be careful when you do go ahead and bid to buying a banger. Before even thinking about bidding, go to an auction and see how it all works, experience goes a long way so don’t try and run before you can walk.
Repossessed Cars: What Happens To The Contents?
Tuesday, September 22nd, 2009
A common question, with regards to a car repossession is the rights that an owner has with regards to the contents. Often cars are repossessed and owners realise afterwards that they may have left something valuable in their vehicle. CD’s and sunglasses are often the most common items to be left in a car, but other more expensive items are often left behind. As the items are actually yours, you have every right to reclaim the items. In actual fact however, the scenario can be quite different.
Regardless of the method used to dispose of a repossessed car, a creditor may not keep or sell any personal property found inside. In some states, your creditor must tell you what personal items were found in your car and how you can retrieve them. Your creditor also may be required to use reasonable care to prevent anyone else from removing your property from the car. If your creditor can’t account for articles left in your vehicle, you may want to speak to an attorney about your right to compensation.
When a car is repossessed, these facts are often overlooked and repossessed cars are usually stripped of all items. The repo men are often less sympathetic to the situation and go ahead and keep whatever they find. It’s always advisable to throughly check a vehicle before it is repossessed and make sure you take everything out. this applies when a car is being sold. Even if the repossession men are in the process of towing the vehicle away it’s still not too late to request you take out what is yours. Getting in contact with the lender and asking to have your items returned is often a more difficult process. This is due to the fact that proving what was in the car was actually yours is not straightforward and if the item has already been taken out then it’s difficult to provide evidence that it was actually there. This is why it’s always advisable to take your things out.
