Aaah the life of a repo man is not always as straight forward as one would imagine and often the person who you would least expect to put up a fight ends up being the biggest trouble causer. The video below from the USA shows how some people put up a fight to avoid having their car repossessed. Visit our homepage for further free information on repossessed cars or car repossession.
Repo Man Tosses Woman Out of Car – Watch more Funny Videos
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.
CBS News recently carried out a report in Atlanta, Georgia on the effects of the recession on car repossession. As a result of a failing economy, the US repo men are doing good business as more and more cars are repossessed on a daily basis.
One auction the reporter visited claimed to be offering over 1200 cars per day in their repossessed cars auctions. Car dealers are taking advantage by buying cars at cheap prices and then reselling at a profits. The repossession men are also profiting from the regular work available whilst the car owners suffer. The repo man who was interviewed claimed that people are living beyond their means and it is catching up on them and in a way he may be right. The bottom is falling out of the credit society and the excessive borrowing which has been carried out over recent years mean that the number of repossessed cars and repossessed homes are on the rapid rise.
You wake up in the morning and look on your driveway for your pride and joy and its not there! Instead is an empty space where your car was when you parked it last night. The instant reaction is to think it has been stolen. Rushing downstairs will present you with a letter from the repo man. Failure to make your repayments has resulted in your car being repossessed and swooped away while you were sleeping.
The video below shows a repossession truck in action and how quickly and easily it can pull off a car repossession:
If you are interested in finding out more about car repossession in the UK or where to buy repossessed cars then this site can provide you with full information on how to go about doing so.
Has you car been repossessed? Are you in the process of your car being repossessed? Are you struggling with payments for your car and facing car repossession? This website has been set up in order to give you free advice on repossession cars.
Are you interested in finding out where to buy repossessed cars? Find the best repossessed cars sale here at repossessed cars uk. We provide links to auctioneers hosting car repo auctions throughtout the UK. All our mentioned auctioneers have been checked in order that you can buy repossessed cars from reputable auctioneers. Simply click on the local regions of the UK listed in the bottom right. If you are unable to currently view the repossessed cars UK list then click on home at the top of this screen and the list will appear in the bottom right. We also provide buying tips and guides on how to buy repossessed cars and cars in general.
Repossessed Cars UK provide a comprehensive links and advice section, providing details of legal terms related to repossession cars, how to deal with car repossession bailiffs, as well as links to other organisations who can provide further help in resolving your situation if you are facing car repossession. Some of our information is applicable to uk repossessed cars scenarios specifically, however the majority of the info can be applied in most countries around the World.
If you have experienced car repossession and would like to share your story or have some information you would be interested in adding to Repossessed Cars UK then please do not hesitate to contact us by emailing info@repossessedcars2009.com
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.
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.
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 
dealers. 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.
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.
Here is an ad I liked featuring one of my favourite cars, the BMW M5. The model shown is the older version. The BMW M5 would be a highly recommended car to buy from any repossessed cars auction.
