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Posted: 4/30/2009 10:36:33 AM EDT
Yeaars ago, Ol Pic had it made. He'd buy a 2 yo (3 model year old) pickup for about 1/2 of what the original owner paid. No longer, used cars are holding their value.

What's the deal on scarfing up a bank reposession? Anybody know?


What's the inside skinny on the so-called dealer's auctions?


I'm not in a hurry, but the '00 Taco now has 165+K miles on her and it's time to look into the future.


Any ideas?
Link Posted: 4/30/2009 10:40:41 AM EDT
You have to be a dealer to get in a dealer auction. I had a dealer tell me that you might buy ten rough autos to get a gem.
In Memphis there is a dealer that specializes in bank and credit union repos. Check with your bank or CU to see where their repos go.  
You may find that they go to a dealer auction so no joy.
Link Posted: 4/30/2009 10:42:39 AM EDT
Originally Posted By FZ1Steve:
You have to be a dealer to get in a dealer auction. I had a dealer tell me that you might buy ten rough autos to get a gem.
In Memphis there is a dealer that specializes in bank and credit union repos. Check with your bank or CU to see where their repos go.  
You may find that they go to a dealer auction so no joy.




The smaller banks send them to the dealer auction, at least around here.

Link Posted: 4/30/2009 10:47:42 AM EDT
I never saw a repo car that was worth anything.  People who don't pay their bills don't take care of their cars.  You'd just be buying someone else's problem.  Steer clear of them.  I did see one once that had quite a bit of pot stashed in the spare tire.  The previous owner attempted to retrieve his stash while the car was being repaired at our garage.  Much hilarity ensued.



Once the economy starts to pick up, used cars and rental fleet sales will start to happen again.



Right now?  Call your banker and tell him that you are looking to buy something and if he has a borrower really in a bind, maybe you could help a fellow in need.  A person losing their butt and not wanting to take the beating on their credit is far more likely to take care of the car.  
Link Posted: 4/30/2009 10:53:08 AM EDT
I used Autotrader.com last summer and got a good deal on a used Tahoe from a small lot up on the north side of town. YMMV.

Link Posted: 4/30/2009 1:12:11 PM EDT
another opition is to actually go to a few local banks and ask them if thy have any repos getting ready to go to auction.
some of them around here will auction off their repos locally before they go to the auction house.they will take bids till a certain date then sell the car off.
when I bought my 92 silverado I bought it from the bank down the street the guy who bought it couldn't afford the payments so the bank made a deal with him to offer it for sale for 30 days and if he had any offers the bank called the owner with the offer and if he took the offer the truck would sell if not after the 30 days the truck would go to auction.
well I made 2 offers one to the owner and one to the bank when it was supposed to be auctioned off.
the guy accepted my cash offer and I got a great truck. and the owner only had to pay the difference which wasn't much so he got lucky....
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