Where to buy bank repossessions? Cars?

david.... · 06-04-2012 8:14pm #1

Hi.
Im located in cork and looking for a 06 Accord or something similar. I contacted a person and he said he was a dealer selling the repo. claimed from permanent TSB and hoping to make a profit.

Im wondering would anyone be able to point me in the direction of where these people get their cars from? and are there bargains to be had here?

Drummerboy08 · 06-04-2012 8:15pm

For legal reasons a financial institution has to sell many cars by way of auction.

Many cars go through Merlin car auctions, and some others are sold at auctions for trade only.

It's a rare thing that a bank will sell you a repo directly.

Saab Ed · 06-04-2012 8:15pm

Well here's PTSBs website. Happy hunting.

http://www.autopoint.ie/

david.... · 06-04-2012 8:20pm

Saab Ed wrote: »

Well here's PTSBs website. Happy hunting.

http://www.autopoint.ie/

thats where he must of got it so!! do u think ''SaabEd'' what im looking for e.g a 05 or 06 a4 s-line , 06+ accord or passat sport\highline would pop up often for a person like me to buy at a good price?

johnos1984 · 06-04-2012 8:30pm

I'd avoid a repo'd car of that age as it's probable the owner didn't have any cash to service it correctly.

You'd be better off looking for an ex-fleet car or UK import

Saab Ed · 06-04-2012 8:37pm

johnos1984 wrote: »

I'd avoid a repo'd car of that age as it's probable the owner didn't have any cash to service it correctly.

You'd be better off looking for an ex-fleet car or UK import

Couldn't disgaree more. The weapons all stand out a mile and it goes without saying that they're to be avoided. But the fresher stuff, even 4-5 year old stuff can need nothing more than an oil+filter and maybe a couple of tyres to be perfect.

johnos1984 · 06-04-2012 8:44pm

Saab Ed wrote: »

Couldn't disgaree more.

That's fine but you have the benefit of being in the trade and knowing what to look for.

Will OP be able to spot a mechanically neglected car or one which the previous owner has negligence with poor or missing servicing?

I have looked at repo'd cars and lots were fine but many were utter crap and had been clearly neglected by oowners who barely qualified for the finance and could only afford the base model of a 'prestige' car. In other words they couldn't afford the car but got the finance anyway. It's a lottery as buying used always is

George Dalton · 06-04-2012 9:10pm

I agree with John. If someone hasn't been making the repayments on their car then they won't have been servicing or maintaining it properly either. Plenty of repo cars look good on first inspection but if you factor in the cost of a full service, couple of tyres, maybe a timing belt and a set of brake pads and all of a sudden that "bargain" isn't looking so good after all. And that is before you even consider the possible reliability issues in store down the line from missed services early in the car's life.

Del2005 · 06-04-2012 9:21pm

George Dalton wrote: »

I agree with John. If someone hasn't been making the repayments on their car then they won't have been servicing or maintaining it properly either. Plenty of repo cars look good on first inspection but if you factor in the cost of a full service, couple of tyres, maybe a timing belt and a set of brake pads and all of a sudden that "bargain" isn't looking so good after all. And that is before you even consider the possible reliability issues in store down the line from missed services early in the car's life.

Then there's the rush of blood to the head at the Auction (leading to paying near retail price), the possibility of the Auctioneer taking bids off the wall or dealers pushing the price up on Joe Public.

You need to be aware of the benefits and pitfalls of Auctions. Go to a few before even thinking about bidding.

Declan Lander · 06-04-2012 10:21pm

david.... wrote: »

I contacted a person and he said he was a dealer selling the repo. claimed from permanent TSB and hoping to make a profit.

From someone elses misery and hard times ? Parasites.
Cheaper or not, I don't think a motor like that will bring you any luck in the long term mate.

johnos1984 · 06-04-2012 10:23pm

Declan Lander wrote: »

From someone elses misery and hard times ? Parasites.

It's an ill wind that doesn't blow some good:)

unkel · 06-04-2012 11:07pm

A 6 year old car being repossessed? That's not likely though, is it? I wouldn't have thought cars that old would have finance left on them?

Jimdagym · 06-04-2012 11:09pm

unkel wrote: »

A 6 year old car being repossessed? That's not likely though, is it? I wouldn't have thought cars that old would have finance left on them?

A garage will finance any car on the forecourt.

unkel · 07-04-2012 12:23am

Jimdagym wrote: »

A garage will finance any car on the forecourt.

A major institution like PTSB surely wouldn't finance old cars?

bazz26 · 07-04-2012 12:43am

They will only finance cars up to a certain age because if they have to repossess and sell the car on, they have to be able to offset as much of the loss as they can. I think the oldest most will finance is upto 4 years, could even be more restricted these days considering how cagey they are about lending money.

-Corkie- · 07-04-2012 6:48am

unkel wrote: »

A 6 year old car being repossessed? That's not likely though, is it? I wouldn't have thought cars that old would have finance left on them?

That would be my thinking too allthough I cannot see too many around for reposession. Anything thats going to be lifted will be gone with a few years now. Anything that might have slipped through the net will never have been serviced or maintained.

I see the same with trucks and plant, everything that was to be lifted was taken in 09/10 most of the stuff was rough as fcuk and never maintained..

Del2005 · 07-04-2012 4:12pm

unkel wrote: »

A 6 year old car being repossessed? That's not likely though, is it? I wouldn't have thought cars that old would have finance left on them?

It could have been an asset recovered from a company to cover an outstanding loan and the sales man just gave the generic repo car since it was bought at auction from a bank. But a 6 year old car still with finance owing sounds dodgy since it's been nearly impossible to get finance for the last four years.

What would a history check show if it is a repo?

lifer_sean · 07-04-2012 4:59pm

Drummerboy08 wrote: »

For legal reasons a financial institution has to sell many cars by way of auction.

Many cars go through Merlin car auctions, and some others are sold at auctions for trade only.

It's a rare thing that a bank will sell you a repo directly.

Declan Lander wrote: »

From someone elses misery and hard times ? Parasites.
Cheaper or not, I don't think a motor like that will bring you any luck in the long term mate.

In many cases, the borrower is liable for the difference between what was owed and what money was recovered from the sale of the vehicle. Therefore the bank have to show that they got the highest price achievable when selling the car ... the easiest way to do this is by auction. To Declan's comment, the buyer is actually doing the borrower a turn in a way ... if the car was given away for peanuts or not sold at all, then the borrower would be liable for more. The more bids on the car at auction the better for the borrower.

unkel wrote: »

A 6 year old car being repossessed? That's not likely though, is it? I wouldn't have thought cars that old would have finance left on them?

I bought two 04 cars and a 05 from PTSB in the last 3 months. The 05 had a change of ownership last August, so it looks like PTSB loaned the money on the car when it was 6 years old. As regards servicing etc, the owner didn't have it long enough for any neglect to occur !

Where to buy bank repossessions? Cars?

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