Should I buy a car which is categorized as a finance repossession?
Should I buy a car which is categorized as a finance repossession?
I checked this preowned car, and AA said there is an existing finance agreement against the car, which is a hire purchase.
I told the dealer, and he said this is a finance repossession. He said the finance company has cleared the car.
Obviously I will speak directly to the finance company. But do you think it is advisable to buy this type of car? It is a Nissan Almera, so quality-speaking, it should be good.
May 21st, 2010 at 5:17 am
simple answer dont even think about it plenty of cheap deals out there anyway
May 21st, 2010 at 6:13 am
If there is an existing finance on the car, the dealer should not be selling it. The finance should have been cleared up by the repo and the car should have a clean title now.
There’s nothing wrong with buying a repo. It’s like any other used car. Some uninformed people might advise against it because they think such cars have been abused by the owners, knowing that they are going to lose the car. This is rarely true. The repo usually comes on quickly, in a matter of a couple of months, so there is little time to abuse the car. It wouldn’t be smart anyway, because the car would sell for less at auction, and they would owe a larger balance on their loan after the repo.
May 21st, 2010 at 6:54 am
Make damn sure the finance has been cleared. I cannot see any reason why the quality of the vehicle would be affected by it being a repo vehicle.
May 21st, 2010 at 7:30 am
I would contact the finance company direct and ask them if they are going to clear the HP agreement against the car. If they are not going to do this, don’t touch the car. If they say they intend to do this ask them to email you a copy of th clearance certificate.
Ja.
May 21st, 2010 at 8:27 am
no, it’s real risky and dangerous no matter what
May 21st, 2010 at 9:22 am
if the car has been repossessed because the previous owner couldn’t keep up with the payments then they also probably couldn’t keep up with the servicing so I would be very wary
May 21st, 2010 at 10:09 am
If the finance company have reposessed it they will want to sell it
1. As quickly as possible
2. At a price which covers costs.(They are not interested in making a profit)
Provided you get something in writing showing that there is no continuing finance on the vehicle you should get it at a good price.
May 21st, 2010 at 10:38 am
Apart from the finace aspect of this question, I’d be suspicious of any car which has been the subject of a repo order. If the owner hasn’t hed the money to pay for it, how well do you think it has been serviced? And how much care do you think said owner has taken with the car knowing it’s going to be repossessed?
I’d leave it, there are thousands of used cars out there.
May 21st, 2010 at 11:13 am
Normally there is dispute and a court verdict is pending.So this means that the car will not be transferred in your name till the title is cleared.
So it is best to steer away from such cars in order to avoid hassles in future.
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