Any one ever bought a repoed car?

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Shane Falco

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440 posts
Mar 2, 2010 3:50 PM
How did you find it? Did you call the banks? Go to an auction?

Whats the deal? How do I find em?
Mar 2, 2010 3:50pm
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gorocks99

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10,760 posts
Mar 2, 2010 3:52 PM
Most municipalities (or at least, most large municipalities) will have police auctions at least every couple of months. Check out your local PD website to get the time/date and be ready to buy and drive.
Mar 2, 2010 3:52pm
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THE4RINGZ

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Mar 2, 2010 3:52 PM
Skipco in Canal Fulton has an auction every Saturday morning at 10:00. you can preview the cars being auctioned online at their website. www.skipco.com
Mar 2, 2010 3:52pm
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UA5straightin2008

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Mar 2, 2010 3:56 PM
do you usually get these cars for a good price?
Mar 2, 2010 3:56pm
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Little Danny

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4,288 posts
Mar 2, 2010 3:58 PM
Shane, did Eddie Martel's boys flip your truck again?
Mar 2, 2010 3:58pm
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THE4RINGZ

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Mar 2, 2010 4:00 PM
I looked at what sold last week at the sale, and I would say there were some that went lower than I expected and some that went higher. Having not seen the cars in person, I am not sure what prompted this.

But it is an auction so if you and someone else are interested in the same car, the car is probably going to sell higher.
Mar 2, 2010 4:00pm
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Shane Falco

Senior Member

440 posts
Mar 2, 2010 4:01 PM
Trying to find out if I can go directly through/to a bank, eliminating competition of a auction in order to keep the price low.
Mar 2, 2010 4:01pm
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Shane Falco

Senior Member

440 posts
Mar 2, 2010 4:02 PM
Little Danny wrote: Shane, did Eddie Martel's boys flip your truck again?


Just scouting options for when it happens the next time!
Mar 2, 2010 4:02pm
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UA5straightin2008

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Mar 2, 2010 4:03 PM
true that

i applied to be an RA next year, which means i get my room for free, so my parents will be saving an extra 5-6K on my college expenses..in return they will help me pay for a car (i will hopefully be able to supply 2 grand, an hopefully tehy can supply 2-3). we have a minivan now that we will be looking to sell and my brother is off to UPenn next year, thus he wont need a car in the middle of Philly...and i need one because i come home quite a bit in the fall for OSU games and such, so this may be a good option for me
Mar 2, 2010 4:03pm
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THE4RINGZ

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Mar 2, 2010 4:03 PM
But a bank setting a price will be higher than what the car typically sells for at the auction. The bank is trying to reduce the amount of the set off. (The difference between the balance owed and the amount the repossesed car sells for). Add to that the bank needs to store the car, pay someone to show the car, have a person to transfer the title, etc. The repo/auction company does all of that.
Mar 2, 2010 4:03pm
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ts1227

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12,319 posts
Mar 2, 2010 4:07 PM
THE4RINGZ wrote: Skipco in Canal Fulton has an auction every Saturday morning at 10:00. you can preview the cars being auctioned online at their website. www.skipco.com
I went with my dad there one week, most of the cars we saw were either pretty rough or decommissioned police cars (Crown Victoria) with tons of miles.

This was probably 10 years ago, though. Maybe they're getting better stuff in today.
Mar 2, 2010 4:07pm
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Shane Falco

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440 posts
Mar 2, 2010 4:13 PM
THE4RINGZ wrote: But a bank setting a price will be higher than what the car typically sells for at the auction. The bank is trying to reduce the amount of the set off. (The difference between the balance owed and the amount the repossesed car sells for). Add to that the bank needs to store the car, pay someone to show the car, have a person to transfer the title, etc. The repo/auction company does all of that.


From info I've read about this so far. You can offer the bank and if they accept it ,any remaining balance falls back to the orginal owner. ???
Mar 2, 2010 4:13pm
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THE4RINGZ

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Mar 2, 2010 4:15 PM
True. But if they were not making the payments when they had the car what ae the chances they will pay you when they don't have the car? Sure you can go get a judgement against them, but if they don't have a job etc. (the reason they lost the car in the first place) what does it matter?
Mar 2, 2010 4:15pm
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GoChiefs

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16,754 posts
Mar 2, 2010 4:17 PM
Shane Falco wrote: From info I've read about this so far. You can offer the bank and if they accept it ,any remaining balance falls back to the orginal owner. ???
Correct..just like when it's auctioned off. The money they receive is taken off the original owners balance..and the original owner is responsible for the rest.
Mar 2, 2010 4:17pm
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Shane Falco

Senior Member

440 posts
Mar 2, 2010 4:26 PM
THE4RINGZ wrote: True. But if they were not making the payments when they had the car what ae the chances they will pay you when they don't have the car? Sure you can go get a judgement against them, but if they don't have a job etc. (the reason they lost the car in the first place) what does it matter?


They don't owe me the balance, they still owe the bank.

Thanks go cheifs
Mar 2, 2010 4:26pm
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disco stu

Junior Member

26 posts
Mar 2, 2010 10:10 PM
I bought a repo truck at a sheriff's auction. A lot of neat vechicles. You are allowed to look at the vechicles before hand but cannot start them. It was crazy, they auctioned 60 cars in 60 minutes. Be aware, There was a bidder from the bank who bid against me until he got what he wanted.
Mar 2, 2010 10:10pm
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Chesapeake

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1,603 posts
Mar 3, 2010 2:59 AM
I bought a 89 Cavalier for 900.00 back in 1996 at the Ohio Auto Auction on 104 in Columbus.

It was on a Wednesday and it was a repo sale.
Mar 3, 2010 2:59am
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Shane Falco

Senior Member

440 posts
Mar 3, 2010 12:35 PM
disco stu wrote: I bought a repo truck at a sheriff's auction. A lot of neat vechicles. You are allowed to look at the vechicles before hand but cannot start them. It was crazy, they auctioned 60 cars in 60 minutes. Be aware, There was a bidder from the bank who bid against me until he got what he wanted.
Yea you have to spot the "fluffer" before the car you want is on the block.A Benjamin should be enough for him to have to go get a coke when the time is right.:)

Wasn't aware of the No starting deal. Thanks

Still researching
Mar 3, 2010 12:35pm