Has anyone here had experience with buying repossessed cars?

[RyanEwert87]

I am looking in to buying a car that would be out of my price range normaly but through the bargain of repo auctions I could afford. I understand that there is risk in doing it, but I think that you would still have a huge bargain even if you did find that the vehicle needed all kinds of repairs.

Anyway, I would like oppinions coming from people who have had experience in repo cars.

[Capital]

My car was a repo and it has been excellent. But I've been in contact with the previous owner and found out all of the work he did to the car, so it's kind of an exception. My fear has always been if the person can't take the responsibility of paying basic bills have they taken the responsibility to maintain a car?

[RyanEwert87]

Your car looks exactly like the one that I would like to purchase. A black E36 M3. How much did you pay for the car?

[Capital]

$15k over a year ago. Entirely too much but it was exactly what I wanted and I had cash in hand. Plus, car had UUC short shift kit, zimmerman x-drilled rotors, and the 90k mile service had just been completed. So it has been worth it in the long run.

[Irish03]

I've never purchased a repo car, but I can tell you that many cars that are repossessed tend to not be the "cream of the crop." Often the owners neglect basic things like oil changes and can't afford to properly repair the cars.

In your case, I would recommend not getting a repo, especially if the sale price is at the top of your budget. If you do buy a repo, budget even more for repairs than you would with a "normal" used car.

Capital's car is likely an exception to the rule, especially considering the condition of the car and the fact that it didn't need as much work done to it. There have been people who got good deals this way, but you're taking a huge risk.

Just remember this rule...if they couldn't make the car payment they couldn't afford the repairs either.

[Muntzster]

Theres a car that was just reposesed in my area and my dad works back where its at .. 99' 540i it looks .. perfect ZINIK rims what a nice car.. but yea if you are looking they sell cheaper so its worth it

[RyanEwert87]

I have seen repo auctions where they sell BMW X5's, different E46's, and Z3's for like 2-5k. That is why I think a repo car would be good. Example an E46 330i for like 3,000. What would be the most you could spend on repairs? I mean you do a look at inspection yourself so you could tell a lot of how the car is kept up. Even if the engine is about ready to die, an engine replacement would put you up like at 9000 or so right? I would doubt that though, most of these cars have low milage like in the 20-40k region. I just think that the cost is so low that even with the factored in repair cost you still end up with lots of cash saved. You could also resell the car like on Ebay and make tons of profits. And I bet that just the individual parts add up to more than the 3k you spent for the car.
Now I must schedule an oppointment with my friend who gets in to these car auctions. I will let you know if I ever get a repo BMW, or a Benz (Sorry) which I am also thinking about.

[Irish03]

An E46 330i that sells for $3000 is probably going to need about $12,000-$17,000 in repairs to get it into good repair.

It's only cost effective to buy these cars if you're a well trained mechanic who only pays for parts.

[RyanEwert87]

No these ones for like 3k are in visualy very good condition. How much could go wrong even if it was beat up and no oil changes?

[madeupname]

where in nj are there repo auctions. iv been lookin for one but have no idea where they are

[russoturristo]

Never bought one but can tell you the following story.My friend used to have '96 MB S600 coupe,really nice,good looking car but transmission start to die at 135Kmi.First it started to make some high pitched sounds up to 3rd speed.And later there's only one speed left-2nd.My friend was about to rebuilt the transmission when he got into detension center for 6 months.Of course 6 months absence screwed up all his credit history so he knew the car would be repossessed sooner or later.So we decided to trade it in.The dealer took the car for a test drive around the block.When he came back he gave my friend 12 grand but still he was to much"upside down" so he couldn't get another car.
When we came home we checked KBB for trade in prices so 12 grand was for the car in "good" condition.
The thing is, this sound is really strong but outside-inside you can not hear it at all and to have only"one speed"tranny is enough on this car not to notice any problems when you driving in city.
Later the car was repossessed and I guess somebody already bought really nice looking S600 coupe....

[BimmerFreak]

Never bought one but can tell you the following story.My friend used to have '96 MB S600 coupe,really nice,good looking car but transmission start to die at 135Kmi.First it started to make some high pitched sounds up to 3rd speed.And later there's only one speed left-2nd.My friend was about to rebuilt the transmission when he got into detension center for 6 months.Of course 6 months absence screwed up all his credit history so he knew the car would be repossessed sooner or later.So we decided to trade it in.The dealer took the car for a test drive around the block.When he came back he gave my friend 12 grand but still he was to much"upside down" so he couldn't get another car.
When we came home we checked KBB for trade in prices so 12 grand was for the car in "good" condition.
The thing is, this sound is really strong but outside-inside you can not hear it at all and to have only"one speed"tranny is enough on this car not to notice any problems when you driving in city.
Later the car was repossessed and I guess somebody already bought really nice looking S600 coupe....



Am I the only one having a hard time understanding what the f*k you are saying?

Whats the point of your post?

You have a buddy that had a Benz?
It had a bad tranny?
He got locked up?
Then he traded it for 12k, but owed more money?
WHATS THE POINT?

[BoneThug]

he's saying that u can think your getting a good deal ona car but it could end up having problems "like a bad tranny" that you wont find out about till after you buy it.

[russoturristo]

As far as I know,you can not test drive a car at auctions of any kind.Even the dealer didn't notice the problem with tranny though he test drove the car.So I'm telling the whole story to RyanEwert87 to aware him what a "nice" bargain he can get at repo auction.And I hope you now understand what a F... I'm talking about.

Am I the only one having a hard time understanding what the f*k you are saying?

Whats the point of your post?

You have a buddy that had a Benz?
It had a bad tranny?
He got locked up?
Then he traded it for 12k, but owed more money?
WHATS THE POINT?

[trialskid14]

I was pissed off as he!! when I saw the man trying to quietly get my car with a wheel loader. I pulled a shovel he left pritty quickly. Got to keep my car another night.:)

[russoturristo]

just want you to see which car I was talking about136399136398

[markesq]

Why would the dealer give him 12k cash, if he is upside down. Wouldn't that leave the dealer with a car with a lien on the title?

No clean title, then they can't sell. You sure you have the story right? :confused

[greenohawk69]

I purchased my BMW Finance repo '99 328i in 2002 with ~ 24K miles on it for $25.2K. There were some scratches, 1 dent in a door and 4 little rips in the rear arm rests. I looked the car over, inside and out, and it appeared to be ok. Since I wasn't sure of the repair history, I do what I would do with any car in that situation. I changed all of the fluids, brake pads, rotors and installed SS brake lines. I would have done this anyway, so it was no big deal. 37K miles later.........no problems.

I don't know where you're getting your info on $2K - $5K BMW's....must be a blue light special going on.

[russoturristo]

I didnt't say the car was with a lien title.

Why would the dealer give him 12k cash, if he is upside down. Wouldn't that leave the dealer with a car with a lien on the title?

No clean title, then they can't sell. You sure you have the story right? :confused

[DaneA4]

I guess you didn't get the information you were looking for in your first thread:
http://forums.bimmerforums.com/forum/showthread.php?t=440323

Since I responded to that one, I won't repeat myself.