Buying a repo car?

[Oilman]

What are the pros and cons of buying a repossessed car?

I know one thing is the car won't be available for a test drive (although bidders are allowed start the engine... which doesn't say very much heh) but on the other hand, the selling price may be close to paper value.

Any thoughts? Bad luck getting a repo maybe??

 

[T6]

Re: Buying a repo car?

I think getting a repo car is not a bad thing if u know how to check out the car and the price is way below the mkt. If no personal skill in this area, bring a reliable mechanic with u.

 

[huayx2]

Re: Buying a repo car?

the car can be send to STA for inspection.. $100+ only and u will have a peace of mind... provided they allow.

 

[T6]

Re: Buying a repo car?

the car can be send to STA for inspection.. $100+ only and u will have a peace of mind... provided they allow.

I dun think they allow. Usually sold "as is where is".

 

[Nuke]

Re: Buying a repo car?

Yup. Repo cars are sold as they are.

Can u even start up the cars T6?

But I hear ur chances of getting them are low. Normally "ppl" have "connections" and will call in on the last hour and just slightly outbid u.

Good luck with the bid. Do let me know if u manage to outbid these "ppl".

 

[Oilman]

Re: Buying a repo car?

Hong Leong Finance yesterday held a closed bid (via fax) for a repo car... a May 2004 320Ci cabrio. I went to the "car pound" to check it out and was handed the key to start the engine, test the hood etc but wasn't allowed to drive it even around the carpark.

The finance chap said the winning bidder can only take over after the money changes hands, which seems to imply there's no walking away if it turns out to be a lemon. How to buy a car like that?

Very funny, he asked if I was "satisfied with the condition of the car." Haha good one.

 

[martmode8850]

Re: Buying a repo car?

very good price for the next owner... but why didnt the car not bring any luck to the previous one???

 

[Arsony]

Re: Buying a repo car?

Yup, that's right. What I hear from my fren who works in the finance company is that by the time you see the advert, the car has already been sold. Most of the time to people within the company itself! The advert is just a formality because it is required by law. So if you see an advert and the car is still there, be very suspicious of a lemon because there may be a reason why those guys in there aren't taking it!!!

Worst come to worst, if you really think that it's too irresistable to walk away, after making sure chassis and other physical state of the car is satisfactory, bid about 30k below value as that is approx the kind of damage that you will suffer if the engine and transmission piang! If you can't get it at that price, then forget it! A 320 cabrio is not that an EXOTIC car that you have to take that kind of risk....

Just my humble opinion...

Arsony
Topaz Blue NOT exotic....

 

[CyberTron]

Re: Buying a repo car?

hmm... if the 2004 cabro is a pml car... u should still have like 2years of warranty you can send back to pml to rectify and claim warranty maybe?

 

[Oilman]

Re: Buying a repo car?

Think that repo-ed 320Ci cabrio is being offered by an agent this week - asking at $175k! Then again it may not be the same car...

 

[henry2703]

Re: Buying a repo car?

hi!

just a short note... repo cars are no tthe only way to get cheaper car.

There are also those pounded cars. For whatever reasons, the car was confiscated by the police. They will be on sale i think every last thursday of the month at turf club.


Again, you are only allow to check under the boot and bonnet, as well as starts the engine, then you pick up a form and submit your bid.

I refrain from the word cheap and use cheaper instead because a lot of second hand car dealer are there bidding as well. This also means that if we buy from a second hand dealer, it may be one of these cars as well.

my last visit there about 2 years ago, i saw a 318 (E46) with 7k on te odometer, going for 100k.... IMHO, cheap!

cheers,

 

[Vroom]

Re: Buying a repo car?

Hi do you have any additional info on this event, for example will they advertise in the papers etc?