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Used Car Buy Here Pay Here dealers use financing and paying where the car or truck was purchased. The down payment is
normally very close to what the used car lot paid for them. Then they finance the cars
themselves. Successful completion of payments results in the title transferring to the
customer at the end of the contract period. Since 40% to 50% of sub-prime customers default on their contracts. They usually
can't afford the repairs and insurance necessary to keep the cars on the road, The used
car lot ends up repossessing and repeating the process which raises their profit even
higher. Ask If....
RepossessionsMost financial institutions use repossession units staffed with experienced auto-locating detectives. Using information from credit applications, reporting firms, and your friends and relatives, these companies locate vehicles for repossession. Some delinquent customers return their cars to the lender when requested, but most repossessions take place using a tow-truck or an extra set of keys. Most banks unload their repossessed vehicles at dealer auctions, but a few banks may still offer them at public auctions. You can also call local banks and ask if they have repos for sale. Be
Careful, maintenance normally stops before being unable to make car
payments, so be extra cautious of repo cars. |
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Car Auctions |