Should You Buy a REPO Car? What Happens to Repo Cars

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Car Repos EXPLODING:

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[susanski]

How fair is it that consumers can't buy repos! So the deals go to dealers again and the consumer get to pay outrageous used car prices from the dealer!!

[bullnukeoldman]

I'd definitely get a pre-purchase inspection on a repo. Some folks aren't happy being repo'd and some will purposely damage the vehicle to "get back at the man". A local farmer sanded the crankcases of a couple high-dollar John Deere tractors being repo'd here a few years ago destroying the engines.

[MuahMan]

I'll be honest. I had a 2019 Mustang GT repo'ed this year. $800 payment, $500 insurance, plus 12 MPG. Had to do it. Mine was in perfect condition. You could eat off the paint, engine, and inside. It was like brand new. Somebody got a gem from me.:)

[MatthewTheCCMA]

I bought my 2017 Toyota Corolla in the beginning of 2022. It happened to be a repossession car, it did say it on the Carfax that it was repossessed. What I found out later was my vehicle had been in a car accident that wasn’t reported to Carfax. The only advice I guess is check the car for hidden accident damage

[bp]

I was spot on (disputed by several comments to my posting) when I said many months back many people are buying cars they couldn't really afford.
I remember when banks would put repos on their parking lots for sale. Not a bad idea to start doing again.
I agree 100% if they couldn't afford the payments why would they bother with maintenance.
In any event, I would not buy now new/used if possible and wait until sanity returns hopefully by 2023.

[gwillis]

I agree that you have to watch out for undone repairs on a repossessed car. If a person has to choose between paying only the car payment or paying for a brake repair job and paying the car payment in the same month when they feel short on cash, the brake job does not get done.

[F_C...]

That experian data that shows repo rates is from Q3 2021. It's been 9 months since then. If it takes 3 months to repo, 3 months to process, we should be seeing an influx of used cars any day now.

[Suuby]

Tons of smaller local banks sell their own repos. I've bought several from banks around my area. Not even auction style. They just put a price on them and sell them out right. 🤷

[bullittbob]

Thank you for making this video!! What has been going on these past few years with overinflated prices on cars reminded me of what happened with the housing bubble. People who were not in a position to afford the homes that realtors and banks convinced them they were and later got foreclosed on either because they could not afford it or became so underwater when the bubble burst they just walked away. There's gonna be a tons and tons of these "repo" cars sitting on lots soon enough. If banks hold onto them trying to squeeze every penny they can get to offset their bad lending decision, then lot rot will set in and thats where as a consumer ya gotta watch out.

[patrickmorrissey]

This is a good video, and it is all true....

I would just add though... If you DO buy one of these cars, and you save a few thousand... If you go back 2 years later to trade it, they will destroy you on the trade... they will not pay, for a car with a repossession on it.... so, just, know that, and understand that fully, before you buy this repo and say "Hey, I saved a couple thousand bucks!"

Now, if you want to buy it, and the inspection is really good, and you are in it for the long term, you're keeping this one, then it won't matter.... by the time the car is 12 years old, with 300k miles on it, it won't matter, it is what it is....

So, take a good look in the mirror, and make sure you know what you're doing, before you go and do it.... If you're buying it to mess around with for a couple years, and then trade it...???? Maybe a repo is not for you. If you're buying a pickup, because your old pickup is SO bad, it's over with, it's 16 years old, it's rough around the edges, and you want a newer (used, but new to you) pickup, and you know you are keeping it.... And the inspection is good.... Sure, why not??? Pickups sometimes have a tough life anyway (Uhh, well, mine do I guess, maybe yours don't...), you probably don't want a "perfect" one... Then it's upsetting, when you put that first big dent in it.... If it's a little pre-dented or whatever, hey, you save the money, and you don't have to get so upset

[bimmerM]

if it’s a 72 month loan and they are in the 40 month payment, they could likely sell the car and break even or come up on top, so doesn’t make sense they let it go to repossession

[davwill]

i do wonder, repos would seem to be much problematic to buy. plus, national banks might actually ship them to other states, where they might register them, which would likely whitewash the title. so you might not even know that it was repoed. sort if like how insurance companies will ship flood cars else where, to get new title). oh and some times, captives will store them at dealers (lease returns et). hopping that a dealer might buy it. and captive finance also have dealer only auctions.

[Redfour]

My dad a depression child said that the total collapse of the economy made it so that they did NOT repossess vehicles because there was nothing that could be done with them...so, the Repo men would come out with cement blocks, put the car up on the blocks and strip them of parts, tires, removable engine parts etc. and leave them... They would give the title to the "owner" to make it legal... And then, later, when people could, they would get many of them running again. Tech was much simpler back then...

[knightride]

I would urge anyone interested by a repo car to request the pictures from the auction. I have seen many in horrible condition (including body damage) with a clean car fax.

[sprague]

My local BMW dealer lists a 2020 X5 for $43400 that's already got 68000 miles on the ODO. Just for a giggle I checked it's Carfax. The newest entry was at a mere 1500 miles! Someone was running drugs in style with this repo. lol.

[littlestinker]

Repo or not, never buy a used vehicle without getting a thorough pre-purchase inspection, including a test drive at highway speed.

[turnne]

I have had very good luck withy repo cars. One of the ones I purchased( a BMW) was in factory warranty still

[doonie]

There should be an auction for consumers. They'll pay more than dealers..

[tostoday]

Best deal: unless you need new you may check into a local mom and pop used car dealership that's been around awhile. Lower overhead, word of mouth advertising business that will go the extra mile to make you happy. I'm looking into a 2010 Saturn Outlook for only $5000. Still a nice looking ride assuming it doesn't suffer from the usual GM "quality."

[robinsonmertilus]

For the “pre purchase inspection”, this involves having someone come to the dealership to spend time reviewing, driving, and writing up a report on the vehicle? Practically, this is easy to do?

Update: I found your video on it. Thanks!