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Choosy moms choose Jeff
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Discussion Starter #1
I have an opportunity to get an 07 Yukon Denali but I am unsure about auctions. I do not really want the Yukon but I was thinking if i could get it for a good price maybe I could trade it in on a car I want and make a little money off the whole deal. Is this a bad idea or something that could work? You have to pay cash or cashiers check for the vehicle that day and I ran a carfax report and it was bought around here last year and has a clean title.
 

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how low can you go
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how much do they want for it?
 

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Choosy moms choose Jeff
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Discussion Starter #3
I don't know its an auction but they said it was taken for not paying county taxes so I assume the person can't owe that much in taxes. They said whatever the vehicle is sold for over what is owed in taxes goes to the owner and then they have to pay the rest of the car loan themselves.
 

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Sneaky White Person
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not a bad gig, my truck was bought by a used car dealer from an auction. there's nothing wrong with it, got 120k+ miles on it no prob. i actually met the guy who used to own it one day lol funny story.
 

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My truck was a repo.

We also once bought a 96 Cutlass for $3300 from a repo. We drove it for about a year and then sold it for $6500.
 

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my last 2 cars were a repo. my mom worked at a bank and all employees would get first dibs on the cars that were repoed. Ive had this car for a little over a year now with no problems
 

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my last 2 cars were a repo. my mom worked at a bank and all employees would get first dibs on the cars that were repoed. Ive had this car for a little over a year now with no problems
Well thats illegal.....In the "Truth in Lending Laws" It clearly states that a repo must be offered on auction to the public (or private) to insure the bank gets fair market value for the unit. I dont know were you live but thats shaddy shit and I'd sue the pants of my bank for fraud if they did that to me.

Repos are good buys sometimes....The problem is alot of people that are getting repo'd dont take care of the units and beat the snot out of them. Dont get your hopes up on making a good amount of money on it either. More than likely there will be 10 other Used car dealers bidding on it and they will drive the price to dam near fair market value anyways.

Dont get your hopes up :(
 

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I just cummed.
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:werd:
 

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Captain Obvious
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Well thats illegal.....In the "Truth in Lending Laws" It clearly states that a repo must be offered on auction to the public (or private) to insure the bank gets fair market value for the unit. I dont know were you live but thats shaddy shit and I'd sue the pants of my bank for fraud if they did that to me.
But offering it to the employees first would be a private auction of sorts wouldn't it? If the bank owns the vehicle I don't see how they would sue themselves over supposedly not selling it properly.
 

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what happens is my mom would get word that hey this car is getting repoed......

Which in conversation around the dinner table it would come up. They then have to give the owner 30 days to make right on the payments. if they dont the bank then goes and gets it checked out mechanically and body wise. anything wrong they fix it then they put the bitch in the front of the bank with a for sale sign. if it does not sell within 90 days they take it to auction. Find me a law that says the bank in which OWNS the vehicle HAS to take it to a public auction?

When i say first dibs i mean they tell the employees and if anyone wants it they sell it. The banks wants the money they loaned out wtf do they care who it comes from?
 

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what happens is my mom would get word that hey this car is getting repoed......

Which in conversation around the dinner table it would come up. They then have to give the owner 30 days to make right on the payments. if they dont the bank then goes and gets it checked out mechanically and body wise. anything wrong they fix it then they put the bitch in the front of the bank with a for sale sign. if it does not sell within 90 days they take it to auction. Find me a law that says the bank in which OWNS the vehicle HAS to take it to a public auction?

When i say first dibs i mean they tell the employees and if anyone wants it they sell it. The banks wants the money they loaned out wtf do they care who it comes from?

Say you bought a car 4 years ago......in that 4 years you've paid off say 85% of the loan. The cars worth say 8 grand......you owe 4 grand....A rough streatch comes along and you fall behind on your payments, I come and repo your shit. I notice you owe alot less then the cars worth. I decide that Im going to buy this car in 22 days (not 30) and turn around and flip it for a profit......there by screwing the debtor out of his/her equity in said car.

Is that fair?.....No....Its illegal

I've repo'd 8 cars since the last time I've posted in this thread, I might just know what Im talking about. :cool:

PS....I repo'd a 2002 Trans-Am ram-air vert 6 speed a few weeks ago with 635 actual miles on it. The guy owed 7 grand on it. If it were buyable outside of public auction Id own it right now!

Eric,Northplayer... Im not saying your bank dosnt do it like that.....What I am saying is that they are violating the "Truth in Lending Act" by doing it. :rolleyes:
 
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