Buying repossessed car...what's your experience?

[Panda88]

As above. Looking at gemoney cars, any bad experience? pls share. thanks.

[Zoom99]

1. Not all banks allow viewing of car

2. Condition of car is unknown, eg lost key, spoilt gearbox

3. Are you overpaying?

[Rickster]

I tink u'll get very little response...from what I know, most of the auctioned vehicles are bought by dealers.

[Damienic]

I used to have the impression it maybe very worth it ie saving over 10K on a similar 2nd hand car of approx the same age..however, later found out from a few cases that the savings is quite minimal only, something like a few K or so only. I feel not so worth it if the savings is so little for the risk involved. If its really cheap, I dun mind giving a try. esp on luxury vehicles.

[Guest Julio369]

-Can see car & "on" engine only (Turf city)

-can bid below their target price, if no one bidding.

-risk of poor maintainance

-must pay in cash or else need to secure loan from other bank first.

-mostly dealers will eat first (they got the cash)

-roadtax, insurance, inspection may be expire/overdue.

 

- can buy if car is new

-Price very near to paper value

[Zanter]

I guess you get what you pay for. I see some car's condition quite siong. I mean if you cant pay your instalements, how likely r u to properly maintain the car? I think oil use 20k also keep driving? Gearbox oil didnt change for 100k? Which will mean u may need to overhaul? So see your luck? Almost new cars better but if dont change oil since purchased, maybe bit more wear & tear?

[Chickenfarm]

I have some frens working in Finance Companies...

 

They told me that defaulters like to play hide and seek by hiding their cars. Some hid theirs at condominium car parks just to evade detection (outsourcers of Finance Company have little or no access to these private areas). Usually when they found these cars, they were in poor condition (some even turned mouldy oredy) due to lack of maintenance. Be very careful when you intend to bid for them

 

Next thing u need to know is that ironically, pple believed that if u get a repo BMW or a Volvo then it shld be safe cos tua towkay sure under utilise or hardly use their cars so surely worth bidding but in reality, they told me that Singapore got lots of those with the "Chen Jing Yong You" mentality. So even though some couldn't afford, they still die die come out with big cars. Then when they cannot keep up with repayment, they choot pattern by hiding their cars. So again...caveat emptor (buyers beware)

[Damienic]

Yes...agree..

 

I may consider if the car is not more than 18 months old (newer cars less problem encountered even if there is problem of poor maintenance compared to an older car that may not have undergone servicing for more than 2 yrs) and I can get it rather close to paper value. And also preference for betta make. Make more sense to risk it for a higher make than a normal car..

[Weichien]

cars that are auction are normally sold at a 5-8k discount. normally dealers will bid at a unreasonably low price, so if u're thinking of buying at lower price den market value. u can bid the car at sightly lower den market value. you can also go and view the car at the yard and test drive the car depending on the company policy. and decide if the car is still in good condition anot.

 

i just resign from a bank also dealing with hire-purchase accounts and reprocessing of vechice and personally have a car at home also bought 1 year ago. "auction car" still in a very good condition. low millage 2 1/2 year old car. most important you must go to the yard and view it yourself test drive it. and decide.

 

i also handle a few cases when we repo the car, outside swee swee. but open bonnet, no engine inside. RX-8. or some no spare tire. or drive the car out to malaysia. can't find anymore.

[Panda88]

thanks for your feedback. i must admit, currently only looking from financial angle of owning a car. have not thot abt maintaining it and so on...looks like getting a new car is more worth it??