Car Repos are exploding because used car prices are exploding. Miss your payment by one day, and in the past the finance company would probably let it slide or penalize you a few bucks.
Now they'll snatch your ride and flip it for more than the outstanding loan value, and pocket the difference.
Not for Emilio.
Be sure to take the Vroom cars buy backs out of the numbers.
most leased cars and trucks now have a HIDDEN GPS system in them so that the lender can find and REPO the vehicle.
Very easy and efficient.
Lots of losers defrauded Covid stim and u.e.covid cash and bought new cars
Stim money gone , cars gone.
.ymo.
Meanwhile, the largest used car auction that traded hundreds of vehicles every Thursday closed in recent weeks.
It was a very large operation and was in business a very long time
Some dealers have very few used cars on their lots
This is GOOD news. Not bad.
Dead wood can be removed from the forest floor.
No bailouts. For anyone.
How do I go about looking for cars that have been repossessed?
I need a car and this seems to be a good time to buy one.
It was a bad omen the first time it was posted, too.
https://freerepublic.com/focus/f-news/4077477/posts
Fortunately, my used car (a 2016 Scion iM) is now full paid off and I recently got the title to the car. I could sell it right now for close to US$19,000.
I didn’t sign in to read the article, but the average price of used cars could be higher because new cars are being repossessed lowering the average age of the used car market. I was always leery about buying a repossessed car because I wasn’t sure how well it had been maintained on oil changes.
I can just see his TV ad: "Feeling Lucky? Tell ya what I'm gonna do!"
They prevented landlords from evicting tenants. They plan to reimburse college tuition. They fired people for not being vaxxed. I wouldn’t be surprised if the next big thing they do to interfere with the free market is declare a “moratorium” on car repossessions.
I see so many Rovers and Porsces and BMW suvs and Audis now. These people have bought waaay over their heads. Eff em. And the dealers too. Dealers are crooks. Every one. Eff em.
We are waiting for the earth-shattering kaboom to buy a truck.
Given the number of repos its probably a good idea to wait to buy a used car if possible. It is only going to get worse. Wait until unemployment kicks in this autumn. There will be lots of cars on the market.
This was about 2005 or so when I neighbor bought a nice home in a cul de sac up in Lancaster, CA and her payment was approx $250 a month. Her SUV payment was $450...!
The last new car I bought was a PT Cruiser.
Nobody ever messed with it.
I owned it for over 20 years. Sold it to a friend for $500. He still drives it. The most reliable vehicle I ever owned.