Way Off Topic But Can Someone Help
i wanted to know if anyone knows about buying buy bacnk reoped cars or buying repo cars from auctions and i wanted to know how to find them cars and how to find the auction without going to site on the net and paying 50 dollars a month for junk cars . if anyone knows anything at all about buying repo cars please let me know that you very much
tryingtomakecash,
Glad to meet you.
You can start at your local finance companies, credt unions and banks. They have autos that are repossesed and they do sell to the public.
John $Cash$ Locke
Go to the nearest Used Car Lot, and talk to the person in charge. Explain what you want to do. Make arrangements to attend the next auction with him. Now make nice nice. Tell him you are rich and you have a fetish, whatever it takes.
Once at the auction ask around and soon you will be talking to someone who is a member and will take you in for a fee and you can buy through him.
It is my most heart felt advice. Do more then kick a tire. Avoid the cars that kick back. If there are banana skins hanging out of the oil spout pass. Cars do not like fruit, someone is force feeding it to reduce the rattle sound in rods and pistons.
If you check the oil measuring stick and the bottom has attached to it a glue like blue substance pass. If your fingers glow after that one. Take to strong drink for a day or two.
Thats it. Talk about snake pits, you are there. However I have on occasion bought a few junkies from which I made one goody. Enjoy.
Retardent Lucius
okay thats is for me....new cars only
I almost bought a repo from the credit union...the lender said,"I do nothing to the cars to prepare them for sale...How they treat the inside tells you what to expect from the engine!" It only took one look. I'll never look back! My cars are dinosaurs - but they're MY dinosaurs.
If you run a detail shop you could make some $ but I don't know how you'd sleep.
Good luck!
Lufos you are sir, hilarious.
It would be more than just a little hard to get a dealer to take you to an auction however, since he IS losing you as a customer right off the bat.
[addsig]
tryingtomakecash,
I have owned and operated a repossession company for the last 17 years. 1st of all your target market for finding repos is not the banks and finance companies. It is the repossession company. Most fair to good sized repossession companies take bids on vehicles on behalf of the lenders. Let me explain....Large finance companies like Ford, Toyota, Honda..must sell vehicles at private dealer auctions while smaller banks, credit unions and smaller finance companies are ok with the repossession companies liquidating the car for them. Call all of the repossession companies in your area and introduce yourself as a BUYER. Next ask if it would be ok for you to call them from time to time to find out what is available. They will not put you on a mailing list so you will have to be persistant and continue to call from time to time. E-mail me and I will give you a few repo companies in your area to start with.
Repoman
BethE,
I have found that repossessed cars are mostly in good condition. These are vehicles that are being used on a daily basis. You will find bad ones from time to time but in general they are someones transportation up to the minute of repossession. I feel safer buying a repossessed vehicle than going to a used car dealer and buying a vehicle that was traded in.
Just my $.02
Repoman
Go to your favorite bank and speak to a commercial loan officer.
do a home equity loan. just be sure and treat it as an actual commercial loan. Even charge yourself a higher interest rate when you make repayment.
I have purchased and financed 9 single family homes on commercial loans this year at local banks. 20 year amortization, 5 year balloon, 80% LTV. It is definitely possible to purchase SF Homes on commercial loans. However, lending has been getting much tighter since October 2008. 80% is not nearly as easy as before. 70%...no problem. If you have some money to put down, your local banks should be able to accommodate you. It is a good idea to build relationships with your local banks anyway. Someday you will probably need them. Why not start right at the bank for which you currently hold checking and savings accounts. Local banks in our area really like to see you banking with them in order to lend you money. In fact, most of our banks DEMAND that you have at least a checking account with them.
The current guidance from the personal finance gurus is to use each credit card you hold at least twice a year.
Quote:
On 2010-05-09 09:10, ITBInvestor wrote:
NewKid, my post was not about "a traditional FICO "consumer"." but about active, successful REI who are borrowing large amounts.
Regarding "I know it does not help the FICO score when your property is free and clear, but it certainly goes a long way to improving your DTI." Only if the asset is rented and income producing. A CEO with $100M in stock/net worth that pays no dividend has, everything else being equal, the same credit risk per FICO as the janitor with $0 in net worth.
I guess I misunderstood what you do when you said you were an active, successful REI. It never ocurred to me that an asREI would hold free and clear, non-owner occupied investment property and not put it in service as an income producing property.
Hey Congress, thanks for the new credit card rules! My rates went from 5% to 14% on a card that was never late and always paid much more than the minimum. Stop trying to protect me....
https://www.truecredit.com/products/optimizedOrder.jsp?versionID=0&package=TriBureauCMU&formName=freeTriBureauCMUChoice&cb=WalMart
thanks, that sounds perfect. Anybody know if it hurts your score when you are checking your own credit.
I use https://www.creditmonitoring.citi.com/Pages/English/In_Activation.asp?From=Login
It costs less than $10/month.
i just signed up with truecredit. Privacy guard was good but they wanted to increase my annual fee from 59 to 99. And they charge 10 bucks for the scores and true credit comes with all the scores unlimited.
PrivacyGuard is a great site. $10.99 / month. And you get all 3 credit reports & scores, anytime you want or need!
www.TrueCredit.com cost $14.95/month for the same thing.[ Edited by TheWarrens06 on Date 07/31/2010 ]
Shop the price of the service... sometimes credit union will give a discount.
Try attorney X he is supposed to know how to negotiate with banks, and may be able to help you in this case.
Another thing you might try is to get a SBA loan if you can structure the deal properly. There is also a 203 K
loan which would allow refinancing of your home.
Another strategy would be to find an investor to buy the note from bank possibly with a leaseback with option to buy later when you can get financing.
Personally, I would find a good book on repairing credit or search the web. Probably find that paying on time and opening up a few small credit lines will start changing the numbers in a more positive direction.
A good mortgage broker can do wonders. They also will know how long it will take in your particular circumstances to get numbers up. I would recommend finding a good mortgage broker who can help you... probably for free when s/he realizes you might bring in future business.
To bounce off other comments, find an owner who has a diamond in the rough for sale and offer to live in and fix up for a split in the profit. Win Win! Owner gets rent, you get property to fix up without buying.
Are you working on repairing your credit yet? While your renting this would be the best time to do this.