Who Buys Repo’d Cars?
Many people think that buying a car that has been repo-d isn’t the best choice. But, for those who want to save money while getting a great deal, repossession can be a lifesaver for them. A car that is repossessed has been taken from the person who financed it because of non-payment. This means that someone may have bought a brand-new, bank owned vehicle, owned it for less than a year, and then quit making payments on it. The bank, or the lending company, will then come and take it back after a certain time period. These cars are many times put up for auction, where a buyer can purchase them for much less than they could at a dealership or other car dealer. A lot of people are now looking online for repossessed cars. Students, young and newer drivers, and couples just starting out may not have the money to buy a new car. Or, credit might be a problem when trying to secure a car loan. Others might be a one-car family, but are looking for a second car for a very cheap price. A repo can b
