THE GOOD AND BAD OF BUYING A CAR FROM VEHICLE REPOSSESSION IN SAVANNAH, GA
Jan. 25, 2016
When it comes to purchasing a repossessed vehicle, there are two very distinct sides to this coin. Doing so comes with some very important advantages as well as some very real potential problems. It's important for anyone interested in purchasing a repossessed vehicle to do their research and know what they will be facing.
One of the best selling points for purchasing a repossessed vehicle is their low price. When someone purchases a repossessed vehicle from a bank auction, they will not be required to pay any commission, charge for auction registration or any other type of hidden costs. The goal for selling these vehicles is to cover a loss. It is not designed to provide a profit. These vehicles are priced to be sold quickly.
There are many situations with vehicle repossession in Savannah, GA where a car will be repossessed that is very new and in excellent condition. It is all too common for new car owners to experience financial struggles. These people often find themselves unable to meet their monthly car payments. There are other situations where someone will lose their vehicle because it served as collateral for an outstanding loan with a financial institution. It is not uncommon to find a vehicle at an auction that is a year old and may have under 2,000 miles on it.
QUICK TRANSACTION PROCESS
The entity that is selling a repossessed vehicle will want to have the funds in their possession as soon as possible. They are motivated to make certain the car gets into the hands of a buyer quickly. The decrease in necessary paperwork involved with taking possession of a repossessed vehicle is attractive to many car buyers.
It's possible for a vehicle repossession in Savannah, GA to provide a wide variety of makes and models to choose from. It is also possible to come across a vehicle that has not experienced accidental damage or been involved in a criminal offense. Sometimes, you may even find a vehicle that may still have a factory warranty.
Purchasing a repossessed vehicle is sometimes an opportunity to receive a great deal on a good car. However, it is also possible to get a car that is in questionable condition. A consumer may not be able to have a mechanic examine a vehicle prior to purchase. There is no way to know if the required maintenance has been done in a timely fashion. If someone has not been able to make their car payments, it's possible they could also not pay for vehicle maintenance.
It is important for a consumer to know if the auctioning company they are working with is properly licensed and registered according to their state's legal requirements. Only an auction with a good reputation should be considered when looking for a repossessed vehicle. If a vehicle is purchased from an auction house that is not in compliance with the law, a consumer could have a very bad experience.
It could be bad for a consumer to see a car at an auction of repossessed vehicles and only want that single vehicle and no others. When this happens, a person stands a chance of losing control of the bidding process. This could result in them paying more money for a vehicle than they had planned. It is important for consumers to have a number of vehicles they are interested in purchasing at an auction. They should be ready to move onto another vehicle when one doesn't work out for them.
A car could be available for purchase at a repossessed vehicle auction that has been used for criminal activities. The previous owner could have altered the vehicle for the purpose of illegal activity. It's important to make certain it has not been altered in any way, otherwise, the purchaser of this vehicle could be involved in a negative legal situation
It's unfortunate when a car is repossessed. However, vehicle repossession in Savannah, GA can also provides opportunities for consumers to obtain a vehicle they may not have previously been able to afford. It is important to know all you can about the process, the vehicles, and the auction venue, before you choose to purchase. For questions about the legality of vehicle repossession, call John E. Pytte at: (912) 417-3872