Sitemap

Know About Life

How Can I Buy a Repossessed Car From the Bank?

2012-02-21   Views:6

Advertisement

Some people attempt to buy repossessed cars from banks because such vehicles often sell for less than the market value. Banks and credit unions do not like to keep repossessed vehicles on the books for very long because vehicles are depreciating asse

How Can I Buy a Repossessed Car From the Bank?

Some people attempt to buy repossessed cars from banks because such vehicles often sell for less than the market value. Banks and credit unions do not like to keep repossessed vehicles on the books for very long because vehicles are depreciating assets. Additionally, financial institutions have to pay taxes and insurance for repossessed vehicles, so most banks and credit unions are eager to sell them quickly.

Skill level:Moderate

Instructions

1 Look in your local newspaper for the classified section. Financial institutions often place advertisements for repossessed cars in the auto classifieds section. Take down the details of any vehicles that interest you. Generally, newspaper advertisements for repossessed cars contain minimal information, but you should find at least the year, make and model listed to get you an idea of what's available.

2 Go online to the websites of banks and credit unions in your area. Perform searches for repossessed cars. Some banks do not list cars on the actual websites but provide contact information for people inquiring about inventory. Write down the details of cars listed or call the bank hotline and ask a representative about the repossessed vehicles they have on the books.

3 Contact local car dealerships. Many larger banks contract with car dealerships to sell repossessed cars on an individual basis or at auctions. Ask local car dealers about bank and credit union repossessions and take down the details of any cars that interest you.

4 Go to your local bank or credit union and apply for a vehicle loan. Provide the banker with your two most recent payslips or two years of tax returns if you are self-employed. Tell the banker about the vehicles that interest you. Most banks lend money on cars that are less than seven years old. Banks use the Kelley Blue Book to price vehicles. The banker pulls your credit score to preapprove you and tell you how much you can borrow.

5 Contact the bank, credit union or dealer holding the repossessed vehicle that interests you. Ask to inspect the vehicle and request a carfax report. The report allows you to learn about the history of the car. If you like the condition of the car, make a bid. You should offer less than the Kelley Blue Book value and provide the seller with a copy of your car loan pre-approval letter. Agree upon a price and ask the seller to give you a bill of sale. You take the bill of sale back to your lender and you receive a cashier's check payable to the seller. You exchange the check for the car keys and title.

Tips and warnings

Some banks offer in-house financing to expedite the sale of repossessed cars, but you might get a lower interest rate at your own bank. Generally, credit unions offer the best interest rates on cars because they are non-profit organisations.

People should think carefully before buying cars at auctions. Most auction buyers do not get a chance to test drive vehicles and do not have access to vehicle history reports before bidding. Generally, car sales are final so you cannot return the car if problems later emerge.

How Can I Buy a Repossessed Car From the Bank?

How Can I Buy a Repossessed Car From the Bank?

Category:MoneyRelease time:2012-02-21Views:130

Some people attempt to buy repossessed cars from banks because such vehicles often sell for less than the market value. Banks and credit unions do not like to keep repossessed vehicles on the books for very long because vehicles are depreciating asse[More]

How can I give my house back to the bank?

How can I give my house back to the bank?

Category:HomeRelease time:2012-05-05Views:130

You can give your house back to the bank through a voluntary process called "deed in lieu of foreclosure." Homeowners who realise they can no longer afford their home often choose this route instead of allowing the bank to foreclose on the property.[More]

How can I get white cloudy stains from the dishwasher out of my drinking glasses?

How can I get white cloudy stains from the dishwasher out of my drinking glasses?

Category:HomeRelease time:2014-05-26Views:130

Cloudy stains on your glassware can be washed away by hand, but often are difficult to remove. The stains are calcium deposits and can be caused by hard water or by using too much dishwasher detergent. Old and new glass are just as susceptible to the[More]

How to export used cars from the UK

How to export used cars from the UK

Category:FoodRelease time:2013-03-22Views:130

After you buy a used car from the United Kingdom, or if you lived in the U.K. and are now moving your car overseas, you will need to follow government procedures before putting your vehicle on a ship. Exporting a used car from the U.K. has rules depe[More]

How do I Buy a Used Car in Hong Kong?

How do I Buy a Used Car in Hong Kong?

Category:HobbiesRelease time:2014-10-12Views:130

Buying a used car often proves to be a trying ordeal. In the United States, you can often find certified pre-owned cars. However, in Hong Kong, you can check local dealers and classifieds ads, but you cannot ensure the quality of your used car. Make[More]

How to Import Used Toyota Hilux Cars From Thailand

Category:MoneyRelease time:2012-03-31Views:130

To import used Toyota Hilux cars from Thailand, you have to petition the National Highway Transportation Safety Administration (NHTSA) to add that vehicle to the "List Of Non-Conforming Vehicles That Are Eligible For Importation." As of September 201[More]

How to Draw Cars From the 50s

How to Draw Cars From the 50s

Category:LifestyleRelease time:2012-11-26Views:130

The automobile not only revolutionised transportation, it became a cultural icon to the consumer market. The hobby of "hot rodding" became largely popular among auto enthusiasts in the 1930s and 1940s; it involved the tuning and customising of vehicl[More]

How to Export a Car From the UK

How to Export a Car From the UK

Category:HobbiesRelease time:2013-05-04Views:130

If you are planning to export a car from the United Kingdom, it is important to determine the length of time your car will remain out of the country. More than 12 months is considered a permanent export. If the car will return to the U.K. within 12 m[More]

How to Ship a Car From the United Kingdom to Australia

How to Ship a Car From the United Kingdom to Australia

Category:HobbiesRelease time:2014-06-03Views:130

If you plan to ship a car from the U.K. to Australia, it's important to do extensive research. The Motor Vehicle Standards Act 1989 states that vehicles imported into Australia must meet stringent national standards known as Australian Design Rules ([More]

How to unlock a car from the outside when the key is in the ignition

How to unlock a car from the outside when the key is in the ignition

Category:HealthRelease time:2014-09-03Views:130

Nothing is more frustrating than walking back to your car only to realise the keys are in the ignition and the door is locked. Depending on your situation, you may have several options to help you unlock the car from the outside. Regardless, it is po[More]

How to Fix a Rotten RV Roof From the Inside

How to Fix a Rotten RV Roof From the Inside

Category:HealthRelease time:2013-12-06Views:130

Dry rot is a fungus that begins in wood when it is exposed to sitting water for long periods of time. For RV owners it can be the beginning of a nightmare, as the fungus will spread from the point where the water leaked to other parts of the frame. T[More]

Questions to ask when buying a used car from a dealer

Questions to ask when buying a used car from a dealer

Category:FoodRelease time:2013-12-07Views:130

A car is one of the most important purchases you will make. And if you are buying a used vehicle, there are many things to to consider. Ask the dealer how many miles the car has on it, where it came from, the overall condition of the vehicle and much[More]

The Basics for How to Build a Motorized Toy Car from Scratch

The Basics for How to Build a Motorized Toy Car from Scratch

Category:StyleRelease time:2012-04-08Views:130

If you have the parts around the house, and a quiet afternoon, you can easily put together a toy car from scratch. An electric-powered car is a fun and interesting activity, and the finished product can give you hours of entertainment. When you're ma[More]

How Can I Buy Jean Fabric?

How Can I Buy Jean Fabric?

Category:HomeRelease time:2012-04-11Views:130

Jeans are traditionally made of denim fabric, which comes in a variety of weights and blends. This allows for a greater variety of jeans, and can be tailored to different seasons. The fabric itself is available from a variety of online and bricks-and[More]

How do I buy unrepairable junk cars?

How do I buy unrepairable junk cars?

Category:HobbiesRelease time:2014-10-21Views:130

Unrepairable junk cars offer investment opportunities. You can sell the cars as scrap metal or you can remove the parts and sell them individually. The process of buying junk cars is much like buying any other vehicle. The main difference is that fin[More]

How Can I Make My Tamiya Car Go Faster?

How Can I Make My Tamiya Car Go Faster?

Category:HobbiesRelease time:2015-01-15Views:130

If you've recently grown tired of your vehicle's performance, or you're just looking to win the next drag race, then you should consider enhancing your Tamiya RC car's top speed. By making a few upgrades and adjustments, you'll increase your ability[More]

How to Make a Speed Racer Car From a Shoe Box

Category:HobbiesRelease time:2012-03-02Views:130

Whether you're a die hard fan of the original Speed Racer cartoon series or a lover of the colourful, big screen production, you can have a lot of fun making your own Speed Racer car from a simple shoebox. Skill level:Moderately Easy Things you need[More]

How to Import Cars From the UK to Australia

How to Import Cars From the UK to Australia

Category:HobbiesRelease time:2012-10-04Views:130

If you're immigrating to Australia from the UK or are a returning Australian citizen, the Government's Personal Imports Scheme allows new migrants and citizens who are returning permanently to Australia to import a car. The scheme has strict criteria[More]

How do I buy a used car at yokota air base?

How do I buy a used car at yokota air base?

Category:HobbiesRelease time:2012-10-12Views:130

Yokota Airbase is situated in the Japanese city Fussa, which is considered part of Western Tokyo. When first assigned to Yokota Air Base, military, Department of Defense (DoD) and contracted civilian personnel will be given a basic overview of life i[More]

How Can I Keep an Ice Cube From Melting?

How Can I Keep an Ice Cube From Melting?

Category:FoodRelease time:2014-05-22Views:130

Keeping your ice cold preserves the freshness and flavour of your favourite food and drinks. There are several ways to do this and they all revolve around keeping your ice as cool as possible for as long as possible. Freezing your foods and beverages[More]

Hot
Although time consuming, peeling potatoes gives you white potatoes, perfect for mashing, cubing or slicing. When oxygen hits peeled potatoes, they react by turning a dark or black colour. You can prevent or minimise this reaction by storing potatoes [More]
CD covers can be fun to make on your own and are a great homemade gift to go along with a mix CD. Microsoft Word provides a number of CD cover templates you can use to get started. The templates will have the correct size and format for the CD cover [More]
Installing a kitchen sink strainer is an essential step in installing a new kitchen sink. Strainers help prevent anything from slipping down your drain, forcing you to disassemble the plumbing. It's a good rule of thumb when purchasing a sink straine [More]
Hooking up subwoofers to a home stereo will pump up the bass dramatically, whether you're watching movies or listening to music. Powered subwoofers should be used so there is no strain on the stereo's amplifier. An audio Y-adaptor will also be needed [More]
Maintaining eye contact with others is important. Unfortunately, this can be a difficult task for some if they are distracted by a thick pair of bushy eyebrows staring back at them. Do not be that person with out-of-control brows. There is a way to e [More]
You might want to fully remove a security software such as Endpoint Security. This product is a security environment software package designed for business servers. Endpoint includes antivirus protection, backup and recovery, along with network secur [More]
Women's gymnastics is an extremely athletic and competitive sport. Young girls endure extensive training and practice to perform at their best. The ultimate goal in gymnastics is to be a part of the USA National Gymnastics team. Gymnasts must be in t [More]
Antique tool dealers and collectors often come across dirty and rusty tools. When restoring old tools, it is essential to only clean them. Old tools should not be refinished, as finishing is not reversible and will cause the tools to lose value. Sinc [More]
Making a costume is a creative project suitable both as an individual undertaking and as a family activity. Use red and black material and craft supplies to make a ladybug costume of your own, original design. The basic components of a ladybug costum [More]
Plastic chrome is found on motorcycles as well as cars. Though it looks like chrome and displays the same deep, reflective appearance, plastic chrome is not, in fact, chrome plating and is far less durable. As such, plastic chrome cannot be polished [More]