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Very little difference
- Thousands of people in Britain are driving round in cars they have no idea were once repossessed, and it often makes very little difference regardless. As long as the original finance company has no further financial or administrative interest in the vehicle, it’s no different from any other used or salvage car.
www.raw2k.co.uk/news/a-guide-to-repossessed-cars-in-online-car-auctions
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May 23, 2024 · Discover your rights, legal options, and best strategies to deal with car repossession in the UK. Informative guide for debt management.
Are repossessed car auctions worth it? Whether you’re a trade buyer or you’re buying for personal use, repossessed car auctions are absolutely worth it. As well as having a wide range of vehicles to choose from, some repossessed cars are only a few years old with low mileage — giving them great resale potential.
Mar 28, 2018 · If you’ve bought a car on finance and missed payments, or if you default on your loan, you may have your car repossessed. You can have your car repossessed by car loan companies, or other loan companies too, because your car may be seized to sell the car and pay back the difference on other loans.
Apr 19, 2015 · Should I buy a repo car? Can repossession sites be trusted? The cars seem varied and reasonably priced- there is a three day cooling off period after delivery - do you know of any issues or problems buying from them ?
Mar 18, 2024 · Repossessed cars offer a compelling opportunity for buyers to purchase vehicles at discounted prices. By understanding the process, risks, and potential rewards of buying repossessed cars, buyers can make informed decisions and find quality vehicles that meet their needs and budget.
Sep 10, 2024 · Chiefly, a car gets repossessed if the owner fails to keep up with repayments, or breaches another key term of the finance contract. The important thing to remember is that a car has value, regardless of its age or mileage - and the newer it is, the more it’s worth.
May 15, 2023 · Cost Savings. One of the main advantages of purchasing a repossessed car is the potential for significant cost savings. Financial institutions are motivated to sell these vehicles quickly to recover their losses, which means you could end up paying a fraction of the price of a new car.
