Tag Archives: bank-owned vehicles

driving in the summer

Why Summer is the Most Expensive Time to Buy a Car (and Ways to Save)

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Summer is great for many things, but buying a car isn’t one of them. Cars tend to be most expensive during this time, usually after the Memorial Day sales. One of the reasons why car prices tick up in the summer is because the weather is nice and people are out looking at cars. People also tend to be on the road more in the summer, motivating them to buy something new. 

Of course, there are other factors at play as well, such as the time and day of the week. Monday, Tuesday and Wednesday are usually the best days to go car shopping because there’s less consumer traffic. Car dealers are often more willing to negotiate in order to sell a vehicle. On the other hand, weekends are busy, making it harder to get personalized attention.

If you don’t have time to wait and you need to buy a car this summer, there are a few ways you can save. 

Shop When Next Year’s Models Arrive

Dealerships have limited space, so when they get in their newer models, they need to sell off their older stock. These models often come in the late summer/early fall, so you can use this to your advantage.

While the newer models may have a few more design features and progressive styling, there’s usually not much difference between the current model and next year’s model. This means that you can get a new car for a lot less than a few months ago. 

Watch for Summer Holiday Sales 

The summer has some great holidays for car shoppers – Memorial Day, Fourth of July and Labor Day. Most dealerships run some type of sale during these times to drive traffic in and move out some older models of cars. 

Vehicles that tend to have the best deals during the summer are trucks and SUVs. The appeal to these vehicles is that they offer four-wheel or all-wheel drive, making them most attractive during the winter. Gas prices also go up in the summer, making these vehicles less desirable. 

Purchase a Banked-Owned Vehicle 

If the dealerships are still too expensive, consider alternative routes for purchasing a vehicle. For example, you can buy a bank-owned car for a fraction of the price of used vehicles at the dealership. 

Bank-owned vehicles have been taken from their owners because they missed too many payments. The banks don’t care to keep them, so they end up selling them at highly discounted prices. Be patient, as it can take time to find the perfect repo. RepoFinder.com has a full list of repos listed out by state – find one today! 

Even though summer is a more expensive time to purchase a vehicle, your car may not be waiting for you. For low prices and a huge selection of repossessed cars, trucks and SUVs, shop on RepoFinder.com.

two people in vehicle

People are Attached to their Cars. Banks Aren’t. Negotiate a Great Deal on a Bank-owned Car.

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Some people have an emotional attachment to their cars. They give them a name, gender and even a personality. Even though it may sound silly to have a personal relationship with a vehicle, it’s not uncommon. According to one study, 70 percent of respondents admitted to feeling “very attached” or “somewhat attached” to their cars. 

There are a number of reasons why people get attached to their vehicles. For example, people often go through major milestones with them – weddings, road trips, new babies. Some view their vehicle as a financial investment, while others have had them passed down. Because of this emotional attachment, 36 percent of people say they want their car to go to a good home. 

Don’t Want to Deal with a Sentimental Owner? Buy a Repo! 

While there’s nothing wrong with having an emotional attachment to your vehicle, things are harder if you’re on the other side. If you’re looking to buy a vehicle that someone is attached to, they may want to charge more because of this emotional investment. They may also be insulted if you try to negotiate. 

The good news is that you can purchase a used vehicle at a great price without having to deal with a sentimental owner. Bank-owned vehicles are in possession of banks and lenders – they were taken from owners who could no longer afford them. 

And trust us, the banks have no emotional attachment to these vehicles. They make money off lending money, not keeping cars. This gives you the upper hand – you can negotiate a better deal and get a more fair, unbiased breakdown of the vehicle’s condition. 

Tips for Negotiating with the Banks 

Buying a bank-owned vehicle is a great option if you’re looking for a fast and easy car sale. Here are some tips for negotiating a great deal on a repo. 

  • Knowledge is power. Know everything you can about the vehicle so that you can negotiate fairly. 
  • Think about financing early. Having pre-approved financing makes you a stronger candidate. The bank will be more willing to close the deal.
  • Read the paperwork. Make sure that the seller isn’t slipping in any additional fees or add-ons.
  • Be patient. If you need to walk away from the deal, that’s ok. Even though there are a lot of bank-owned vehicles, buying one of these cars is a process that requires patience. 

RepoFinder.com has a full list of bank-owned vehicles like cars, trucks, boats, ATVs, motorcycles and more. When you visit our site, click on your state and find the repos available in your area. It’s free, so find an affordable bank-owned car today! 

line of cars

Pros and Cons to Buying Bank Owned Vehicles

A bank-owned car can be a great deal – or a total nightmare. As with other purchases, it’s important to do your research and be a smart shopper. When you’re careful about your purchase, you can take home a safe, reliable car for a fraction of the cost. And, banks have more than just cars. Many people turn to bank-owned inventory when buying pickup trucks, boats, ATVs, RVs and small aircraft. 

Below you’ll find the pros and cons to buying bank-owned vehicles, and then you can decide if this route is right for you. 

Pros of Buying Repossessed Vehicles 

When the owner of a vehicle doesn’t make their loan payments, their vehicle can be taken away by the bank. Usually this happens after a few months of defaulted payments, but it can happen even sooner than that. Some people assume that repos are always old, beat up cars that no one wants, but it’s often the new cars that people can’t afford. 

Here are the pros to buying bank-owned vehicles: 

  • Get a great deal on a decent vehicle. Banks and lenders want a quick sale to reduce their loan loss, which is why they price their inventory low and are willing to negotiate. 
  • Shop a wide selection. Cars and trucks are taken away all the time from their owners. Banks end up selling them to dealerships, the general public or auction sites, leaving you to shop an impressive selection of cars, trucks, SUVs and more. 
  • Fast turnaround. While you do need to be patient when shopping for repos, the process usually moves quickly when you find something you like. Banks and lenders want these vehicles off their lots as soon as possible. 

Cons of Buying Bank-Owned Cars 

There are some disadvantages to buying repossessed vehicles, which is why they aren’t for everyone. Here are some cons to be aware of. 

  • Lack of test drives. It’s possible that you won’t be able to test drive the car before you buy it. This can be a problem if there are hidden issues. To offset this risk, be sure to look at the vehicle’s pictures, get a condition report and schedule an inspection. 
  • As-is purchase. If you buy a repo and decide you don’t like it, you can’t bring it back. You’re stuck with it because all repos are “as-is” purchases. That said, some vehicles still carry their original warranty, which is passed down to the new owner. 
  • Unclear background. Banks usually send out a third-party to repo vehicles, so you probably won’t know a lot about its background. The good news is that you can find most of this information online, as auction centers must disclose this information to the buyers. 

As you can see, there are clear pros and cons to buying bank-owned cars, trucks and RVs. RepoFinder.com has a vast selection of vehicles that are in good condition and have low mileage. Take a look and see what types of vehicles you can find in your price range – it’s free!