repossess car

BadzMaro SG

Yes they will be auctioned.. but to who first? Considering the high number of reposessed cars each month, don't you think its surprising where all the cars went? Sgcarmart is but a fraction of the total reposessed cars.

Technically ok? Let me give you this example of this subaru owner, who knew that the car was going to be reposessed, so he literally 'dekitted' the car, from the high mount spoiler, rims, sports seats, etc etc. Who knows if the turbo inside is missing?

Pretty sure the turbo is in there.. the question is whether its the stock standard one.. or worse.. some crappy turbo from some old 1980's car. haha

nightsky87 SG

Lol no idea what the owner did with his original parts, but sure will have people who will buy. Think about it, if externally the owner is smart enough to fully dekit anything that can be dekitted, I'm sure the internals will not be left alone as well..

BadzMaro SG

Well, that is one thing u have to worry they change ur parts. Unless u check them all out. Make sure they are ALL stock standard.. but thats gonna be very mafan. Just gotta trust the dealer.

U guys got deal with PRC car dealers in sg ?

Agenda SG

How cheap can a repossessed car be?

airgrinder SG

Wah, sounds bad. But can't all repossessed car be bad. U know any bigger, safer dealers?

nightsky87 SG

Lol yup, not all repossessed cars are bad. In fact, I think there are a lot of good deals for higher end/luxury cars. Because reposessed cars have starting prices rather near their paper value, so the savings can be huge - possible even for 5 digit savings for the more high end continentals. However, if you factor in the fact that everyone else is looking for the same savings, in the end most auctions end up only marginally cheaper, if not equally expensive on the 2nd hand market (paper + market value), where market value is the premium one would pay above paper value for the car.

Thing about working with used car dealers, is that there is always a certain element of risk. I think it depends on the salesperson as well, as I have heard very good and yet very bad comments about the same used car dealer.

JJxJJ SG

How cheap can a repossessed car be?

bids can start from 4k

ALN SG

???

i thought all buyers and dealers submit a bid during same auction together?

in fact i heard of dealers tying down with each other on which car who to bid in order not to inflate the bid price?

for the person who de kit b4 repossess, what does he gain? cos he still have to pay up outstanding loan after bank sell off his car. if he de kit, wont the outstanding loan be more?

nightsky87 SG

???

i thought all buyers and dealers submit a bid during same auction together?

in fact i heard of dealers tying down with each other on which car who to bid in order not to inflate the bid price?

for the person who de kit b4 repossess, what does he gain? cos he still have to pay up outstanding loan after bank sell off his car. if he de kit, wont the outstanding loan be more?

The person who dekit before reposess, gains cash, because he sells the items for cash. Think about it - if he does not have enough money to pay off his car installments, do you really think he will give a hoot whether his outstanding loan is 100k as compared to 105k - compared to the few k he can get in cash if he dekits his car.

Bro, if you are declared bankrupt, it does not matter if your "outstanding loan" is $10 or$1 000 000 - you are still a bankrupt regardless. Just a simple analogy.

lianamaster SG

bids can start from 4k

For real?

kalez SG

dam real.... tht why i started this topic :) but over all you really need ppl from the inside to tie down fews thing to make sure that you get a good condition car :O

drumstick SG

Its not idealistic to buy auction vehicle unless the for the price you bought + the amt which u need to spend to furnish it back to glory justifies it.

Normally auction vehicles have been stuck in the yard or private parking areas for at least 2 - 3 mths min before the auction takes place. And sometimes, you do not get to see the actual vehicle just the pictures taken.

Will depend on your luck. Have been to such auct and see for myself. Its not as easy as it seems.

You got to pay in full either cash, cheque or cashier order. No credit cards, no loans allowed.

Which is why, unless you are tooo free with lots of time to tow the vehicle to a workshop to furnish it back ( due to batt die off for not starting the engine for the past 3 mths and above ) ,cash in hand, admins and also the transfer & admin, might as well buy from the agents to save the hassel.

ALN SG

if 2-3K below agent selling price then not worth it…. but i think can get up to 10K or more below agent selling price… otherwise how agent earn?

扎fit 人 SG

next time must go and see for myself when they advertise in the classified ads.

lianamaster SG

I dun think I will own a car through auctions.

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