Auction, Repossessions: what's the risk?

Honest John Back Room » Motoring discussion
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Wed 6 Jul 2005 00:20
Auction, Repossessions: what's the risk? - smokie
Just reading some back numbers of HJ's auction reports and in the 29 June one ( tinyurl.com/c6jzl ) he says:

"Yesterday?s sale had quite a few interesting entries in the Bank of Scotland section, mostly repossessions carrying some degree of risk but consequently attracting low bids."

Having bought a few cars at auction, and intending to again in future , I'm interested to know what the risk is...?
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Wed 6 Jul 2005 00:43
Auction, Repossessions: what's the risk? - v0n
Could be still flagged as unresolved finance at point of resale?
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Wed 6 Jul 2005 07:25
Auction, Repossessions: what's the risk? - NARU
If someone can't afford the repayments, they may not have had the car serviced. You might not find a spare wheel (sold to a mate or on ebay), etc.
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Wed 6 Jul 2005 07:27
Auction, Repossessions: what's the risk? - NARU
Could be still flagged as unresolved finance at point of resale?

I thought indemnity against that was included in your buyer's fee at the auction?
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Wed 6 Jul 2005 14:53
Auction, Repossessions: what's the risk? - jreg

Repo's will usually have been taken without the owners co-operation, so often lacking spare/red keys, manuals, service history, MOT, V5, cd player etc etc ...

As previously mentioned if they can't pay for it, they can't afford to service it.

Also, if the car is troublesome, the easiest way to get rid of it, is to stop paying the HP, and get it repossessed!


Thats why auction prices vary so much.

General section (low prices as most are traders or private cars, which if any good would be sold elsewhere)

main Agent PX section (good prices, as at least the dealer isn't trying to make a fast buck / hasn't tarted up the car. Also if owner could afford to pay main agent price for new car, chance old one was well looked after)

Yes car credit (or similar )px's (very low prices, why would anyone sign up to mortgage length finance deals at well above book price and 20% apr, if their current car actually went?)

Fleet sales (depends how desirable it is - We all want to buy that 140k mile X reg, white 406 1.8 base model!)



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Wed 6 Jul 2005 16:53
Auction, Repossessions: what's the risk? - Bill Payer
Fleet sales (depends how desirable it is - We all want
to buy that 140k mile X reg, white 406 1.8 base
model!)


So (and I realise you're being tonque in cheek about the 406) the only cars worth buying at auction are Fleet sales? And even then, I presume anything really good would have been creamed off.
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