Buying my first car in 2020

[babkalakal]

let the buyer beware.

those prices are just for the cars.
everything else is extra.

auctions are also one way to possibly score a bargain. same rules apply when buying second hand get someone you trust to inspect the unit before bidding.

[babkalakal]

Those are bank repossess units if they auctioned or sell it at a low price will they not lose money? Because they already paid it in full to the car dealer.

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usually banks work with a sealed bid manner. i don't think they will often sell a car at a loss. keep in mind previous owner already forfeited probably several months if not years of amortization. they also stand to earn a lot again if the bidder decides to pay via bank financing route.

[Deestone]

If prices are too low perhaps there is a visibly bump or dent repo car are as is where is condition upside is that you are assured of the legitimacy since this are from the bank no problem with documentation.

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[Deestone]

usually banks work with a sealed bid manner. i don't think they will often sell a car at a loss. keep in mind previous owner already forfeited probably several months if not years of amortization. they also stand to earn a lot again if the bidder decides to pay via bank financing route.

Yes bank financing interest rate will be much higher for 2nd hand vehicles.

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[dr. d]

auctions are also one way to possibly score a bargain. same rules apply when buying second hand get someone you trust to inspect the unit before bidding.

auctions of pre-owned cars are even trickier.
many times, even the bank does not know of the condition of the car.
potential bidders should be-friend the mekaniko who looks over the bodega. they usually know more about the car than anybody else there.
generally, the cars are on as-is basis. and checking out the car is not as friendly as one may assume. some of them cars do not have working batteries...

[dr. d]

usually banks work with a sealed bid manner. i don't think they will often sell a car at a loss. keep in mind previous owner already forfeited probably several months if not years of amortization. they also stand to earn a lot again if the bidder decides to pay via bank financing route.

these cars have a base price, "to ensure that the bank does not lose money" over the transaction.
it is usually just a continuation of the previous owner's payments, which is a reflection of the car's depreciation...
a friend who has a friend in the industry, says that the good buys are first alok-ed to the bank employees. what is left behind is what is auctioned off to the unsuspecting public.

[dr. d]

If prices are too low perhaps there is a visibly bump or dent repo car are as is where is condition upside is that you are assured of the legitimacy since this are from the bank no problem with documentation.

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there is a famous thread here, regarding one such transaction.

as the story went,
the car in question was owned by a person, whose estranged spouse had an outstanding balance with the same bank.
even after the "assume balance" buyer of the repossessed car had paid all the monies, the bank refused to release the car to him, as it was collateral from the estranged spouse's bank arrears.
when this buyer asked the bank, "magkano ba utang niya? ako na ang magbabayad!",
"i am sorry. we can not divulge you that information. bank secrecy laws and all that."
we have yet to hear of follow-up developments.

[babkalakal]

these cars have a base price, "to ensure that the bank does not lose money" over the transaction.
it is usually just a continuation of the previous owner's payments, which is a reflection of the car's depreciation...
a friend who has a friend in the industry, says that the good buys are first alok-ed to the bank employees. what is left behind is what is auctioned off to the unsuspecting public.

all correct sir but in the absence of other bidders there are times (but rarely) when the bank will still sell the car to the lone bidder even if the offer is below the starting bid price.

[Wh1stl3r]

It's still a race against time. If the bank doesn't sell the car it will lose value as time passes anyway. And add to their losses. It will be hard to find buyers for all the repo'd units nowadays.

[yapoy86]

Correct sir.. sometimes banks lower their price if the car sits too long on their warehouse.. when i bought a repo car its already 20% off since its already 3mos in the warehouse.. no one is getting it because it has small dent on the fender.. luckily the car is still covered with insurance and all manuals, policy, keys are in there..

Of course as a DIYer.. i checked the engine, transmission and everything checks!
Bought the car, filed the insurance claim! Happy with the car!