Repossession buying

[Pvapour]

Noticed there are a few companies selling lesae repossession cars that have either been returned early or repossessed due to non payment.

Assuming SH is ok and botth keys are pressent.. are there any pitfalls to look out for? Seem to be very good prices for 1-2 year old cars still in warranty

Is this a sign of the times where cash buyers can take advantge of the lease era ending?

[Welshbeef]

Where do you see them?


I’d imagine buying/taking on the lease would also be an option. It’s odd people are not selling leases

[mholt1995]

Welshbeef said:

Where do you see them?


I’d imagine buying/taking on the lease would also be an option. It’s odd people are not selling leases

Doesn't seem to be a possibility- I can't speak for other finance companies but VWFS only let you transfer your lease to a company, and not another private individual.

[Welshbeef]

mholt1995 said:

Doesn't seem to be a possibility- I can't speak for other finance companies but VWFS only let you transfer your lease to a company, and not another private individual.

I suppose he issues are different credit ratings plus it would have to be a totally new contract else liability still sits with the original joe public

[Pvapour]

Think its the latter, company buys out lease (remaining payments and final value) which equals below trade value, adds a % and knocks out cheaply, based on turning large numbers of cars id say.

Ive sent email to clarify that finance is settled and they are not using funds from sale to settle, wouldnt be comfortable with that tbh.

[Aeschylus]

Pvapour said:

Think its the latter, company buys out lease (remaining payments and final value) which equals below trade value, adds a % and knocks out cheaply, based on turning large numbers of cars id say.

Ive sent email to clarify that finance is settled and they are not using funds from sale to settle, wouldnt be comfortable with that tbh.

Can you link these companies please, as I tend to look on eBay for repossession ones, but with not much luck

[ZX10R NIN]

Pvapour said:

Think its the latter, company buys out lease (remaining payments and final value) which equals below trade value, adds a % and knocks out cheaply, based on turning large numbers of cars id say.

Ive sent email to clarify that finance is settled and they are not using funds from sale to settle, wouldnt be comfortable with that tbh.

They'll have paid the finance/lease & then be selling for a profit but it does mean you get the car at a cheaper price, just make sure you take them for a decent test drive as it's not unknown for disgruntled ex owners to put the wrong fuel in.

As for you LHD question I can find them if you take a look around you'll find them with ease, did you take a look at the Genesis?

[Sir Bagalot]

I'd be wanting to check the warranty is still in place. Manufactures have been known to cancel a warranty on a car < 3 years old

[LeMur9]

Be aware that if the previous owner couldn’t afford to pay the finance, there’s a highly likely chance that servicing / tyres / repairs etc would also have either been skipped or even worse done on the cheap.

And not everything will be glaringly obvious on the surface of the sale.

[Deep Thought]

Pvapour said:

Noticed there are a few companies selling lesae repossession cars that have either been returned early or repossessed due to non payment.

Assuming SH is ok and botth keys are pressent.. are there any pitfalls to look out for? Seem to be very good prices for 1-2 year old cars still in warranty

Is this a sign of the times where cash buyers can take advantge of the lease era ending?

I'm surprised these cars are being sold off cheap. Any links?