Getting a repo car

[Bibill]

Hi,

 

1. Where can I find a one-stop shop for repo cars? I know some are posted by GE Money in SGCarmart. Any other sources?

2. What are the risks involved in getting a repo car?

3. Can anyone share experience of getting a repo car?

 

Thanks for the help.

[Altivo]

hi,

 

couple of things to consider here.

 

do u have the cash to pay upfront for a repo car? U might not have the time to look for a bank loan after the auction as you need to make payment on the spot.

 

Also, you're not allowed to test drive the car. At the very most, they will only start the engine for you to ensure it's running properly.

 

Next, do you think the repo car would be serviced/maintained routinely? be prepared to folk out additional $$$ for repairs and servicing

 

Then, you would need to change the car lock too for often, these cars are towed away w.o the owners knowlege. Hence for most circumstances, you would not have the keys.

 

Getting a repo car is not easy.... that's why most of it are bought over by 2nd hand dealers.....

Edited January 9, 2009 by Altivo

[Rickster]

  On 1/9/2009 at 7:32 AM, Bibill said:

Hi,

 

1. Where can I find a one-stop shop for repo cars? I know some are posted by GE Money in SGCarmart. Any other sources?

2. What are the risks involved in getting a repo car?

3. Can anyone share experience of getting a repo car?

 

Thanks for the help.

 

1. Repo cars are available at west coast car mart as well

2. Cars might have hidden problems which u cannot tell from visual inspection. Some cars also has no keys.

3. Been bidding for repo cars from GE money, so far no luck yet.

 

[Galantspeedz]

  On 1/9/2009 at 7:32 AM, Bibill said:

Hi,

 

1. Where can I find a one-stop shop for repo cars? I know some are posted by GE Money in SGCarmart. Any other sources?

2. What are the risks involved in getting a repo car?

3. Can anyone share experience of getting a repo car?

 

Thanks for the help.

 

511 Auto- Alexandra Village

HNH International - Benoi Road

Trivothy -Toa Payoh near Exklusive

Hwa Keat - Turf City

 

Above are some of the repossessors. With Trivothy and Hwa Keat being the bigger repossessors.

 

There is no such thing as 1 stop shop

Risks: No key, Condition unknown, Car number may be marked, Settle in cash

Edited January 9, 2009 by Galantspeedz

[Throttle2]

"po" from the owner first before he ken repoed....

[Alechi]

This is the danger.

 

Kena killed, vandalised, abused, also don't know why.

 

Buy repo car = buy bad reputation and enemies of ex-owner, which is unnknown

 

 

  On 1/9/2009 at 8:01 AM, Galantspeedz said:

511 Auto- Alexandra Village

HNH International - Benoi Road

Trivothy -Toa Payoh near Exklusive

Hwa Keat - Turf City

 

Above are some of the repossessors. With Trivothy and Hwa Keat being the bigger repossessors.

 

There is no such thing as 1 stop shop

Risks: No key, Condition unknown, Car number may be marked, Settle in cash

 

[Bigg]

no key? pls enlighten me

[Ghostrider]

No key cos the owner never settle with finance company and hence they dun have the key....repo cars 9 outta 10 is tow away when owner is not around.

 

Usually repo cars are bought in a "as you see" condition.

[Mcf777]

  On 1/9/2009 at 8:57 AM, Alechi said:

This is the danger.

 

Kena killed, vandalised, abused, also don't know why.

 

Buy repo car = buy bad reputation and enemies of ex-owner, which is unnknown

 

since you can pay upfront cash on the spot, you should be able to afford to replace a new car no.

it about S$300 or so

 

unless the car that you are buying is 1 and only in Singapore.

then people can recongise you.

[Route88]

  On 1/9/2009 at 7:32 AM, Bibill said:

Hi,

 

1. Where can I find a one-stop shop for repo cars? I know some are posted by GE Money in SGCarmart. Any other sources?

2. What are the risks involved in getting a repo car?

3. Can anyone share experience of getting a repo car?

 

Thanks for the help.

 

Better do a semen test under UV light b4 u buy one.

 

 

[Piyopico]

The potential discount/savings is very tempting.

 

At most you spend about 1K to service, change car number and get key replacement etc. New cars should still be under warranty so you can take it down after that to do a full check up/maintenance.

 

The biggest problem is settling the full amount in cash. Dunnoe if you can find financing on the spot. Try GE money themselve lor.....

[Galantspeedz]

  On 1/9/2009 at 9:59 AM, Piyopico said:

The potential discount/savings is very tempting.

 

At most you spend about 1K to service, change car number and get key replacement etc. New cars should still be under warranty so you can take it down after that to do a full check up/maintenance.

 

The biggest problem is settling the full amount in cash. Dunnoe if you can find financing on the spot. Try GE money themselve lor.....

 

possible for direct financing. depending on instutition.

Not all keys are cheap especially those with immobiliser.

1k to service? Timing belt, tyres, recondition interior and exterior, change no. plate, key, alarm, workshop to check, gearbox flush, etc

 

To TS:

 

FYI, when repo if the car was towed the wrong way, you can say bye bye to the gearbox. For eg, i heard AWD cars have to use the king dolly and not those normal tow truck by EMAS.

 

[Tploh]

  On 1/9/2009 at 9:36 AM, Ghostrider said:

No key cos the owner never settle with finance company and hence they dun have the key....repo cars 9 outta 10 is tow away when owner is not around.

 

Usually repo cars are bought in a "as you see" condition.

 

Bought a repo car before. Called LTA to check the cost of changing a no plate.

 

Was told $300 ( handling fee ) + min $1000 ( bidding fee for a new number ).

 

This was may years ago. Don't know if I remember accurately or not.

[Tploh]

  On 1/9/2009 at 7:32 AM, Bibill said:

Hi,

 

1. Where can I find a one-stop shop for repo cars? I know some are posted by GE Money in SGCarmart. Any other sources?

2. What are the risks involved in getting a repo car?

3. Can anyone share experience of getting a repo car?

 

Thanks for the help.

 

You have heard all the cons, but the pro is saving $$$.

 

Your choice.

[Rickster]

  On 1/9/2009 at 9:59 AM, Piyopico said:

The potential discount/savings is very tempting.

 

At most you spend about 1K to service, change car number and get key replacement etc. New cars should still be under warranty so you can take it down after that to do a full check up/maintenance.

 

The biggest problem is settling the full amount in cash. Dunnoe if you can find financing on the spot. Try GE money themselve lor.....

 

I checked with the repo company, it is 2 seperate matters altogether. GE wants u to settle the car in cash. Weather you get a loan from other banks or GE themselves are 2 seperate cases altogether.

 

Does not mean u r getting the repo car by GE, u need to loan $ from GE.

 

[Rickster]

  On 1/9/2009 at 12:21 PM, Galantspeedz said:

possible for direct financing. depending on instutition.

Not all keys are cheap especially those with immobiliser.

1k to service? Timing belt, tyres, recondition interior and exterior, change no. plate, key, alarm, workshop to check, gearbox flush, etc

 

To TS:

 

FYI, when repo if the car was towed the wrong way, you can say bye bye to the gearbox. For eg, i heard AWD cars have to use the king dolly and not those normal tow truck by EMAS.

 

So best to stay away from AWD/4WD vehicles when bidding.

[Rickster]

  On 1/9/2009 at 1:11 PM, Tploh said:

You have heard all the cons, but the pro is saving $$$.

 

Your choice.

 

 

Actually judging from the closing prices from GE through sgcarmart, many of the purchases are not much cheaper from getting the same car from a dealer.

[Rickster]

Deleted.

Edited January 10, 2009 by Rickster