Getting cars off people that fail to pay their car loans

Is that a custom job or is that a new model?
bretty noice

Just CPO is. Why the F you need 2018

>No one is getting a subprime loan for a 50k car retard. Maybe 25k at most but isn’t say 5-10k range

I guess i worded it out wrong. I'm pretty sure a lot of luxury cars in my area are financed and there is no way all these fuckers will be able to pay for them. I have a model that i like but i dont really want to buy it brand new.

How cheaper do banks sell these cars if they seize it from someone who is unable to pay.

new model

Im from the industry. Australia.
Cars that get ‘repoed’ goto a auction site like pickles.(most top tear lenders use pickles) Pickles internally offer the vehicle to their wholesalers. Wholesalers will buy the car. Said wholesaler then will retail it, or sell it to another wholesaler.

That game is all about who you know. You have ZERO chance buying a good ‘repo’ car in Australia first hand from the finance company. I dare say US aouls be the same. Replace pickles with copart or whatever you guys have there.
Pic related.

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You're either 13, or hopelessly autistic.

mbusa.com/mercedes/cpo/inventory

"Certified pre-owned" is a big part of most car company's market now, has been for a while. Leave your basement once in a while.

What the fuck do you think they do with lease cars, put them in the recycle bin? Wake the fuck up, dummy.

you're a retard brainlet

There's this thing called the Kelly Blue Book. It tells you what a car is worth, and that's what they use.

What the fuck is wrong with all of your fathers, that you don't know basic shit like this.

whats with people just making shit up in their heads and believing it as fact nowadays, thats what niggers do.

BMW and Mercedes both have pre-owned certified cars that come with 3 year warranties. They also sell used cars without the warranties. Do some research before you assume everything based on your personal experience

If you guys have any questions im happy to answer.

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Lots of people are. Do you understand or even know how fucking easy it is to get a car loan right now? Ford will sell literally anyone a car right now.

Without subprime by Ford Credit, Ford would be in deep shit right now. There's a reason they cancelled almost all of their car models.

Price will probably drop to $35k - 45k I bet

father left my mom when she was pregnant.

Try going to your local dealership's website and clicking on Pre-Owned instead of wasting 10x the time making a thread on Jow Forums and arguing about how stupid you are

They go to auction. Do you know how an auction works? There’s not a set % discount you can expect to pay.

Keep in mind when you go to auction your primary competition is going to be car dealerships who will mark the car back up to the average price in your area.

Now my question is can you take a loan and go to an auction or do you have to pay 100% in full at the auction? I assume you have to pay in full eith no financing options.

Once you commit (as a wholesaler) you have to pay cash.
As a first point of contact for those cars, you will not find a auctionhouse that offers finance. 90% won’t directly sell to public/retail.

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repo auctions

Price of that car brand new, and how much you fucking got it mate?

>What the fuck is wrong with all of your fathers, that you don't know basic shit like this.
My dad bought me a car brand new and I've never bought a car since. My car was like $30k and i was thinking of upgrading to a nicer car or at least owning 2 cars (not taking a loan i have savings).

There are massive sell offs on cars determined "totaled"

They are determined totaled by the insurance companies they're covered under, then they're sold at massive 1000 car silent auctions that you pay to participate in.

Hurricane Harvey totaled a lot of cars down here in Houston, I know some people and bought some salvage title camrys and resold them to Africans

Fuck cars, know how to trade antiques and you'll make decent gains

You have to pay cash... period. If you can get someone else to loan you the cash up front and you schedule payments with that person for a pre determined amount and make sure you don’t bid over that, then you can do that.

>Fuck cars, know how to trade antiques and you'll make decent gains
Not everything in life is about gains you know. Maybe you havent realized it yet but what the fuck do you use your gains for? You'll be at an endless invest and get rich cycle and you'll never be able to spend your money and you just end up dying rich without really using your gains for anything

I triple dog dare you to go to your bank and ask for a line of credit for a car auction. Report back to us how hard and how long they laugh at you.

>I triple dog dare you to go to your bank and ask for a line of credit for a car auction. Report back to us how hard and how long they laugh at you.

Brainlet here, why would they laugh at you?

Why tf would you pay 50k for an S3? Get a 6.2 c63 or an m3 headass

Jesus Christ you guys are fucking idiots. First off nobody in the industry uses kbb. There is a little thing called a black book that idiot buyers use. Let me explain to u the system. I play in this industry and my father is managment for Mannheim auto auction (real talk)

Car gets repoed/turned in. Car goes to an auction. Either independent people with dealer licenses bid on the cars, or “car buyers” for big dealers bid on these cars. You can than sell for profit.

You can make a good 10-20% tops. A good friend of mine bought high end cars, he is a Benz expert. He would look for c63 amg/ s classes. He knows the market very well. He knows certain color combinations sell higher. He would show up with a paint meter to make sure the paint was original ect. This shit is complex of your a fucking idiot.

If you don’t know the market, if you don’t know cars ect... stay the fuck out.

cuz im gonna mod the shit out of it and its gonna be cool as fuck in 15 years

UK trade guy here

people who fail to pay either have the car repo'd and then the finance company then sells at auction and makes up the shortfall as a personal loan against the customer

Cars get sold directly through the auction, you cant get your hands on one unlss you buy it from the auction

It is actually really easy to get set up as a business flipping cars, maybe 26 hours actual work a week can yield at least £2000-£3000 a month easy.

i did a deal on a toyota MR2 today actually

any questions ill join ausbro in answering.

>manheim

BCA employee here - What this poster said is correct.

For 50k u can get a twin turbo 4.0 c63 now and days.

The 6.2 liters had issues. There was actually a class action lawsuit against mb.

I know too fucking much useless info about cars. If anybody has questions I’m willing to help. I know a bunch about m3/m4s... amgs.... evos and stis. Iv been involved in high hp builds in all the above

I tune dsms/evos and stis using ecmlink, rom raider and I also know a bit about aem ems

uh have you never heard of a - a personal loan
and b - dealer stocking

They still sell repos at auctions. Those auctions just aren’t as glamorous as the ones you see on TV for classics and Lambos. They have them everywhere, but there are basically two types. The good cars go to “dealer only” auctions where you have to a registered dealer to bid. The shitty ones go to auctions that are open to the public—this is where you can realistically buy a car for a few hundred bucks, but it may have serious problems. Either way, you need to pay up front.

>If anybody has questions I’m willing to help.
Which would get me more pussy a ford mustang or a mercedes benz CLA? They are both cars i can afford brand new without going through these fucking repo hunting bullshieeet.

You must have cash on hand ready if you buy at auction. Meaning, money in the bank right now. No financing, no loans, none of that.

Also, buying at auction is much more risky than buying from an individual or dealer.

Some people will buy high end cars like Audi RS8 or C63 that are totaled. Like beyond any way to make real money even if rebuilt.

They take the car and doctor it up to the point that it LOOKS much better than before but all the frame damage and hidden stuff cant be seen.

They may spend a few thousand buying new headlights, or whatever but they'll sucker some idiot in over his head. and they'll make an easy $5-10k since at the second auction it seems like a much easier fix.

I bought a 2007 jeep as a private individual since you can buy salvage cars in NC with no dealers license (at copart at least).

It had been sideswiped and one of the rear doors took 95% of the impact, Jeep cost me $2100 and a new door professionally painted and installed cost me $775 at my local body shop.

The jeep was worth about $7000 before the wreck, I got it for essentially half off after fees and transport cost.

With the salvage title its only worth about $4500-5000 but still, a net gain for sure.

spbp

most people who get approved for an 80k car wont default.. the highest default category is the cheap shit sub 8k wherebuy people can afford shit a month, have shit credit and buy a shit car with the shittiest Flat rate, leading them to shit all over their credit when they miss a shitting payment or two

>implying girls really care about your car

also a merc. but get the c class, not the CLA

>also a merc. but get the c class, not the CLA
But the CLA class looks so much better than the C class. If i had to guess which car is more expensive based on the exterior w/o knowing anythign about benz cars i would bet on the CLA class but we all know that isnt true lol.

Mercedes cla is an absolute shit box. It’s a fwd Benz made in fucking Belgium. It’s as cheap as cheap can be. It was made for poor people trying to get a status car for a 300usd a month lease. Most women don’t know shit though, will see benz and offer you a bj

Mustangs are legit if it’s a 5.0. Fast as fuck, they handle very well for the price, and the interior quality is very good for the prices. But it’s a Ford Mustang, so depending on where you live.... the pussy factor might be lacking

I was looking at a 2016 gt350 a month ago. Very slightly used. I couldn’t get it to the price I wanted though so I passed

Im looking hard for a lac ats-v. I been trying to find a white/tan recaro seat combo in the south around 40k but it’s been hard. They make a tune now for them. Put down 460-480whp. Absolute beasts.

>Dealer sniping

this is a bit of a guerrilla tactic.

now the hardes part about selling cars is getting the rigt stock at a good price in the first place, you can sell any car easily cheap, but if youve not bought it cheaper then what sthe point.

Dealer sniping is where you literally hang around outside a busy car dealership/used car lot and catch people as they walk in and out, say to them that youll pay £100 more than the dealer offered for their trade in. dealers offer pittance for trade ins

Exactly. Most defaults are subprime loans that have roll over negative equity on shit brands like Hyundai, Kia, and Mitsubishi.

Those 3 brands will give anybody a loan that breaths, they will also roll over your debt and give u a fucking 7 year term.

Oh shit I've seen you driving around Sydney. I'm envious of that colour. M2 sounds nuts but when I've made a little extra off crypto I plan to get a 230i M sport since I would loose my license in a day in an M2.

A tune on the 2 series will have you going just as fast as a m in a straight line.

>Mercedes cla is an absolute shit box
>It’s as cheap as cheap can be
>It was made for poor people trying to get a status car for a 300usd a month lease
>Most women don’t know shit though, will see benz and offer you a bj
>will see benz and offer you a bj

Nice....... mercedes benz really knows their market

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The car is shit M8 - dont get me wrong, looks good, but

FWD
its basically an a-class with a longer arse
nav and multimedia unit is something from 2008
less resale value
id rather just get an a-class

or even better

>get an E90 BMW for about £4000 and it'll last forever and look great in decades to come

its nothing to do with the brands themselves, its the finance companies who underwrite the debt under their branding.

Exactly. Kia, Hyundai, and Mitsubishi finance depts are known for giving 575 credit score people loans.

If u go to the Honda dealer, their finance department will tell u to gtfo unless you secured your own financing.

>Exactly. Kia, Hyundai, and Mitsubishi finance depts are known for giving 575 credit score people loans.
>If u go to the Honda dealer, their finance department will tell u to gtfo unless you secured your own financing.

I'm curious, why is honda like that? Arent Kia, Hyundai, Mitsubishi at the same price range/market as Honda?

What moron though it was a good idea to put a Chevy badge on a holden?

How did u afford a M3 when u obviously live in Elizabeth or further out.

Are you worried about abos stealing your rims and car at night?

Not at all. Honda is high quality as fuck in my opinion. They also hold their resale value great

As for Chevy/holding. The Chevy SS is a great fucking deal in the USA. It’s betrer than a fucking m5 in my opinion if you want a real fucking sport sedan.

Call credit unions and ask if they have any repos, my credit union actually advertises the defaulted repo vehicles in their drive up

Because they're not selling enough cars the old way. Ford is about as bad now, too.

Why do you think Obama did that fucked up Cash For Cars program? It wasn't about emissions or pollution (considering how they polluted with the chemical blocking of the engines), it was about destroying a healthy used car market to drive people into new car sales. They'd reached peak car - everyone who wanted a car had one, so they had to invent new markets, just like they did for housing, credit cards, and college loans. So now people have to go to a new car or newer used "pre-owned" from the same dealership, because of sweet, sweet, sweet interest income. And if the buyer defaults, they keep the money, and the car, and resell it for more sweet interest income.

I mean seriously, dude, wake the fuck up. Everything is about getting people on the interest tit now. I just got an email that Amazon is doing informal payment plans for electronics. The Interest Must Flow!

no, kia and hyundaie are the equivelant of opel/vauxhall, nissan, fiat, suzuki

]Honda are in the same category as ford, toyota, alfa romeo,
Then you have bmw, jag, audi, lexus, merc, land rover

then your exclusive brands

Check ridesafely I used to buy cars that were repoed or in accidents and fix them up

This is another option. The credit unions sometimes have “sales” of their repo cars at events. But these are 100% public events and the deals aren’t as good

U want a deal in the USA, get a dealer license, have cash, and you can save 20% if you know what your doing

As for the user talking about cash for clunkers, he’s 100% correct. That’s why high quality used cars are still so expensive. Supply and demand.

In the USA this is very risky

Cars with damage showing on reports sell for shit, and sometimes buying a car at copart (Damaged, usually totaled cars) is a stupid risk. I wouldn’t touch it

A good friend of mine got a flood damaged Porsche 996 turbo. Only thing it needed was an ecu. He got it for 2000 Honda Civic Prices. He also got fucked way more times than not trying to get a good deal on damaged cars. IMO it’s not worth it.

There is also tons of money in specialized markets. Toyota land cruisers, old Toyota re22 motored trucks ect, you can find them on Craigslist in areas for dumb cheap, and make 2x flipping them on enthusiast forums.

What you do OP, is you find people who are struggling to pay their car payment, offer to buy the car off them and somehow (ive not worked out how yet) allow them to contunie payments to make up any shortfall on the finance to yourself at an extraordinarily high interest rate.

why would anyone do this??

well its means they dont have acar finance company coming after them, they will clear that debt and will have (((more manageable))) payments to make to another lender. i.e. you
if someones credit is that bad, you could ask for some sort of collateral.

>i have been thinking about something like this for a week or so now

Still easy to resell for a decent price if you're up front and show them all the receipts on things you repaired. I even sold a handful as is right after getting them and putting them on Craigslist for other mechanics to fix. Once I was missing a door panel and a piece of the center console to an h2 hummer that was shown as included and they sent me a whole fucking door with the panel and an entire center console assembly.

The only thing that held me back was only being able to resell 5 cars a year legally and needing a license for more. I still do it time to time

I give u credit. I don’t have the patience user. I have found it the easiest to sell “specialized” cars. I found an e30 bmw for cheap while working. Ended up getting good coin for it on e30.forums as it was a clean 5 speed. The car basically sold its self. Good luck to u in your future money making. I love car people who know how to make money off it

I basically stopped buying/selling as I have a great job now... but I currently got a 92 awd Mitsubishi Eclipse that is very built, and a Sti that is my daily. My wife has a vw gli as well that is a blast to drive

Nobody asked for the "aussie" position

Get an m235i or m240i

m sports just look sporty but are not that fast.

pic related, have estoli blue m235i

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Why do you live in poverty. Try buying a decent house before spending money on cars.

Usually at auction OP, keep in mind most of these cars are pieces of shit that aren't serviced regularly and will cause you more trouble than they're worth.
>doesn't pay the bill usually means also doesn't service vehicle because they can't afford it.

and make white babies

fuck off fag