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Open Roads Forum  >  Class A Motorhomes

 > Bank Repo - Take over payments an option?

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gonzo71

Edmonton, Alberta, Canada

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Posted: 08/13/09 02:44pm Link  |  Print  |  Notify Moderator

I just purchased a house. The previous owner was trying very hard to get me to take over the mortgage. At the end of the deal he got so desperate that he took my offer which was $35.000 below what he owed on the house which is only 2 years old and what was in my opinion fair market price of the house. I also got a mortgage with was 1.7% below his at only 3.65% fixed

You need to get all the details on what is owed and what the conditions of the loan are.


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Snowfether

Southern Wisconsin

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Posted: 08/13/09 05:58pm Link  |  Print  |  Notify Moderator

OP here...Learned a lot from this post for sure!! I don't have a coach in mind. Just saw a repo on a dealer's inventory list and the question came to mind. What a wealth of information there is on here!!
Lacy


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We named her "Lacy Lucy"..."Lucy" for short so as not to confuse with my name. "We (heart) Lucy"
She's been a member of our family since 10/31/09 and we love her to pieces!!

thunderstruckhd

Ft.lauderdale and Key West,Florida

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Posted: 08/13/09 08:53pm Link  |  Print  |  Notify Moderator

Wrong, wrong, wrong. Some bank loans are assumable but they must be currant and "open".
By the time a repo'd rig hits the market the loan is "closed"'as in written off or in litagation with the previous owner. Way past the point of return....


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50pascals

rochester, ny

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Posted: 08/28/09 09:05pm Link  |  Print  |  Notify Moderator

They are probably advertising the "repo" as a gimmick to make you think it's a low price.

I just bought an '06 Dodge Ram 2500 megacab at a great local used car dealer. I paid a fair price, have no complaints. Found out yesterday (1 week later) it was a repo. The salesman didn't even know this - he's a friend of mine.

Also, due to a recent death in the family we now have a VW EOS that we don't want. Volkswagen will let someone "credit worthy" assume the payments for a $100 processing fee.

bluewatergr

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Posted: 08/28/09 09:21am Link  |  Print  |  Notify Moderator

Why would you want to? If you want to take over payments, please call this number. 586-791-2612

PF&PM

Lethbridge, Alberta

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Posted: 08/13/09 06:46pm Link  |  Print  |  Notify Moderator

I looked at a '07 Ventana last winter in Parker AZ and found their asking price to be way too high.. They said it was a bank repo.. I don't know if the dealer was trying to get more than what was owed or the bank was upside down on it.


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