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.
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!!
37' 1995 Newmar Kountry Aire
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!!
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....
Prevost H3-45 Featherlite Vantare
500HP Series 60 Detroit Diesel
Assorted trailers,toys and toads
And Zoie the Doberman.(01/26/01 - 07/23/11) R.I.P.
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.
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.
2005 Newmar 34' Kountry Star, 8.1L W22, Blue Ox 10K, Honda Pilot, Bijon Shitzu (Sassy) dash dog, Two teenage boys..we get around ! Nine Provinces, Two Territories, 47 States, Northern Mexico... so far..