Reposessed Porsche
Discussion
POORCARDEALER said:
Often closed Porsche auction sales.....they are usually prepped, and fetch £££££££
So if (for example) Lombard were the finance company are you suggesting they get involved and sell directly in a closed Porsche auction or would they sell to an OPC or whoever first?HoHoHo said:
POORCARDEALER said:
Often closed Porsche auction sales.....they are usually prepped, and fetch £££££££
So if (for example) Lombard were the finance company are you suggesting they get involved and sell directly in a closed Porsche auction or would they sell to an OPC or whoever first?[quote=Koln-RS]Aren't these the cars that come along with no service history, one key, bits missing......[/quote
Not usually through the closed sales.....they are prepped by Porsche reading prior......there are no bargains they do very very good money.
General sales will see cars with all of the above you mention.
Not usually through the closed sales.....they are prepped by Porsche reading prior......there are no bargains they do very very good money.
General sales will see cars with all of the above you mention.
Finance companies when faced with a repo situation need to sell the vehicle at the best possible price not just dump it. It will of course fetch less than some cars due to perhaps missing service history or only one key etc.
The reasons for them needing best price are:
A] The original buyer will be pursued for any shortfall between outstanding amount and sale price
B] If they allowed the car to be repo'd then the chances of them having disposable funds to make good the difference are slim
C] If they can prove that the car was sold at under market value the can refute the claim from the finance company as they did not act in the best interest of the buyer.
So bargains are few and far between on repossessed cars these days.
A
The reasons for them needing best price are:
A] The original buyer will be pursued for any shortfall between outstanding amount and sale price
B] If they allowed the car to be repo'd then the chances of them having disposable funds to make good the difference are slim
C] If they can prove that the car was sold at under market value the can refute the claim from the finance company as they did not act in the best interest of the buyer.
So bargains are few and far between on repossessed cars these days.
A
Chipchap said:
Finance companies when faced with a repo situation need to sell the vehicle at the best possible price not just dump it. It will of course fetch less than some cars due to perhaps missing service history or only one key etc.
The reasons for them needing best price are:
A] The original buyer will be pursued for any shortfall between outstanding amount and sale price
B] If they allowed the car to be repo'd then the chances of them having disposable funds to make good the difference are slim
C] If they can prove that the car was sold at under market value the can refute the claim from the finance company as they did not act in the best interest of the buyer.
So bargains are few and far between on repossessed cars these days.
A
That could also be balanced with a situation where the debt is lower than the car's realistic value but the finance company not giving a sThe reasons for them needing best price are:
A] The original buyer will be pursued for any shortfall between outstanding amount and sale price
B] If they allowed the car to be repo'd then the chances of them having disposable funds to make good the difference are slim
C] If they can prove that the car was sold at under market value the can refute the claim from the finance company as they did not act in the best interest of the buyer.
So bargains are few and far between on repossessed cars these days.
A
t and letting it go anyway -any surplus they will usually absorb with charges so the customer/borrower gets nothing back.I bought one of my 'bikes that way - 3 month old ZX-6R repo sale at auction with no docs & bald tyres and dirty but absolutely mint underneath, reserve £3800, I was highest bidder at £3400 and got a call the next day to tell me I'd bought it. I would have paid more if they'd wanted to negotiate but no, they just took my bid, I'm pretty sure they cleared their debt and were happy. So was I!
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