01-19-2017, 07:35 PM | #1 |
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Repossession long term value
Thoughts on buying a '14 M5 that has a repossession on title?
Car is in good condition, but curious how members feel about this. Maintenance seems to have been followed on a timely bases with no gaps, and was sold at auction right after repossession. Thanks
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01-19-2017, 09:36 PM | #3 |
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Buy the 2015 or newer
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01-20-2017, 06:22 AM | #6 |
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No your just a nerd who sits on the forum and posts like it's your job. You have over 4000 posts. U must not have too many friends or much to do. Do you live in dads basement?
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01-20-2017, 07:12 AM | #7 |
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I think typically repossessed cars are bad because they may not have had the money to maintain it properly. But a 14 should have free maintenance so it shouldn't be an issue. It is a mark on the title/carfax so if you're worried about it, so is the next buyer when you sell. For an M5, I didn't want to compromise so I wanted full options and maximum warranty. So I would pass and get a clean car the way you want it.
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01-20-2017, 06:32 PM | #8 |
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Repossessions should not show on titles.... generally manufacturer buybacks report, and total loss/salvage issues do. Ive seen many repos run thru the BMW and other moniker lanes at the auction that were repo's- no branding on those titles.
The main concern I would have with a repo is the condition because they generally are not kept in the same manner as those cars owned by people who pay timely.
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01-20-2017, 06:37 PM | #9 | |
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So my guess is that it will show up as soon as I title it with the state. I guess I should clarify that the repossession will show up on Carfax, rather than the title itself. And that alone will drive the value down on a future sale.
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01-20-2017, 06:51 PM | #10 | |
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If you have the carfax can you link me?
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01-20-2017, 11:56 PM | #11 | |
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Saw people post questions about a repossession notice on a carfax, so wanted to see what the M5 board thinks.
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01-21-2017, 10:51 AM | #12 | |
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If the process goes as it should, you will buy the car and title it. Carfax will report a new title and owner with a date but wont state repossession.
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01-21-2017, 11:03 AM | #13 | |
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01-21-2017, 11:09 AM | #14 | |
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He looks like a stealer trying to bash all cars and sell his cars too
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01-21-2017, 11:31 AM | #15 |
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Repossessions do show up on Autocheck and Carfax but do not have any affect on the title.
Typically the Autocheck or Carfax will show the date and location that the repossession took place. I have personally seen these records on cars I have considered purchasing in the past. Like others have said above as long as the car was taken care of and serviced per manufactures specs it should not have any affect on resale value. Having said that I would only purchase the car if it was still under the manufacturers warranty. Also....try to get all service records from where it was serviced originally. It will take the guesswork out of any future transactions as to whether it was serviced properly.
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01-21-2017, 02:22 PM | #17 | |
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Thanks for the feedback guys, except for the ones that have some weird feud going on.... you guys should kiss and make up. Thanks
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01-21-2017, 02:30 PM | #18 | |
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Sorry for
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01-24-2017, 11:20 AM | #19 |
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