This article will list the top 5 reasons to buy a Credit Union Repossession. Car buyers across the Nation may not even know about these repossessed vehicles or where to buy them. This article will help familiarize car buyers with the benefits of buying a used C.U. or Bank vehicle.
5 – The price is right:
The first thing people associate with buying a repossessed car is getting a low price. When repossessed vehicles are purchased directly from the Bank or C.U. there is no commission, fee, hidden cost, auction registration charge, etc. These vehicles are sold only to cover a loss. In no circumstance does the Bank or C.U. net a profit from the sale. These orphaned vehicles are typically sold at a loss and if there is residual equity from the sale it is returned to the prior owner. The lenders DO NOT want these vehicles and they are priced accordingly to sell quick.
4 – Credit Union financing is the best:
Any car dealer will tell you the most lenient financing with the best interest rates will always be the local C.U.’s and small Banks. After all, they were the ones that financed these cars originally. Small Banks and C.U.’s can negotiate both the vehicles price and the interest rate. With low prices and low rates you always get the best deal.
3 – Credit Unions are a trustworthy seller:
Local Credit Unions and small Banks are built on the foundation of trust. Their financial reputation is at stake every time they work with you. They absolutely cannot afford to breech that trust over a the sale of a repossessed vehicle. Repossessions are typically sold “as-is” and the sales are final. You won’t be pressured into buying something you don’t want. Make sure you do your due diligence and are certain you want the vehicle before you commit to buying.
2 – Plenty of quality inventory:
Repossessed vehicles are not all the same. We’ve heard horror stories of severely damaged vehicles being repo’d from drug dealers and resold at auction. This is not the case with buying from C.U.’s. “Credit Union Repos” are different than “Police Seized” vehicles. The vast, vast majority of C.U. owned vehicles are voluntarily surrendered in great condition. Many times they still include factory warranties. These cars, trucks, ATV’s, RV’s, boats, etc. are the cream-of-the-crop.
1 – Search Credit Union inventory from home at no cost:
In the old days of the internet, and even today several websites claim to have exclusive access to repossessed vehicle lists. They got rich from charging upwards of $50 or more to sell you a “repo auction list”. In reality they are only selling you public records and local auction house contact info. They make claims of $500 luxury cars to entice you into paying, but they make absolutely no guarantees that you’ll get anything of the sort.