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repossession

Discussion in 'Lease Purchase Trucking Forum' started by JORTRUCK, Jun 6, 2017.

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  1. Jun 6, 2017 #1
    JORTRUCK

    JORTRUCK Light Load Member

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    Found truck for sale I went to take a look
    It was okay but the seller was not trucks dealer he told me the truck was on
    repossession because of payments issues and we did the finance a purchase for this truck for the last owner
    as I know if that's happened the truck should be on action sale but they selling the truck on price for example like dealer price !!
     
    Last edited: Jun 6, 2017
    JORTRUCK, Jun 6, 2017
    JORTRUCK, Jun 6, 2017
    #1
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  3. Jun 6, 2017 #2
    Jarhed1964

    Jarhed1964 Road Train Member

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    Huh?

    Not exactly sure what you are saying here, but a friend of mine learned something by buying a repoed truck:

    If the previous owner didn't have money to make the payments, they likely also did not have the money for proper regular maintenance.

    Food for thought.
     
    Jarhed1964, Jun 6, 2017
    Jarhed1964, Jun 6, 2017
    #2
    Highway_Executive, magoo68, passingthru69 and 10 others Thank this.
  4. Jun 6, 2017 #3
    RicoNC

    RicoNC Light Load Member

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    I was going to say exactly the same words!!


     
    RicoNC, Jun 6, 2017
    RicoNC, Jun 6, 2017
    #3
    bzinger Thanks this.
  5. Jun 6, 2017 #4
    Gunner75

    Gunner75 Road Train Member

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    Wat8.jpg
     
    Gunner75, Jun 6, 2017
    Gunner75, Jun 6, 2017
    #4
    snowman_w900, buddyd157 and ExOTR Thank this.
  7. Jun 6, 2017 #5
    Maj. Jackhole

    Maj. Jackhole Heavy Load Member

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    A vehicle having been repossessed does not have to be auctioned, auctioning off the vehicle is the option of the financer.
     
    Maj. Jackhole, Jun 6, 2017
    Maj. Jackhole, Jun 6, 2017
    #5
    Jarhed1964 Thanks this.
  8. Jun 6, 2017 #6
    JORTRUCK

    JORTRUCK Light Load Member

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    You mean it's up to the financer not to sale it on action .. the price not bad but they no have warranty like the one dealer offers
    They just Wana sale it try and buy take a look and driving test and good luck
     
    JORTRUCK, Jun 6, 2017
    JORTRUCK, Jun 6, 2017
    #6
  9. Jun 7, 2017 #7
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    Be very careful of buying a repossessed truck (or car) the reason is the debtor probably hasen't given up the paperwork, so the vehicle is being "sold" without proper papers which can be a nightmare with DMV.
     
    Allow Me., Jun 7, 2017
    Allow Me., Jun 7, 2017
    #7
    Diesel Dave and buddyd157 Thank this.
  10. Jun 7, 2017 #8
    JORTRUCK

    JORTRUCK Light Load Member

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    What the heck ...
    What I should to ask them before I buy it like you said ...
    debtor probably hasen't given up the paperwork,
     
    JORTRUCK, Jun 7, 2017
    JORTRUCK, Jun 7, 2017
    #8
  11. Jun 7, 2017 #9
    Jarhed1964

    Jarhed1964 Road Train Member

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    Jarhed1964, Jun 7, 2017
    Jarhed1964, Jun 7, 2017
    #9
  12. Jun 8, 2017 #10
    MysticHZ

    MysticHZ Road Train Member

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    I'm confused ... would not the lien holder have the paperwork? And who other than the lien holder would repossess a vehicle for non payment?

    Maybe I'm missing something. But, this sounds to me like someone trying to move a stolen truck.
     
    MysticHZ, Jun 8, 2017
    MysticHZ, Jun 8, 2017
    #10
    Roger McG and p608 Thank this.
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