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Old 01-27-2003, 10:43 AM
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Ways of purchasing a car

I am interested in purchasing a used car no older than 5 years old. I would like to know if it is possible to get access to a bank or institution that might have customers that are having difficulty making payments and for me to take over those payments? Is it a better deal, that way, or purchasing a vehicle the traditional method, preferrably private party?

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Old 01-27-2003, 12:32 PM
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The Bank better not release information about customers having difficulty making their payments. Would you like it if your bank shared your information with people interested in buying stuff? Probably not.

To buy repo cars, go to auctions, but beware the product to be found there.

To get a nice late model used car, you should shop dealer's lots, as they usually have the best cars.

If you can't get financing on a late model car, then you might scan the ads for someone wanting out of their lease. that said, in most cases, you still have to qualify based on your own credit to assume the lease with the financing company.
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Old 01-27-2003, 12:48 PM
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Banks like security, and don't like risk. With that said, interest rates on their loan offerings as such would be inflated (15% +). Add to that, a credit report with red flags, and the rates go even higher. But truthfully, they would probably turn you down anyway.

Unfortunately, most lending institutions would not offer you any lending package without the high interest. Used car rates are typically higher anyway.
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Old 01-27-2003, 02:01 PM
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Well, I usually pay cash anyway, so thats a mute point, but what I am getting at is I would figure there are deals out there, now, with so many people defaulting on their loans, usually home loans, then autos I would think are also a problem for them.
Just looking at all possible angles, thats all.
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Old 01-27-2003, 02:30 PM
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I saw a lease takeover site once before but don't know if it's still around. You pay an assumption fee and take over payments. If the lease is structured attractively and near its term, you may be able to take advantage of the purchase option.
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Old 01-27-2003, 02:39 PM
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Go to www.swapalease.com. They have listings of people wanting out of their leases. In most cases the banks have agreed to this and sometimes the seller will ofer incentives too.
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Old 01-27-2003, 02:59 PM
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Thanks, that will help alot. Will look into it and see if there is any real savings over the conventional way.

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