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Buy a Repossessed Car from your Credit Union and Save $$$  

post #1 of 10
Thread Starter 
My friend works at a Credit Union and gave me a good tip on buying cars. With the economy being down Credit Unions get a lot of repossessed cars on their hands. If you check the Credit Union websites they will post these vehicles for sale at a pretty deep discount. There is a website called Repofinder.com - America's Source for Credit Union Repossession Sales that is a directory of Credit Unions offering repossessed cars for sale.

The list is free to search and will give you local information. Some of the Credit Unions will even offer you special financing terms if you buy their repos. Hopefully this helps someone save some money. Good luck.
post #2 of 10
Working at a loan company who repo's cars, they will finance often just what the pay-off is. Or at least we do.

But you need to be very careful when buying one of these vehicles, just like you need to be when buying any used car.

Unless they are still in warranty from the manufacturer, they are as is.

So make sure before you agree to buy the vehicle, even if it is a good deal, to get it check out my a good mechanic.

In some cases, when people know that a vehicle is going to be repo, they stop caring if the oil gets change or if the tires are going bald. And in a lot of cases will "hot rod" it on purpose.
post #3 of 10
Thread Starter 
I agree with Ruthie. You always need to factor the risks into the price when making an offer. If they are asking 5k for a car, I would offer 4k. The one good thing about Credit Unions though is they seem to be viewed more as a friendly neighbor than a corporate banker. Their customers may not be so inclined to "stick it to the man" by damaging the cars prior to repo.
post #4 of 10
Thread Starter 
Has anyone found any good deals?
post #5 of 10
Quote:
Originally Posted by treegirl View Post

Has anyone found any good deals?

Hey, this is my first comment on the forums but I thought I'd let you know that I found a car and had a pretty good experience buying from my Credit Union. The car was at the Credit Union that I'm already a member of but I would have had no idea it was available without finding it from this forum. Basically I went in with my husband who is pretty good with cars and they let us test drive it. It was a great little Mirsubishi Galant. They were asking $3400 for it and we offered them $2800 and they took it. We put 10% down and financed the rest at 3.9%. They gave a good rate and so far we love it! Thanks again Mommysavers.
post #6 of 10
Thread Starter 
Quote:
Originally Posted by happy View Post

Hey, this is my first comment on the forums but I thought I'd let you know that I found a car and had a pretty good experience buying from my Credit Union. The car was at the Credit Union that I'm already a member of but I would have had no idea it was available without finding it from this forum. Basically I went in with my husband who is pretty good with cars and they let us test drive it. It was a great little Mirsubishi Galant. They were asking $3400 for it and we offered them $2800 and they took it. We put 10% down and financed the rest at 3.9%. They gave a good rate and so far we love it! Thanks again Mommysavers.

That sounds great. My current car is for sale. As soon as it sells I'm looking at a gorgeous Lexus Rx330 at a Credit Union near me that just came available. Hopefully it's still there when I'm ready to buy. I've never owned a luxury car.
post #7 of 10
Treegirl, My sister and her husband are making on offer on a foreclosed house at the same Credit Union that I got my car at. I'll keep you posted and how it goes. The Credit Union pre approved them on a mortgage loan too. Other Credit Unions might be hard to work with but this one is pretty down to earth.
post #8 of 10
Thread Starter 
Hey ladies. Christmas is just around the corner. Time to start being nice. Here's my repo find of the month.

https://www.rbfcu.org/RepoAuction/vi....do?itemId=459
post #9 of 10
Thread Starter 
Dallas Credit Union - 2006 Mercedes Benz CLS500

I have a fancy car fetish I just need some $$$$
post #10 of 10
Thread Starter 
So what did you finally end up getting for Christmas Happy? You can PM me and I promise I'll check it this time.
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