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-   -   Purchasing a repossessed car from a bank (https://www.team-bhp.com/forum/sedans/22241-purchasing-repossessed-car-bank-2.html)

I agree with Narayan. Mostly, repossessed cars come at a killer price, but for a reason. The logic is also like this... how do you expect someone to take good care of his car while he does not even care (or cannot afford, in some cases) to pay up his monthly dues.

These cars are mostly handled by a third party who have tie-ups with the banks/recovery agents. It helps if you have links within the bank or these agencies because mostly the good ones would never be advertised.

Another way to find a good car with very less KMs on it will be from Insurance companies. Cars that get damaged in transit to the dealership are mostly written off for moderate amount of repairs and sold off as scrap by the Insurance companies. these cars are normally available for 3/4th or less of the invoice value, but without a company warranty. I know of a friend who bought an Accord this way for almost 60% of the original cost and it is doing well for more than 3 years now.

The key is to have the right contacts and patience to wait for a gem that comes up once in a while.

Contacts are the key. If a repo car is going to be sold at a juicy price, you can bet that it is mostly sold to some insider's contacts. It comes to open market only if there are no takers for the car.

I am not sure if you can call them repossesed but Mumbai port customs have such sales on imported cars that have not been claimed for 3 years.
A friend got a ML270CDI two years back on a 20 lakh bid.

Banks have huge godowns where the cars are stored where they can be viewed a week before the auction. There is usually an auction every 3 weeks which happens online.These cars usually sell at 20-30% below dealer pricing. 60% of them have only single key and no original R/C book. Bank issues a NOC to you once the cars have been bought where you can apply for a new R/C book which usually takes 3-5 weeks.

But it is very unlikey to win any of these auctions as they are usually set before hand.

Online? Can you provide the link if you have it.

I have heard that the auctions are conducted on eBay; but only registered agents are allowed to bid.

auction.autojunction.in/

I too got a offer to buy a 6 months old fully loaded Verna CRDI
for just 4 lakhs...but missed it by one day somehow....

@Sahil: Dont have a link. AFAIK it is not open to the public. You need to have some insider contacts to get a chance to bid on these cars.

Last i heard HDFC had a 2006 a4, 2007 c class, 2008 e class and loads of santros, swifts, accords etc.

bottom line : You need to be extremely lucky to get a good repo car at a real good price as these are usually bought by the "insiders" and sold at handsome profits.

I think our friend trammway picked up a jeep from such a place.

Yeah, VFM, only if you have a small idea about the previous owner.

I have a question here. If I bought a Repo Vehicle, will I get the original RC book as it's with the person who bought the car and is not available with the bank.

Banks advertise about such cars, one ends up saving a lot out of these buys.
Also, some new cars end up in Insurance companies inventories, these cars have minimal damage, sometimes only a few scratches, one can get such cars too at a huge bump in price, but contacts is the catch!

Neat experience!

Mouth watering price. How has she held up? A Mercedes that's been stationary for 3 years would come with its own set of problems. But at that price....

Useful link. Thanks

Can somebody throw light on my question. Is RC book an issue when buying Repo car?

yes could be an issue. but u can always get sale letter from bank and get duplicate RC from RTO and get the sale notified there

It was stationery for 3 years as that is the minimum time the cars have to kept to be eligible for an auction.

He got a good mechanic to check it before sealing the deal. Had no major issues- new tyres, complete service job at MB service center and polishing made her look spanking new. Had only 300km on the ODO when he picked her up.

It's been almost 4 years since he had her. He has had a couple of issues but those are standard merc traits nothing unusual.