Thoughts on buying a repossessed Mustang.

[cerbomark]

chances are if you can t make the payments you also can t or won t service properly IMO.
Why bother, the ocean is filled with fish.

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[shogun32]

HARD pass. Someone in the position of getting their car repossessed is much more likely to take shitty care of their car, imo.

a LOT of 700+ credit people are going to lose their vehicles in short order. Repos: it's not just for (poor) deadbeats anymore.

Indeed the banks are FACILITATING repo by letting people buy a replacement vehicle as long as the one about to go repo isn't being carried by the same bank. Think of it as a giant middle-finger to their fellow financial bandits. Whomever F's their peer first and harder, wins.

 

[RagmopInKona]

it's a bit of a stereotype or bias - but [some] people with crappy credit tend to take worse care of things. I used to rent a condo - and no doubt - 800+ credit people were awesome renters - 100% reliable. Lots of horror stories about people renting places with marginal credit and not taking care of places. Of course a car is not a condo/house, but the sentiment stands. I would pay more for a car that was not repossessed. If you get a used car, you want the seller to be super anal about taking pristine care of the vehicle. Someone w/ poor credit or a repo - safe bet that may not be the case.

This is royal bull shyt.
Goto any cars and coffee, or car meet, that isn't all 45y/o's and older. This kids or younger folk have low credit scores and the cars are cared for .
Or what about the Dad that had to go through family court and credit is in the dumpster? Does he just treat everything like crap till his credit score is high again.
Seen too many off lease or trade in's from people with high 700's to 800 scores that looked like they had twice the miles on them than they did.
Pride and care of things has zero to do with a credit score.

 

[RagmopInKona]

I'd take a repo'd mustang over one with mod's every time.

 

[RagmopInKona]

a LOT of 700+ credit people are going to lose their vehicles in short order. Repos: it's not just for (poor) deadbeats anymore.

Yup.
Some are very short sighted with their opinions.
Many with good credit and had good jobs, lost everything in 2008/2010.
When they lost their job but the housing mrket tanks, so they end up underwater, from the homes value taking a 100k+ dump in a few months, so they can't sell it, and can't move to that new job because they can't sell, and can't afford the home AND an apartment near the job. and lost it all.
It wasn't just the sub prime home owners that took a bath. Many with great credit and bought wisely got caught up in that mess when homes values tanked.
In 2009 my homes value took a 170 thousand dollar dump in value. If I lost my job and had to move to get another job I'd have been ducked.
Many good people did get ducked. 2023-24 is going to make 2008/9 look like child's play.

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