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Buying a Car with a REPO Title?


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#1 SR77

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Posted 07 May 2004 - 03:20 PM

I found this 2000 Integra GS for sale that seems to be a great deal. The market value for it is $10,900 and the guy is selling it for $6, 650. It has a REPO Title. It sounds like it is in excellent condition by the description(haven't seen it yet), so my question is, is it ok to buy a car with a REPO title or am i going to run into problems down the road. Also the guy is selling it for over $4000 less then it is worth, do think that i have just found an excellent deal or do you think there seems to be something shady about the car & deal and I should not pursue it any further. Thanks for the help

#2 LouisanaJeeper

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Posted 07 May 2004 - 04:08 PM

I dunno, if an owner was too cheap to pay the monthly payments on his car, then I would say it would be safe to assume he skimped out on the general maintenance costs like oil changes, etc.
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#3 edschwab1

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Posted 07 May 2004 - 05:26 PM

If this sounds to good to be true, it probably is.

Looking at the New Jersey DMV website, I did not find anything about a repo title. What is a repo title?

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#4 BradE

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Posted 07 May 2004 - 06:36 PM

I've never heard of a repo title either, they don't issue them in Ohio, and I've never heard of them being issued in any other state either.

If the bank is repoing a vehicle, that means it's already titled to them. Why would they retitle it?
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#5 LouisanaJeeper

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Posted 07 May 2004 - 07:15 PM

Originally posted by BradE
I've never heard of a repo title either, they don't issue them in Ohio, and I've never heard of them being issued in any other state either.

If the bank is repoing a vehicle, that means it's already titled to them. Why would they retitle it?


well, if they put up the car as collateral for like a home loan or something with another bank, the bank can seize the collateral they put up.
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#6 SR77

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Posted 08 May 2004 - 05:01 AM

thanks for the replys. I have never heard of a REPO Title too, thats why I posted this thread, to get some info and opinions on what I should do. The car is actually in Pennsylvania, not NJ. The price is just hard to pass up, but like you said if it is too good to be true then it probably is. I just can't understand why the guy is selling it for $4000 less then market value if it is in as good of shape as he says it is. Doesn't make sense which is why something seems shady. I thought maybe it had to do with the title somehow.

#7 rathi60

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Posted 08 May 2004 - 06:33 AM

May be the seller means a Salvage Titile. A recovered stolen car can have a salvage title too. Do a title search and find out.
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#8 jfelbab

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Posted 08 May 2004 - 06:55 AM

Get the VIN and run it through CARFAX.

Get a VIN check here.
http://www.carfax.co...m?partner=GLG_1

#9 jimc

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Posted 08 May 2004 - 07:07 AM

Something sound fishy re: repo title? Car might have been in a flood.

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#10 brian_k03

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Posted 09 May 2004 - 10:27 PM

ya definetly run a carfax and see whats the deal.
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#11 Taliesin

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Posted 05 June 2008 - 10:16 AM

Here's the deal on what a repo title is. A repo title is the paperwork from the lender that declares that the car was repossessed. Ideally, the dealership that sells the car should flip the title into their own name. Otherwise they are attempting to skip title, which NJ hates because that's a lost sales tax opportunity. The reason some leasing companies do not get the final title is because of the paperwork and time. Time is money and some states require a lot of paperwork for repossessed cars. Remember some leasing companies are dealing with 100's of cars. They would prefer to deal with the minimum of paperwork and waiting time as possible. Licensed car dealers in NJ should be able to get the title transferred to their own name with basic repo papers. Part of the repo pack is when, where and for how much the repossessed car was sold for from the leasing company. If the seller is not the repossessing company, they can't simply transfer the rights to the repo pack over to you. They have to go through the proper process and get the title. And the process can take weeks if it's an out of state title.

In NJ, a sale is only valid if the legal ownership papers (title) are properly transferred to the seller of the car before the sale. Somebody saying he's selling the car on behalf of his buddy who's the actual owner will not be able to sell you the car. Ever. No exceptions. With an out of state title, it must be properly transferred per the rules of the state it is issued in. And again, the person listed on the title must match the person who sells the car.

My advice to anyone who is buying a car with an odd title situation: Bring the seller and the paperwork with you to DMV, do the transaction at DMV after verification that the paperwork is complete and acceptable. I lost $1000 on a car because I did not do that, and the seller skipped town. If the seller won't go to DMV with you, WALK AWAY. Even if you really want the car. You can easily end up losing your money, and being completely unable to legally get a title or registration. In other words you won't get the car.

As far as flood or salvage titles, they should have a permanent brand on the title. But they can be laundered through other states. Also, remember that a rebuilt or project car is a salvage car. It doesn't matter if the car was restored to factory, or better than factory conditions, it's still salvage. So you can get a good car that happens to be branded as salvage. Best to know what you're looking at, it's not for amateurs. You can also check to see if it was sold at an insurance auction, those cars do not always have branded titles. Another thing to remember is sometimes the owner of the car will damage it for spite. I saw one Corvette that the owner left on the train tracks because he knew it would be repossessed. Smashing the panels and windows, fouling up the engine, pulling wires, there's some nightmares out there. Again, you can sometimes get a good deal: A quality, well maintained vehicle. People just get some bad luck at times and can't afford the car anymore. They accept it and move on, some people are nasty about it as if all their problems are the fault of the repo man.

Caveat Emptor.

#12 AuAltima3.5

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Posted 23 August 2008 - 09:28 AM

Repo titles are not bad. They are just saying that the car was repossessed.

Why they have a specific name for this title, I don't know.

I have been to auto auctions before and you would be surprised how many repo cars make it to dealer lots. The cars are just like any other car, but had been taken from the owner.
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#13 HBR

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Posted 23 August 2008 - 02:04 PM

CARFAX only reports paid insurance claims (and the like) on collision repairs. Take your car to your local auto body have it filled with bondo, resprayed and pay for it....................it never ends up on CARFAX..................beware.

Don't rely soley on carfax, due diligence my friends.
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