RepoDepo: Any experiences or stories?

[Kevin T]

How is this method to purchase a car?

[NLI10D]

my sister bought a grand cherokee ltd from them. it was about 5-6k less than some of the stuff that was listed on the auto trader. from what i can remember its an auction type thing. dunno how it works cuz prior to her getting the jeep she wanted she was looking at another one and made a bid, next day she calls to say that there was someone that made a bigger offer. weird thing is there wasn't really a date given when bidding was gonna be close. so she had to wait 2 wks before finding another jeep. i suggest picking one of the vehicles that's inside the buildings, usually those ones are the recently acquired ones. i'm a little weary of the stuff that's outside dunno why. i'd go back if we ever decide to get another car.

[Rehan]

Any other comments about RepoDepo?

There was a new listing in the Auto Trader for a vehicle I'm interested in, so I put in a bid within the black book value. Within a couple of hours, I got a voice mail saying that my bid was the highest and I could come take a look at the vehicle if I wanted. That seems a little quick... :|

What price range do their vehicles usually go for, relative to the black book value?

[romsan04]

Any other comments about RepoDepo?

There was a new listing in the Auto Trader for a vehicle I'm interested in, so I put in a bid within the black book value. Within a couple of hours, I got a voice mail saying that my bid was the highest and I could come take a look at the vehicle if I wanted. That seems a little quick... :|

What price range do their vehicles usually go for, relative to the black book value?

depends on the car and condition of the car.
i would say 2-3K less than a market place, but then again if car is more than $10K i would take it to mechanic to inspect the car. Very often the cars looks like they never been washed inside or outside, very dirty and probably in very poor mechanical condition. so inspection is a must.

good luck

[Rehan]

I googled a bit more and found that they'll allow a test drive with a 10% deposit. They'll let a mechanic check it out but only on their premises...which makes it a little difficult.

Anyway, I'll probably visit them tomorrow and check it out. And if I really am the highest bidder with no more bids to come, then I'll have to see whether they'll budge at all on the onsite inspection rule.

[GabL]

Saw there was an IS300 on their website a few months ago, was tempting to put a bid... haha!

But again, most of the cars there have high mileage...

[careener]

I've been there a few times.
The upside is the price of the vehicles, the downside is the combination of the increased risk due to the fact that you can't highway test the vehicle or have a proper inspection at a garage and the fact that it is highly doubtful that someone who couldn't afford their car payments would do scheduled maintenance.
Personally, I would pay more for a car that I could have inspected properly.
The cars they have at RD seem in pretty good condition.
You should be able to get the vehicles for Blackbook as the finance company is looking to reduce its losses, not make make a profit. Someone with more experience buying there, please let me know if this isn't the case.

[Nightgod]

I googled a bit more and found that they'll allow a test drive with a 10% deposit. They'll let a mechanic check it out but only on their premises...which makes it a little difficult.

Anyway, I'll probably visit them tomorrow and check it out. And if I really am the highest bidder with no more bids to come, then I'll have to see whether they'll budge at all on the onsite inspection rule.

Tell us how it goes, also take pictures of the car

[sumfunny]

From what I've heard all cars have an initiall auction period, and if they don't get a bid they like(they are told by banks how much is needed to pay off the loan), the car is then available to bid and after each bid they go to the bank and if the bank says that the amount is good enough they ley you have it.

[Rehan]

From what I've heard all cars have an initiall auction period, and if they don't get a bid they like(they are told by banks how much is needed to pay off the loan), the car is then available to bid and after each bid they go to the bank and if the bank says that the amount is good enough they ley you have it.Yeah, that's basically how it works...the lien holder has to approve the sale price.

I went this morning to check out the vehicle...they didn't have it on the lot right now, though. It was sent to a dealer auction but didn't sell there, so it's coming back to RepoDepo. There are a couple problems with it, which is probably why dealers would not buy it: 1) the rear hatch doesn't open because "the latch is broken", and 2) it has some scratches on the front bumper and side door...enough to require painting.

They don't allow any test drives at all, unfortunately. But I've lined up a mechanic who'll come and take a look if it's okay by my initial inspection. I put down a $500 deposit (a lot less than the 10% RepoDepo says on their website), so they'll hold it for me until I can actually take a look in the next day or so. If the problems I mentioned above are relatively minor, then I may go ahead with the purchase. Otherwise, I'll get my deposit back - via a cheque that they will issue within a couple of days (that's the only drawback to making a deposit).

[edgar]

if you don't mind me asking, what vehicle are you looking to buy and what's the price?

Yeah, that's basically how it works...the lien holder has to approve the sale price.

I went this morning to check out the vehicle...they didn't have it on the lot right now, though. It was sent to a dealer auction but didn't sell there, so it's coming back to RepoDepo. There are a couple problems with it, which is probably why dealers would not buy it: 1) the rear hatch doesn't open because "the latch is broken", and 2) it has some scratches on the front bumper and side door...enough to require painting.

They don't allow any test drives at all, unfortunately. But I've lined up a mechanic who'll come and take a look if it's okay by my initial inspection. I put down a $500 deposit (a lot less than the 10% RepoDepo says on their website), so they'll hold it for me until I can actually take a look in the next day or so. If the problems I mentioned above are relatively minor, then I may go ahead with the purchase. Otherwise, I'll get my deposit back - via a cheque that they will issue within a couple of days (that's the only drawback to making a deposit).

[Rehan]

It's a 2003 Mazda MPV LX with 13,871 km...it was purchased by the first owner just 8 months ago.

The bank didn't like my offer of $17000, and they want $17350 instead. That's still not bad for a practically new minivan. :) (The first owner from whom it was repossessed still had left almost 80 monthly payments of $566/month -- $44000+ in total!)

It won't be on their lot until Monday now, so I have to wait until then to go see it and decide whether to go ahead with it.

By the way, RepoDepo charges a $149 admin fee and $50 licence fee.

[edgar]

certainly a good price on a car that still has warranty

good luck

[wanted]

It's a 2003 Mazda MPV LX with 13,871 km...it was purchased by the first owner just 8 months ago.

The bank didn't like my offer of $17000, and they want $17350 instead. That's still not bad for a practically new minivan. :) (The first owner from whom it was repossessed still had left almost 80 monthly payments of $566/month -- $44000+ in total!)

It won't be on their lot until Monday now, so I have to wait until then to go see it and decide whether to go ahead with it.

By the way, RepoDepo charges a $149 admin fee and $50 licence fee.


That's a nice price. If there's something similiar to that but, the vehicle is Honda Oddyssey or Toyota Sienna, I'll let my dad know for sure. :)

[Rehan]

That's a nice price. If there's something similiar to that but, the vehicle is Honda Oddyssey or Toyota Sienna, I'll let my dad know for sure. :)Just keep an eye on their inventory on their website: http://www.repodepo.ca/

I think the purchase I'm making is not the typical kind they have available. It's unusual because at first glance, people would question the odometer reading (less than 14,000km for a car that could be almost 3 yrs old?!)...and the scratches I mentioned are also an issue. Those are probably the main reasons why it didn't sell at the dealer auction...if there was an Odyssey or Sienna without those issues and at a similar discount, it would be snapped up by a dealer very quickly because they know they can make a lot of money reselling one of those.

[oldsnail]

they have no testdrives. mainly becoz most of the repo'ed cars dont have insurance.. my gf works there.. u can swap keys with them and they can open it up for u and start the car. or u can tow it to a shop at your expense..
u will have to pay 2 x paper work, and pay gst when u buy the car, and pst when u buy insurance.

[Iron Chef Ajax]

Just keep an eye on their inventory on their website: http://www.repodepo.ca/

I think the purchase I'm making is not the typical kind they have available. It's unusual because at first glance, people would question the odometer reading (less than 14,000km for a car that could be almost 3 yrs old?!)...and the scratches I mentioned are also an issue. Those are probably the main reasons why it didn't sell at the dealer auction...if there was an Odyssey or Sienna without those issues and at a similar discount, it would be snapped up by a dealer very quickly because they know they can make a lot of money reselling one of those.
Interesting .... Let us know how your purchase turns out. Never thought about buying a car this way.

[Kevin T]

I dont see anything nice in the Honda section. Its all overpriced

[Rehan]

I dont see anything nice in the Honda section. Its all overpricedDon't go by the prices listed there. The vehicle that I'm considering was listed for $21999, and the bank still accepted $17350.

[ah802]

Most of these cars come from the auctions, cars that dealers don't want. Usually high milage, unattractive, or badly repaired body shop put-togethers. There are few genuine bank repossesions (dealers get them for the most part) but when they're badly used up, or an insurance write-off and the auctions don't handle them.. they come to RD. Note in the area the numerous auto-body shops that usually get first crack.

Almost every car in the 'building' has either had a major hit (accident) and crap paint job as a fix up. The rest out the backyard are auction cast offs. The ones next door are in the process... so this is were to look first.

If the car is stickered.... with a book value and it's in the backyard, cut the price in half and after some dickering you'll probably own it for that or another 10-20%. 3 of my buddies have bought and they were lucky enough to get deals at a saving of 40-50% of the market value.

Keep in mind, that if it's a genuine repossesion, there's no way on earth you can test drive it.. (hee: the orginal owner with keys drives off, shouting see you in court). Regardless, a test drive would show up too many details that might cause buyer remorse and hexing the deal. So you really have to be educated regarding the machine you're looking at... ask for the keys, start it up... rock it back and forth... ask if you can test drive it, get a mechanics opinion, talk to friends etc. Some deals do roll through.... but there's more dogs on this lot than a normal K9 kennel.

They've got this really tricky contract... you bid (your bid is legally binding to some degree) and then they decide if they're going to let you have it.. nicely handled, they then let you walk out the door and phone you later to

A:) see if they can bump you up for more cash.
B:) see if they can sell it to someone else for more.
C:) get approval from the 'Boss' to sell at that price.
D:) get approval from the 'dealer', 'insurance co.', 'bank', or 'autobody shop' that in truth has the title.

This ties you down to them for 'up to weeks' and gives them their bottom line to surpass with someone else... or negotiate a buy from the 'real' owner that guarantees them a profit. You have to be forcefull and fain indifference and don't sign anything until you're 100% sure you can live with it and demand an execution date for the deal that is more timely to your needs.

Most people are lazy... and this company knows that. This is NOT my prefered automobile shopping spot... too many variables. If you want something good, you have to put some effort into the search (private deals are the places to look first, friends, relatives and private ads).

Just remember how long it took to make the money to pay for this... months if not years, the least you can do is spend a couple of weeks, enlist the APA and see more vehicles than you care to remember. Penny wise and pound foolish is the norm in the auto sales industry and if your parents are paying.. you ave no respect.

[oldsnail]

no, almost none of these cars come from auctions..
from the name repodepot. it is a reposesion firm.. my gf tells me this coz she works there.. when they get the car, they never repair them.. and the repairs are up to the owners decision.. and the repairs and damages reflect on the price as well.. as well as the typical year and milege.. there are alot of cars there that run perfectly fine.. but most of then need touch up since most ppl, who know there car is abt to be repo'ed, dont give a crap and some are stripped.. so usually, it doesnt look like its in top condition..
mainly if u owe firms money and dont have money to pay back, they take what ever equity u have. that is why u see lots of other stuff if u visit the physical building such as pet food, computers, furnatures etc.. they rarely or never buy vehicles, but they do put there cars into auction and when sold, give whatever oweing to the firm/bank or whatever.

[Rehan]

Wow, I had no idea how much abuse a minivan can get in less than 8 months! :|

I finally saw it today, and it was in terrible shape...reeked of smoke (ashes in the door handle, even), stains in multiple places, sliding doors didn't work from inside or outside, etc.

No thanks!

[GabL]

Wow, I had no idea how much abuse a minivan can get in less than 8 months! :|

I finally saw it today, and it was in terrible shape...reeked of smoke (ashes in the door handle, even), stains in multiple places, sliding doors didn't work from inside or outside, etc.

No thanks!

Didn't you get to see the pictures of the car on their website?

[romsan04]

Wow, I had no idea how much abuse a minivan can get in less than 8 months! :|

I finally saw it today, and it was in terrible shape...reeked of smoke (ashes in the door handle, even), stains in multiple places, sliding doors didn't work from inside or outside, etc.

No thanks!

well no surprise for me. I been there once and saw how some car looks.
saving couple of grand on some heavily abused car? I would pass too.

Hehe now you can come back and say I’ll give you 10K for this piece of beautiful car :)

[Rehan]

Didn't you get to see the pictures of the car on their website?Yes, there were some pictures but they didn't show the stains and of course you can't tell how it smells until you're inside it.
http://secure.repodepo.ca/minivan/118874.aspx
(if you log in, you can see more than just the one picture)

[GabL]

Yes, there were some pictures but they didn't show the stains and of course you can't tell how it smells until you're inside it.
http://secure.repodepo.ca/minivan/118874.aspx
(if you log in, you can see more than just the one picture)

I agreed, from those pics, you can't really tell much.

BTW, the BMW 330 ci was gone!! Wondering how much it was sold for. haha

[consumerPI]

Agreed. The name and it's trickery is brilliant marketing for the less informed.

How many cars do you think get reposessed? Out of those, how many companies get a shot at them? This company preys on the idea that people think that they will get a great deal with them. It's mainly a mirage.

Most of these cars come from the auctions, cars that dealers don't want. Usually high milage, unattractive, or badly repaired body shop put-togethers. There are few genuine bank repossesions (dealers get them for the most part) but when they're badly used up, or an insurance write-off and the auctions don't handle them.. they come to RD. Note in the area the numerous auto-body shops that usually get first crack.

Almost every car in the 'building' has either had a major hit (accident) and crap paint job as a fix up. The rest out the backyard are auction cast offs. The ones next door are in the process... so this is were to look first.

If the car is stickered.... with a book value and it's in the backyard, cut the price in half and after some dickering you'll probably own it for that or another 10-20%. 3 of my buddies have bought and they were lucky enough to get deals at a saving of 40-50% of the market value.

Keep in mind, that if it's a genuine repossesion, there's no way on earth you can test drive it.. (hee: the orginal owner with keys drives off, shouting see you in court). Regardless, a test drive would show up too many details that might cause buyer remorse and hexing the deal. So you really have to be educated regarding the machine you're looking at... ask for the keys, start it up... rock it back and forth... ask if you can test drive it, get a mechanics opinion, talk to friends etc. Some deals do roll through.... but there's more dogs on this lot than a normal K9 kennel.

They've got this really tricky contract... you bid (your bid is legally binding to some degree) and then they decide if they're going to let you have it.. nicely handled, they then let you walk out the door and phone you later to

A:) see if they can bump you up for more cash.
B:) see if they can sell it to someone else for more.
C:) get approval from the 'Boss' to sell at that price.
D:) get approval from the 'dealer', 'insurance co.', 'bank', or 'autobody shop' that in truth has the title.

This ties you down to them for 'up to weeks' and gives them their bottom line to surpass with someone else... or negotiate a buy from the 'real' owner that guarantees them a profit. You have to be forcefull and fain indifference and don't sign anything until you're 100% sure you can live with it and demand an execution date for the deal that is more timely to your needs.

Most people are lazy... and this company knows that. This is NOT my prefered automobile shopping spot... too many variables. If you want something good, you have to put some effort into the search (private deals are the places to look first, friends, relatives and private ads).

Just remember how long it took to make the money to pay for this... months if not years, the least you can do is spend a couple of weeks, enlist the APA and see more vehicles than you care to remember. Penny wise and pound foolish is the norm in the auto sales industry and if your parents are paying.. you ave no respect.

[The Shirker]

I bought a car there a few years ago. It was way in the back in some dark and dusty warehouse. Unfortunately I really wanted this specific car and they probably knew it (since I brought my mechanic with me to check it out). I put in an offer and then they called me back telling me I'd have to increase it by $1,000 to get it. I didn't even hesitate saying yes. I wonder if I would have gotten it for my original price if I played hardball.

Anyway, when I went to pick up the car I discovered it was in worse shape (physically) than I could initially see in the warehouse but with the money I saved I was able to get a new paint job. All in all I'm satisfied but I wouldn't likely go through them again unless they again got a rare car that I really wanted.

[careener]

You can tell if the car you are looking at is a repo buy picking up the UVIP package for $20 at any licensing office. Copy the VIN # and take it with you to the office. You'll even see the name of the debtor on the report.

I visited RD a few times and I must say they were quite upfront with me about any vehicles I asked them about..runs rough, hard time starting, blah blah blah missing etc.

I think there are so many unaccidented well-priced cars available on new car dealer lots right now that you shouldn't have to deal with RD to get a reasonably priced vehicle.

[Rehan]

I put in an offer and then they called me back telling me I'd have to increase it by $1,000 to get it. I didn't even hesitate saying yes. I wonder if I would have gotten it for my original price if I played hardball.Yeah, I think it's part of the game they play. After my original offer, they told me the bank wanted $350 more. But after I decided I didn't want it, I got a call back saying that they'd knock $1000 off the price. Their first tactic is to see if they can squeeze more out of you.

[consumerPI]

What they do is criminal.

Yeah, I think it's part of the game they play. After my original offer, they told me the bank wanted $350 more. But after I decided I didn't want it, I got a call back saying that they'd knock $1000 off the price. Their first tactic is to see if they can squeeze more out of you.

[romsan04]

What they do is criminal.

yes they all need to go to jail :D
and everybody else who sells cars