When people forget or cannot pay their car loans, their vehicles are repossessed by the governing organization. To remake some of their lost money on these investments, these organizations sell the vehicles at a discounted price at used car auctions as soon as possible. Although many of these auctions are aimed only at car sellers, several are also open to the public. This article will answer some of the questions regarding purchasing a repossessed car.
What do I keep in mind when buying a repossessed car?
Whether you are a used car dealer or a one-time buyer looking for a good deal on a car, purchasing repossessed cars can be a lucrative yet risky investment. Lenders are required to sell the car in a “commercially reasonable” manner, which requires them to adhere to standard sales practices. So you can expect a fair market value for your purchase when buying a repossessed car.
However, in many cases, the cars have a history of neglect by the previous owner(s) and may require some repairs. If you are somebody who enjoys taking on a new project and flipping a used car into something more enjoyable for your personal use, then this may be for you.
Repossessed cars are generally cheaper than cars sold by private sellers or dealers, especially when they are trying to recoup their losses. However, these cars are also generally sold “as-is,” that is, no cosmetic or mechanical changes or repairs are made to the vehicle before the sale, and no warranties are added to increase their market value. This makes it essential to exercise caution when purchasing a repo car.
Where can I buy a repossessed car?
Repossessed cars may be purchased from the following entities:
What are repo auctions?
Repo auctions are similar to regular auctions; the only difference is that the seller is the bank, the credit union, or the finance company repossessed the vehicle. These auctions are an excellent place to buy your next vehicle at a cheaper price.
Is any financial help available for buying a repossessed car?
When buying a repossessed car from a lender or a dealership, you can get a traditional auto loan, as you would when purchasing any new or used car. If you are buying from a repo company or at an auction, you can opt for a personal loan to help finance the purchase.
Buying a bank-owned Chevy 4x4S 1500
The Chevy Silverado is a well-renowned truck that offers ample features for daily living and hauling. Over the years, this truck has made a name for itself in the market for its reliability, strong engine line-up, large interior space, tech and gizmos, and more. Even as it receives year-on-year renewal with new upgrades, the old trucks continue to rule the roads and command attention.
If you are looking to save costs on a Chevy 4x4S 1500, consider purchasing a bank-owned or repossessed variant on sale. Available across various traders, dealerships, and lenders across the country, the Chevy Silverado 1500 is a beast in the category of full-size pickup trucks. With the latest models costing anywhere from $36,300 to $71,500 (MSRP), you can save big with a bank-owned model, with prices beginning at as low as $5,000.
The car has undergone major upgrades in recent years. It is available in several trims, so be sure to check the specifications and confirm your requirements before purchasing.
An individual puts in a lot of research when buying a pickup truck, such as its ability to transport heavy loads or ride on unpaved terrains. They may also check to see if the vehicle comes with all the latest features in the market. Another essential element that people look for in a pickup truck is safety. While there are multiple choices available, here are some of the safest pickup trucks to buy in 2023.
Ram 1500
The Ram 1500 is one of the safest pickup trucks in the market today and comes with a host of available driver-assistance technology. This includes lane keep assist and automatic emergency braking. The automobile also received a five-star overall safety rating from the National Highway Traffic Safety Administration (NHTSA). The price of the pickup truck starts from about $38,000 for the base trim. Customers could also get safety features such as blind-spot monitoring and rear cross-traffic alert at an additional price. Other available features include adaptive cruise control and automatic high-beam headlights. The base trim comes with a 3.6L Pentastar® V6 engine with eTorque. This setup is capable of generating up to 273 lb-ft of torque and 305 horsepower. The standard engine is also capable of hauling more than 7,000 lb. of loads, which is impressive when compared to its price tag.
Jeep Gladiator
The Jeep Gladiator is one of the most impressive trucks known for its stellar towing capacity while maintaining the pickup design. The automobile starts at about $39,000 but could cross the $55,000 mark for the top variant. At that price, the base model is equipped with a 3.6-liter V-6 that produces 285 horsepower and 260 lb-ft. of torque. This setup is capable of hauling up to 4,000 pounds. On the safety front, the pickup truck comes with standard side curtain airbags on select trims for both first- and second-row passengers. Other trims come with a front-facing camera that is useful when going off-road, over rough rocky terrain. Optional features include a blind-spot monitoring system, adaptive cruise control, and rear parking sensors.
GMC Sierra 1500
The GMC Sierra 1500 has earned an impressive five-star overall rating from the NHTSA. Each of the Sierra trims is equipped with standard safety essentials like blind-spot monitoring, emergency braking, and automatic high beams. One could also go for adaptive cruise control and a 360-degree view camera system with higher trims. The stellar pickup truck starts at $38,000, with a 2.7L turbo high-output engine delivering 310 horsepower and 430 lb.-ft. of torque. But one could opt for the highest variant over $82,000 for a powerful 6.2L V8 Gas engine. Also, an Enhanced 3.0L Duramax Turbo-Diesel engine is available for an additional price.
Ford F-150
Ford creates some of the most reliable and desirable pickup trucks, and the F-150 is by far one of the best we’ve seen in 2023. A few noteworthy standard features of the pickup truck include a rearview camera with dynamic hitch assist, standard airbags, curve control, and a tire pressure monitoring system. Other features that make the automobile safe include a perimeter theft alarm, SecuriLock® Passive Anti-Theft System, and an SOS post-crash alert system. The vehicle has also received a five-star overall NHTSA safety rating, which ought to relieve some amount of stress when on the road. Coming to the price, the base trim of the Ford 150 starts from about $33,000, which is competitive in comparison to other pickup trucks in its segment. One could also go for the fully loaded trim of the F-150, which starts at about $76,000.
Ford Ranger
Another popular pickup truck known for maintaining its safety is the Ford Ranger. This starts at about $32,000, which is indicated for customers who desire a good pickup truck at a reasonable rate. The base model of the range comes with basic driver-assistance features, such as a forward-collision warning and an automated emergency braking system. More advanced technology comes in on the higher trims. However, these available features are still more affordable when compared to other vehicles in the segment. One could opt for the available blind-spot monitoring, adaptive cruise control, and rear cross-traffic alert systems based on the trim they pick.
Chevrolet Silverado 1500
With a starting price of about $37,000, the Chevrolet Silverado is one of the top safety picks to consider. The vehicle comes with a standard TurboMax® engine that can churn out up to 310 horsepower and about 430 lb.-ft. of torque, which is sufficient power to go the extra mile and haul significant loads. However, the key aspect in focus here is its safe structure, which earned a 5-star overall rating by the NHTSA. A few notable standard safety elements on the Chevrolet Silverado 1500 are the forward collision warning and automated emergency braking system, lane-departure warning, and lane-keeping assist. Blind-spot monitoring and rear-cross-traffic alert are also standard on the pickup truck.
Honda Ridgeline
Starting at $39,000, the Honda Ridgeline is yet another pickup truck that is also safer in the city and on the highway. It performs well in NHTSA safety testing, with a five-star overall rating, and also received good ratings by the IIHS in most safety evaluations. What makes it worth the price on the safety front are the standard features like automatic emergency braking, automatic headlights, and lane-keeping assist. One could also consider going with the automatic high beams on offer for better visibility on the road. Apart from safety, the vehicle comes with a comfortable driving experience, with a spacious cabin and weatherproof below-the-bed cargo box.
Safety is one of the most crucial factors when it comes to choosing a vehicle. With advancements in automotive technology, SUVs have become a popular choice for families, individuals, and adventure enthusiasts alike. This guide explores the top 15 safest SUVs available today, offering a look at their key safety features and technologies. From crash-test performance to advanced driver-assistance systems, these vehicles prioritize driver and passenger safety without compromising on style, comfort, or performance.
Subaru Outback
The Subaru Outback stands as a testament to Subaru’s dedication to safety. Equipped with the EyeSight Driver Assist Technology, it offers features like adaptive cruise control, pre-collision braking, and lane departure warning. These elements work in tandem to provide an extra layer of protection. The Outback is lauded for its spacious interior and impressive cargo space, making it an ideal choice for families and outdoor enthusiasts.
Volvo XC60
The Volvo XC60 is a paragon of safety, boasting features like automatic emergency braking, lane-keeping assist, and a comprehensive airbag system. Its elegant design and high-quality materials contribute to a luxurious and secure driving experience. The XC60 prioritizes collision avoidance and protection, making it an excellent choice for those who value safety without compromising on style.
Toyota RAV4
Toyota’s RAV4 is a pioneer in safety, featuring the Toyota Safety Sense 2.0 suite. This has features such as adaptive cruise control, lane departure warning, and pedestrian detection. These technologies work harmoniously to minimize the risk of accidents, ensuring the safety of both drivers and passengers. With a reputation for reliability and great resale value, the RAV4 is a practical and secure choice.
Honda CR-V
The Honda CR-V is a versatile SUV with advanced safety features like forward collision warning, lane-keeping assist, and adaptive cruise control. These technologies enhance both driver and passenger safety, making the CR-V an excellent choice for individuals and families seeking a secure ride. Additionally, the CR-V offers a spacious and well-designed interior for maximum comfort during long journeys.
Mazda CX-5
The Mazda CX-5 combines engaging driving dynamics with impressive safety features. Equipped with i-Activsense, Mazda’s suite of advanced safety technologies, the CX-5 includes features like blind-spot monitoring, adaptive headlights, and rear cross-traffic alert. These systems work cohesively to mitigate the risk of accidents and collisions.
Audi Q5
The Audi Q5 seamlessly blends luxury with safety, offering a premium SUV experience without compromising on security. With advanced driver assistance systems like Audi pre-sense city and rear cross-traffic assist, the Q5 provides an extra layer of protection on the road. Its quattro all-wheel drive system enhances stability and control, ensuring a safe and confident driving experience in various conditions.
Mercedes-Benz GLE
The Mercedes-Benz GLE epitomizes luxury and safety. Loaded with the latest safety features, including things like attention assist, active brake assist, and blind spot assist, the GLE leaves no stone unturned when it comes to safeguarding its occupants. Its sophisticated technology and meticulous engineering provide a secure driving experience.
Jeep Cherokee
The Jeep Cherokee strikes a balance between ruggedness and safety. The Jeep Cherokee strikes a balance between ruggedness and safety. Sporting advanced safety features like adaptive cruise control, forward collision warning and warning for lane departure, it ensures a secure ride both on and off the road. The Cherokee’s sturdy build and off-road capabilities complement its safety features, making it a fantastic choice for adventurous souls who prioritize safety.
Ford Escape
The Ford Escape boasts a comprehensive suite of safety technologies, including the Ford Co-Pilot360. This includes features like blind-spot monitoring, automatic emergency braking, and rear cross-traffic alert. These systems work in tandem to provide an added layer of security on the road. With its plush interior and ample cargo space, the Escape is a good choice for families seeking a safe and practical SUV.
Chevrolet Equinox
The Chevrolet Equinox is designed with safety in mind, featuring an array of advanced safety technologies. The Equinox is equipped with features like lane keep assist, forward collision alert, and rear park assist, and it offers a secure driving experience. Its spacious interior and user-friendly infotainment system further enhance its appeal, making it a solid choice for safety-conscious families.
Nissan Rogue
The Nissan Rogue prioritizes safety with its Nissan Safety Shield 360 suite of features. This includes automatic emergency braking, blind-spot warning, and rear cross-traffic alert. These systems work harmoniously to enhance driver and passenger safety. The Rogue’s carefully crafted interior and smooth ride quality add to its appeal, making it a reliable choice for those seeking a secure SUV.
Hyundai Tucson
The Hyundai Tucson comes equipped with a host of safety features, including forward collision avoidance, lane-keeping assist, and driver attention warning. These technologies work cohesively to minimize the risk of accidents and collisions. With its comfortable and spacious interior, the Tucson offers a secure and enjoyable driving experience, making it a commendable choice for safety-conscious buyers.
Kia Sportage
The Kia Sportage is engineered with safety as a top priority. Equipped with advanced driver-assistance features like lane departure warning, forward collision avoidance, and blind-spot detection, it provides a secure driving experience. The Sportage’s comfortable and well-appointed interior, along with its user-friendly infotainment system, further contribute to its appeal as a safe and practical SUV.
Subaru Crosstrek
The Subaru Crosstrek is renowned for its safety features, earning high marks in crash tests. Subaru’s EyeSight Driver Assist Technology, includes adaptive cruise control and pre-collision braking, so the Crosstrek is equipped to mitigate potential accidents. Its all-wheel-drive system further enhances stability and control. The Crosstrek’s versatility, along with its impressive safety credentials, makes it a strong contender in the safety-focused SUV category.
Mazda CX-5
The Mazda CX-5 is designed with a comprehensive suite of safety features, including Mazda’s i-Activsense technology. This includes advanced features like adaptive cruise control, lane departure warning, and blind-spot monitoring. These systems work in unison to provide an extra layer of protection. The CX-5’s upscale interior and engaging driving dynamics add to its appeal, making it a desirable choice for those seeking both safety and style.