Bank Repo Trucks

[Papa Rick]

Has anyone ever bought a Truck that has been repo from the bank, and if so what was your experience?

[Papa Rick]

Just got back from talking to the Bank in Dayton TN about the Truck. It was a 04 FTL Century.

I talked to the Banker and he told me that they were taking bids on the truck. I asked him when the bid date ended and he told me when they got what they needed out of the Truck. I said then if I bid enough to met the need the bidding would be over then, and he replied yes.

Nice looking truck, leased to CRST Malone out of Birmingham, white in color, blue inside. It has a fridge and microwave also. Det engine 430 hp, 10 sp, and has a rigmaster on it as well.

While I was going through the papers in the Truck to find the gear ratio I came across the repo paperwork and total price owed on the Truck $70,000, whew, what a load of money for an 2004.

After looking it over, finally found the gear ratio 358, and quit looking, as it is not what I needed to haul logs with.

Anyway posted the info in case someone was in need and looking.


Still looking for a replacement truck, as mine is really giving me trouble as in rebuild and replace.

[Bigmon]

04's in my area go for about 46,000. Now you know why banks are picky about loaning on trucks. I recently ran into a banker that loans on trucks and she said they are repo-ing a lot of trucks.

[aubie2]

Still looking for a replacement truck, as mine is really giving me trouble as in rebuild and replace.

Papa Rick, PM me. I have a truck for sale in Decatur. I could not send a PM because I have under 50 posts.

[brian]

what the previous owner owed and what they`ll sell it for are two totally different numbers, i`ve picked up trucks with under 10k miles that sticker for 125k for under 70k.

[arky]

I guess it's just me, but if I could buy that repo cheap, I would. It's all about the price. You could very possibly buy it cheap enough to have the gear ratio changed to suit your needs and still save several thousand $'s.

[geomon]

Regarding auctions:
Are you allowed any grace period to return the truck? Or...if not, are you allowed a chance to get an oil analysis or dyno done prior to the auction? How would you know if you are buying a clean shiny truck that has an engine ready to fall apart internally?

[Maniac]

Are you allowed any grace period to return the truck?

All sales are usually FINAL, and must be paid in full before you can even take the truck off the lot.

How would you know if you are buying a clean shiny truck that has an engine ready to fall apart internally?

Let the buyer beware.

Buying at an auction is the same as rolling dice in Las Vegas, sometimes you win big and sometimes you loose big.

[Bigmon]

That's why buying at auction should be a substantial price difference to allow for repairs.

However, there are people that get burned because they pay too much. If you get a piece of junk you can re-sell it at the next auction.

[geomon]

So no chance of getting in a day or so before and getting oil samples run on any trucks you might have an interest in?

[GMAN]

You can usually inspect equipment before an auction. Most of the time equipment is at the site several days prior to the beginning of the auction.

[brian]

I see guys at aucions all the time looking for a personal truck and not one to resell, 80% of the time they start bidding with their heart instead of their head and wind up paying as much or more then a private seller or lot would charge.

[azcardnlz]

Seems to me that if a guy is to the point of reposession, he probably has been neglecting truck maintenance for quite a while.

[Kranky]

Seems to me that if a guy is to the point of reposession, he probably has been neglecting truck maintenance for quite a while.

I'll second that.

[geomon]

Yeah...that would be a big concern with buying an auction truck. Just looking it over would tell you nothing about how the engine & other mechanicals were treated. Without an oil analysis and possibly a dyno run a person would literally be rolling the dice with the odds probably favoring a mistreated truck.

I can see it now....hmm I can't make the truck payment but I think I'll pony up for a PM to be done... yea right :?

[LexAtlanta]

Buying a repo truck can be a decent deal and it can also be a bad deal. We sell repo trucks here. They can come in almost beat to death. I have seen ones with no engines, interior gutted and still others that only need a day at the detail shop in order to make them look good. We send our front line trucks through a recon process before they hit the front line and are ready for sale. Our repo trucks follow a somewhat different path, but they do get checked out in detail. What I am saying is to really look at the truck - inside, outside, engine, drive it, etc before you make the purchase. Auctions are good, but too many times people bid with their hearts rather then their business sense.

Good deals can be had on repo and auction trucks....you just have to do your homework. Good luck with your purchase.

[geomon]

Hi LexAtlanta,

It's nice to hear from someone inside the biz. Your input is appreciated.

So is it possible for an interested person to pull oil samples a day or so before the auction from several trucks to have it analyzed for engine condition? Or when you guys do your "recon" process, do you go as far as putting in new oil?

[LexAtlanta]

When a truck goes through the recon process the oil is changed and the truck goes through an extensive inspection. If we see something wrong with the truck the shop fixes it. By wrong I don't mean a cup holder is missing or there are stains on the carpet but rather something like the radiator leaks, the clutch is bad, the turbo has problems, etc. All of our front line trucks are DOT ready. Plus we put a 30 day warranty on the front line trucks. Repo doesn't always mean 'bad'....just in need of a little love. The repos we sell go through a somewhat different process. Alot has to do with the original condition the truck arrives in. Obviously, we won't sell a truck that is not safe but a repo doesn't go through the same process as a front line truck. Again, do your homework and due diligence when buying such a truck.

I think people think that repo and auction mean 'good deal'. We have good deals on the lot already that are not repos. The important thing to do is to have a dialog with your salesman, not just a conversation. For me, I share everything I know about the truck with the customer...whether it be good or bad. We test drive it and then go back to the office for the final decision.

I can't speak to an auction. The ones I have been to let you in the day before - sometimes - to look around. Others open the doors several hours before the auction begins so you can look around.

In the end, do your homework. We all work too hard to waste our money on a questionable truck.