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

 

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.

 

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.

 

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

 

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.

 

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.

 

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?

 

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






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.

 

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.

 

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?