Summarize the following:
Buying a car that has been repossessed by the bank can sometimes save you between 25 and 40% of the car's cost. Keep in mind that you cannot have a mechanic check these cars beforehand, so you may end up buying a lemon. Still, if you're willing to take the risk, you can research local auctions or look online for dealers. Repo cars are sold as-is. The car may have maintenance issues that you will need to address. You can buy a used car from its former owner if you are willing to take on the paperwork yourself. You can usually save quite a bit of money this way. Look in your local newspaper or online for people selling cars in your area. You might also ask around your social network to see if anyone is thinking of selling their car. Private sellers may be more willing to negotiate on the price of the car. Don't be afraid to haggle. Remember that when you buy a car from a private seller, you have no legal recourse if there is something wrong with the car. You are responsible for filling out the paperwork yourself. Always get a VIN history report on any car that you buy from a private seller. It is also highly recommended to have a mechanic check the car out before you purchase it. Usually, the most reputable dealerships in a given area will be franchise dealerships and national chains like CarMax. A franchise dealership is a dealership with the sole license to sell new models of a certain make within a geographic territory, like "Smith GMC," or "Jones Cadillac." Franchise dealerships always have an inventory of used cars they've acquired from trade-ins, so it's best to start there. After you've looked at franchise dealerships and national chains, try smaller dealerships who use bank/credit union financing, and sell higher mileage used cars. However, stay away from dealerships acting as their own lenders (buy here, pay here lots). Even though they might have some attractive sticker prices, they are notorious for selling lemons, concealing damage, and all sorts of other things. Step 4. Get a vehicle history report Make sure you check the vehicle's history before you buy it. Carfax is the most famous of all the services conducting vehicle history reports, but https://www.vehiclehistory.com/ offers the same service for free. You'll want to watch out and see if the car's ever been wrecked, declared a total loss, had flood damage, is a salvage title, or ever had the odometer tampered with. If it has, it's probably a car you want to avoid.
Consider bank or lender repossessions. Consider private sellers. Buy from reputable dealers. Get a vehicle history report.