{"id":240370,"date":"2023-10-02T21:29:27","date_gmt":"2023-10-02T21:29:27","guid":{"rendered":"https:\/\/automotobuzz.com\/?p=240370"},"modified":"2023-10-02T21:29:27","modified_gmt":"2023-10-02T21:29:27","slug":"repossessed-cars-what-are-they-and-should-you-buy-one","status":"publish","type":"post","link":"https:\/\/automotobuzz.com\/car-reviews\/repossessed-cars-what-are-they-and-should-you-buy-one\/","title":{"rendered":"Repossessed cars: what are they and should you buy one?"},"content":{"rendered":"

Find out what happens if your car is repossessed, and what to look out for if you're thinking of buying a repo car<\/h2>\n


\n<\/p>\n

\u200bFinance is a major cog in the wheel of buying a car, especially when acquiring one new. Indeed, over 90 per cent of new cars bought privately in 2022 were\u00a0financed in some way. But what happens if you can't keep up with those monthly repayments? In the worst case, your car may be repossessed, as the finance company attempts to recover any outstanding costs from you.<\/p>\n

If you're struggling to keep up repayments and have arranged the finance via a car dealer, then you may be tied into the agreement. If this is the case, the paperwork of the agreement should have information on what to do if you can't keep up repayments. If you can\u2019t afford your repayments, speak to your finance provider, rather than the dealer where you bought the car, as they will have more knowledge and ability to organise an alternate solution such as extending or even reducing the payments or repayment period.<\/p>\n