Buying Repos From the Banks
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- Опубликовано: 29 авг 2024
- Buying Repos From Banks
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The people have spoken, we need cheap cars!
facts!
Allowing China into the market will yield the correction we need along with some unintended consequences.
Onerous regulations like CAFE standards etc are why US vehicles have become unaffordable. We need a Commander in Chief who can turn that around. Cut thru the red tape. That Leader needs to be cognizant of safety as well as the financial well being of working class Americans. Who can that be I wonder?
The manufacturers have spoken, you ain't getting them.
Then buyer cheaper cars
Even tho I’m not In the car biz I still like to watch your entire videos!! Always so thoughtful of your listeners!!
thanks 😁👍
Lucky this is good advice about other business areas other than buying repos. It’s about relationship building and respecting the other person; be fair and honest, you may not get the first pass but they will recognize your integrity and genuine intentions. You gave life advice. Thanks a lot.
Thanks for watching 😁👍
You’re a very smart man and apparently an Honest man and I’m sure that this has brought you success 😊.
Thank you for the awesome advice and information you bring us. Blessings, Carlos ✝️🙏❤️😊🇺🇸
I appreciate that!
Only the crypto kids make stupid faces for thumbnails.
Its about as cool as your mom having an OF account. @@LuckyLopez777
It is funny that people think they’re just going to walk into a bank and get a great deal on a repo because they were the first person to raise their hand. Thanks for the great info Lucky!
thanks 😁👍
👏🏽👏🏽👏🏽….I work for a regional bank here in Northeast WI and I tell this to friends all the time. The same logic applies with foreclosed houses. Banks aren’t in the business of selling cars and houses but at the same time they aren’t gonna take a larger loss when they know they can get more at the auctions. That said, you have a better chance of buying real estate than cars, especially if it went to auction and no one purchased it. And even then you still need to come with FMV.
Thanks for sharing
What's FMV?
Being a solution and not a problem is the recipe for success in many endeavors...
Facts!!!
definitely business man. he understands what building relationships is/mean
I sale bulk fuels, Gas and Diesel for a living, I have just learned this lesson at 58 years old, that the customer that lowballs me for a few cents per gallon and thinks nothing about the service I provide, goes second after the customer that just appreciates me getting there as soon as possible when there out of fuel!
About a year ago I was talking to an officer with a large credit union in Texas and he told me that they go to the auction with everything because of the headaches of trying to resale the vehicles. As you say, they want them gone and off the books.
As a retired wholesale dealer buying your way into a dealership to get to buy trade ins was a regular occurance back in the days when new car dealers didn't automatically send everything to auction.
This is a beautiful video on how to build trust in relationships...you can apply this WISDOM to about any relationship
Some credit unions actually list all their repos for members to buy. They list the price exactly like Enterprise or Avis does. If you want one nice car, you can buy one nice car. Why do they do this? They can get way more from a member than they can at auction and they know this. Banks may do something different. They have to make a huge profit.
Credit unions are awesome
I love how business thoughtful you are, some of the greatest business folk I have encountered did the right thing, understanding that it eventually leads to success. How are you positioned for a potential economic downturn if interest rates keep elevated? Are you lowering your turn over, or taking on more repair work as to lower you inventory? Or are you continuing as is, and when the market turns, you will take some tax harvesting…
Great video, as usual, Lucky. The message carries across industries. Everyone wants to get a "deal", but sometimes that deal doesn't come in the form of the lowest price possible. Building relationships goes a loooooong way. Whether we're talking buying repos or simply getting hired... treat people as people, not as a means to an end and you'll be amazed at how "easy" certain interactions (and transactions) become.
Thanks for sharing!
I thought Lucky is going to break his secret of lowball 😂
On serious note, well said! I’d love if banks in my area would offer repos to their clients first
Thanks 😊
Same with low balling on FB or CL. If you never looked at the car and you are asking half of the list price they are not even going reply back.
I was inclined in starting a dealer but seing your videos shows how much work it takes to run it in keep it. I’m already in the construction business I’ll stay on my lane and keep growing mine!
Pay attention boys/girls, Lucky is "giving away" some nuggets here....We live In a financialized market in all things, real estate is similar, many funds would buy the whole bad loan portfolio, take losses on some loans, break even on some, and make some good % profits on the rest....lots of work, but that's the way how things roll since 2010...
Facts!!!
All the concepts in this video are basically business 101. Except everybody wants to skip business 101 and go directly to millionaire.... And it just doesn't work that way.
facts!!!
You hit it on the nail. And you know lucky didn't get lucky he is one hard worker. And he loves it!!!!
I love this. You are straight up telling it like it is!
Most banks have signed contracts with Adesa and Manhiem. So they have to run them through their auctions
Most banks, don’t like to deal with dealers anymore. They’d rather just send them to Auction.
Wait so even if we repo them
short version of this video: have a setup business empire with 1-2mil in liquid cash for bulk purchases, staff to manage those purchases and prep for resale or dismantling. easy. yeah.. just like that. you are not wrong tho. buying from banks is for high volume established entities. its like buying debt. you never quite know what you will end up, you will just end up with a lot of it and then you have to see what you can collect (recoup).
sadly all that will go over the head of the dude with 3k in his pocket still thinking he will get a 2020 camry with 7k on the odo for his pocket money...
Well Lucky: I no desire or nor will never be in the auto sales business: but if I were: this extreme insider knowledge/tactics would always keep me on top. Awesome vid as per the usual.
Thanks for sharing!
Hahaha you bought that Genesis I saw on OfferUp!
I was wondering why anyone would put racing stripes on it! Small world
Im selling it on offer Up.
Aaaaah! So it IS you! Dope
This is Amazing information! Thanks Lucky Lopez!
My pleasure!
I’ve been visiting local dealers on the weekends and offering half of their asking price, when they say no I give them my card and tell them to call me when they are desperate for sales. Had a few calls from visits last month and they are asking significantly less now but still not cheap enough.
They will be calling soon
I’m going to check out that credit union. Good info thanks.
Please do!
This is great advice for anyone trying to market themselves to a business.
Love your videos. You are 100% right. You really think big.
Thanks for watching!
So often people don't want to get bad credit so when something goes wrong with the car they wreck it because with a bank loan you have full coverage... People DON'T wreck your car, you can find someone to fix it cheap if you say away from the big fancy places. Every time I fix a wrecked car I see why they wrecked it and it's a 1,000 times easier to just fix the LITTLE problem it had.
I work for a credit union and flip bros and brokers don’t know how far word of mouth goes, nobody likes a low baller or a smart ass that comes using big words trying to throw their weight around. Those are the ones that get a hardstop the fastest, be a decent human being it will take you farther.
Donuts are good idea, I tell my customers to take donuts to the dealer when they go in for service and warranty.
$$$$
I went to my first public auction yesterday
Quality towing LV.
Just to watch .
Thanks Lucky
This should be the textbook example of a car dealer! Hopefully this will encourage every dealer to follow suit because in the long run, honesty and courageousness will always triumph competitiveness and greed. All this nonsense about only the strong surviving is to keep everybody in competition and thus divided, which ends up being more work than working together. And the reason for that is because the Elite know the power we possess as human beings and their biggest fear is loss of control over humanity once we realize our fullest potential.
Great advice. My wife was hoping to see the 6x6 g-wagen.
You and me both! Coming soon
Good pointers to get into their door and buy.
$$$$
Great video and real content! My man even got the dirty hands looking at cars. Quality vs quantity !
I ain’t gonna lie lucky been helping me plan my business great advice bro
I’m a buyer and salesman for an exotic car dealership in New Jersey. I found this to be great advice.
Hit up LLP they have lots of exotics in NJ
you´re a gem! thanks for sharing!
“my friend. What is your best price?”
My credit union used to park cars out front and offer them to members. And members did buy them.
Nothing is easy. All of it takes WORK ETHIC AND CONSISTENCY!
I wouldn't buy any repos. Most haven't been maintained properly and are junk to me.
I love repos
It definitely helps if you know how to repair an automobile
Fantastic advice...I am not in the car business but totally enjoy your videos...Wishing you the best!
Thank you! You too!
Banks do things for their reasons and not yours. Find out what's important to them, do that and you will buy from them.
Enjoyed this video, I have no interest in doing this but enjoy listening to the information.
A local credit union used to sell their repos by sealed bids open to everyone. I don't think they do it that way now. I missed a Honda Accord that was 9:39 nasty diety to a dealer out bidding me. I haven flipped car since the pandemic.
How about buying tow companies unpaid tows? I see tow companies trying to sell all their unpaid tows at their own private auction. Maybe you can't get clean title is the catch?
Great video! Thank you!
If you're not getting a great deal from the bank what's the point of buying from them?
your getting a deal your just not stealing them
@@LuckyLopez777 With all the hoops you have to jump through with banks the credit union sounds like the way to go
Back in the 90's Bank of America actually sold repo cars to the public at their own "repo center". Any chance those days are coming back? Or are they just going to stick with intermediaries?
Some banks still have that program
Watching vid and I notice that FJ Cruiser. nice.
its my brothers. we are going to lift it
I here you, you have to be very pro active continuously 👍
In the 1980’s you could go to the repo lot before the auction and see the sheet cash money only
Makes sense until you realize most bank notes are so upside down they're not willing to sell it until they get bent over at auctions
Would you ever do a video on what the easiest cars to work on are? Also maybe videos on what's the best cars to buy at certain price rangers are?
Very well said. I couldn't have explained it better myself.
Love your channel and all the great content you put out!
I appreciate that!
Great information. Honest. Very useful. Many thanks, J
Im not a dealer and im not in the market for a car. I just your podcast interesting. Thanks for doing them and educating us
Clark County Credit Union sells repos , they look nice but wonder about their mechanical soundness
Im sure they are good
Yeah they look immaculate, so I am sure they are good!
Put a new gearbox in for $250? Almost worth $8500 in Australia? Been there! Done that!
Thanks Lucky for sharing 😊
My pleasure 😊
I walk around calm knowing I have 40k equity in my c8 corvette
$$$
Who do you seek out when approaching a bank, do you talk to the bankers, teller, manager etc?
Collections or remarketing
@@LuckyLopez777thank you!
Awesome show Thanks
Good point, Lucky!
Too much uncertainty for me. I may as well buy running cars from place A and sell them to place B
Thank you for making such a video. I’m not ready to follow your advice. It will be great in the near future!
Looking at the number of cars on you lot is impressive. How about a video on the most efficient way to process and move them?
I have like 7-10 videos on how i sell at auction
I wasn't very clear. I meant I see a lot of cars that need work before they go to the auction. You must have efficient processes to get these repaired in a timely manner. And how do dispose of ones not valuable enough to go to auction. You are obviously successful and there's a lot unseen that goes into it. Thanks for your reply.
So basically if you're an individual that's interested in talking to a bank about a repo - don't bother - the title of the piece should have been, "NOT buying a repo from a bank" because that's what I learned 😮
You didn't listen to the end about Credit Unions and members getting a deal, did you?
But don't confuse repo car with cheapo car.
Facts!!!!
Making their lives easier makes your life harder.
Take the high road...it's less crowded there.
I'm still waiting for my Cadillac Lyriq AWD Sport 3
The wait is nearly unbearable.
"We'll pick them up for you" "Buy every single car" "Buy it where it is as it is" "Bought donuts for them" "Purposely over pay for a car" Doesn't sound like a profitable strategy, but the bankers will sure love it.
Seems it would be in the bank’s interest to get rid of those repos quickly and then sell the outstanding debt to a collection company rather than hold onto a depreciating asset.
Lucky, why is the trade in value vs private party sale price so different? Immaculate 21 Mustang GT stick V8, 14,000 miles. $37,800 private $30,500 trade in. Seriously…??
Excellent video
I’m looking at buying a 2018 Mitsubishi outlander.. i hasn’t seen the car nor know the trim or miles. I offered $7500 and was the highest bidder. Did i overbid and what are my options besides declining? Am I able to work on the price if it’s too banged up?
Don’t buy repos from the bank. Let them keep it all. They got themselves into this mess.
Thanks for 💎 Lucky Duck
GRACIAS!!
My pleasure 😁
Good video, thx for sharing the advices
You're in Vegas?
I'm 2 hours away in Utah and inventory is way too high and way overpriced.
I dont know where to look in Vegas for a car. Can you please help me find a car?
Where can normal people who are not in the dealership business buy these cars?
Great vid
If you get a repos car from a car auction do have to get it inspected same as a salvage one ?
Lucky, is there any strategy for individuals in the trades to buy these cars? I’m in auto body, but can also do PDR. Is there any opportunity to buy slightly damaged vehicles directly from the banks? And it’s better for the banks when we buy damaged vehicles, because otherwise they’re harder to sell?
If I don’t want to deal with loans from the bank. What’s a good amount of money to start with?
Who’s parking those cars so close to the building wall? Geez
They should give me the business, because, I'm willing to buy one car at a low low price and I want a creampuff.
Hey Lucky love your content ….
Thanks
Hey, thanks
Lucky, how do I buy exotic repos from the bank so I can rent them out? ... Lucky's head explodes
pretty much lol
What kind of auctions do you avoid
All auctions lol
@@LuckyLopez777
Ok you never do auctions
Tesla keeps lowering their prices and selling direct to consumer which means no markups or dealers ripping people off. So in all fairness why don't you ever talk about that? All other manufacturers keep raising prices and their franchised dealerships are often gouging people with ridiculous markups.
LOL, count me out. I just want one cherry 😊!
I appreciate your information.
Thanks for watching!