2 ms·
> And how often is the vehicle in a good enough condition that it can be resold? Kind of an implicit assumption in that question that just because the owner is
by rtkwe 6y ago
> And how often is the vehicle in a good enough condition that it can be resold?
Kind of an implicit assumption in that question that just because the owner is missing payments and has bad credit they're dirty or the car is beat to hell. Any ways there's markets for cars in every shape between pristine and just on the usable side of totaled.
> how many months are required to be able to repossess and turn a profit by then reselling the car?
They can sell it to an intermediary or send it to auction pretty quickly.
- geoduck14 6y ago>They can sell it to an intermediary or send it to auction pretty quickly. In many cases, the court requires it goes to auction to demonstrate it was sold "at market value". Lenders don't really like to repossess cars - we are in the business of putting people IN to cars, not taking them OUT.