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buying repossessed car NAM not actual miles

tetzaboca 217 14 December 31, 2015 at 10:15 AM
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I am interested in a car I found on Craigslist whose title says not actual miles. The owner mentioned that the site was purchased from an auction site and was repossessed from someone. The odo says like 75k and price is around Edmunds. Car seems to run well and user has been driving it. I considered using that as a way to lower the price but am concerned?

Do most repossessed cars have not actual mileage?

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#2
No. That is not common in repossessions. It's a sign of tampering with the odometer, replacing the odometer, or fault in the odometer.

In general these are best to avoid. It may be a minor deal in the end but it sounds like you are getting just a hair attached to this vehicle to even ask the question. There are always more cars out there and this one doesn't have to be the perfect fit unless you try to make it so.

I'd say pass and move on. This is generally the best recommendation with the information provided.
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#3
I'd say RUN. Don't do it. turn around and head in the opposite direction.

You're buying a can of worms. Mileage unknown, maintenance unknown, history unknown. You're asking to get burned.
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#4
Understood I will pass on this
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#5
Something like this can also be a great deal if you are confident in your ability to assess the mechanical condition of the car and are more concerned with long-term transportation than resale value. If the car checks out and you can get it significantly cheaper than a similar car without the NAM issue it could be a good move.

Of course there would be risks involved and you could end up with a mechanical nightmare. In this case if the price is close to book value I would pass.
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#6
you need to do carfax of check with dealership to run the VIN and see if there are any maintenance records. Check for a valid title more than anything else if it was an auction they don't always guarantee title.
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#7
Quote from Iaaaiws View Post :
Something like this can also be a great deal if you are confident in your ability to assess the mechanical condition of the car and are more concerned with long-term transportation than resale value. If the car checks out and you can get it significantly cheaper than a similar car without the NAM issue it could be a good move.

Of course there would be risks involved and you could end up with a mechanical nightmare. In this case if the price is close to book value I would pass.

Basically the same thing as buying stocks with accusation of fraud/bad accounting. If someone is confident in his ability to weed out the noise from the facts/truth then he can make a lot of money.
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