Went to the bank today, and found out they have a 2005 Yellow MCS with premium package and alarm that they just reposessed. They are gong to take sealed bids on it. I was debating about putting in a bid of 17500 for it and reselling if I get it, its got 23500 miles. Needed a good detailing, but perfect body and interior. Thoughts?

 

How did you find out about the repossessed MINI? Most banks/credit unions use a 3rd party source to store the repossessed vehicles...was there a flyer/bulletin board of some sort announcing the availability of recently repossessed vehicles?

 

Hope it goes to a good home....a former owner out there must be gutted.

 

I've never really considered buying a bank repo because I've always thought that the person that wasn't paying for the car probably didn't do maintenance and take care of the car. I'm sure that's not always true, but that's what I'm worried about.

At $17,500, you should be able to make a few bucks, unless the car needs mechanical repairs before you can sell it. Will they let you have a test drive before you bid?

 

I dont know if they would let me test drive it or not. I talked to the manager who coincidentally wanted to check out mine while I was there. She didnt mention any problems. It looks like it will need new tires soon. I just happened to be in the right place at the right time. At first they were talking about sending it to a auction house, but because its US spec (I`m in the UK), they are going to take sealed bids on it. Usually what happens over here, is because the cost of living is so much higher, we get more money. When we leave, we dont get it. The young airmen usually buy new cars with that money, and are desperate to sell them when they leave.

 

My CU parks vehicles that are repossed in the lot, with stickers saying they're being auctioned, and takes bids/sells.

Heck-give it a shot! Especially if you might resell it. I'd just check fluids. That gives you an indication of whether it's been run low-if it's up, with the free maint, I'd risk it.

 

If you could get the VIN, MINIUSA can get you the maintence records.

 

^ I swear Jeremy is always posting what im thinking

 

Might have to stop by and grab the vin. Not sure if they can get the records or not though because its in the UK. A lot of people do their own services over here, because everything costs twice as much as inthe states.

 

Even though it doesn't have any feelings, I feel bad for the car. I'd gladly take it off of the banks hands, it needs a good home.

 

All MINIs have feelings, and all MINI are created with the love and passion of the owner, the MINI does need to be taken off the banks hands, and into a caring new home!

 

One thing I was thinking about is if it needs tires already, how was the car driven. My car has 34k on the original tires, and they still look great. I saw they put a sign on it, they are taking sealed bids until august 1st. If I decide to bid on it, but dont get it, I`ll keep my ears open and see if I can find out how much it went for.