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610 Posts
First off I want to apologize for this post if it is repetitious. I posted something in the for sale section when I was asking for input on potential cars I was looking at and was told that it did not belong there. I assume this would be the place for it?
Here is my current find which I would like input on. I have found a 2003 M5 with 78K on it. After talking to the owner he is in default on the loan. He has been working with the loan company to avoid getting it repossessed and in this process has learned if he turns it in that it would go to auction and he would be on the fence for whatever the difference might be and it won't go away unless he declared bankruptcy. The bank did present him with a solution which is the following. Come up with $15K and they will forgive the rest of the loan. As he obviously does not have 15K he is willing to sell for that amount to be done with the vehicle. He knows he could get more but it would technically all go to the loan company as he would be happy to get rid of it for this amount.
I have not seen the car but will look at it tomorrow and if I like it will some how manage to get it to my area for a PPI:
Home | Fairfax Service Center
Car has a new clutch by the way and can assume it will need a good amount of maintenance to get it up to par. I figure if I like it and the PPI does not come back with any major items and I can fix most and pay to get other things done and have no more than about $3000 or so into it that it might be a go.
I have heard lots of posts as you get what you pay for and such and for the right car I would pay good money but think this is an opportunity to at least look into? By the way he bought the car for $30K about a year and a half ago from EEE in Springfield, VA which I know does not have the best of reputation.
Would love input and once again sorry for the many posts as I will be try to limit things and do a bit more research before asking questions and opening up new ones.
Here is my current find which I would like input on. I have found a 2003 M5 with 78K on it. After talking to the owner he is in default on the loan. He has been working with the loan company to avoid getting it repossessed and in this process has learned if he turns it in that it would go to auction and he would be on the fence for whatever the difference might be and it won't go away unless he declared bankruptcy. The bank did present him with a solution which is the following. Come up with $15K and they will forgive the rest of the loan. As he obviously does not have 15K he is willing to sell for that amount to be done with the vehicle. He knows he could get more but it would technically all go to the loan company as he would be happy to get rid of it for this amount.
I have not seen the car but will look at it tomorrow and if I like it will some how manage to get it to my area for a PPI:
Home | Fairfax Service Center
Car has a new clutch by the way and can assume it will need a good amount of maintenance to get it up to par. I figure if I like it and the PPI does not come back with any major items and I can fix most and pay to get other things done and have no more than about $3000 or so into it that it might be a go.
I have heard lots of posts as you get what you pay for and such and for the right car I would pay good money but think this is an opportunity to at least look into? By the way he bought the car for $30K about a year and a half ago from EEE in Springfield, VA which I know does not have the best of reputation.
Would love input and once again sorry for the many posts as I will be try to limit things and do a bit more research before asking questions and opening up new ones.
