Re: Need advice on bank repo - Posted by Lyal
Posted by Lyal on September 09, 2003 at 07:28:54:
Stick with the program here…don’t make an offer. Let them know up front that you are looking for a “wholesale” price and make them come up with a number. If they won’t, tell them to call you when they figure out what they need “to see if you’re even in the ballpark, 'cause you don’t want to waste their time”. When they come up with a number, you have some options. You can ask them if they’ll finance it for you (good terms of course). If they want cash, you can tell them that “isn’t really a wholesale price”, is that the BEST they can do??"
Point is, you can negotiate here too. Doesn’t need to be confrontational, “just talkin”).
Don’t just throw out numbers as you may pi$$ them off or, worse yet, pay too much.
All the best, Lyal
PS: Been down this road before with a banker who thought 500 bucks was a “healthy profit” on one of these deals.