What are the benefits of repossessed cars? #used #cars #under #1000


#repossed cars for sale
#

What are the benefits of repossessed cars ?

Cars are some of the most indispensable machines in the lives of countless of people, and comprehensively ensure the smooth running of their lives. From conveniently navigation to your workplace to running an errand to the nearby store or even going to any other place, a car can be of significant help. It is, thus, extremely prudent when you might be on the look out for the right car for you to be capable of weighing the pros and cons in a impartial manner. And this will ensure that you obtain the right type of vehicle for your peculiar needs.

Most well informed drivers have been over the years turning to repossessed cars, which are sold on auction by most governmental institutions like police car auctions departments, the IRS, FBI or even the DEA. Such vehicles carry typical outrageous low price tags that can shock even the most astute car enthusiast, judging by the unmatched quality and condition of these vehicles. And they range from functional sedans, elegant SUVs to even trucks that are all in good working condition, and you can efficiently find the right vehicle that matches your preferences.

Don t assume that seized and bank repo cars are junk. Drug dealers drive nice big Cadillac Escalades that are not junk. People who have repossessed cars don t all mistreat their cars they just fell on hard times, lost jobs, got divorced, etc.

Most repossessed cars for sale are at the peak of their “lives” and are generally 2 or 3 years old, which ensures that you can still get the most out of them for many long years. Not to mention the fact that they are naturally impeccably maintained, and buying one wouldn’t obligate you to make drastic maintenance or repair jobs on them. In their eagerness to dispose of these vehicles, these governmental agencies can at times start auctioning them for up to 95% less than their real worth. And this can be a great boon to an informed and cautious buyer in making a real lucrative bargain.

On the other hand, due to the ongoing economic woes that have recently plagued the world, the sales of new cars has taken a deep plunge, which has invariably escalated the demand for functional and well maintained used vehicles. If recent statistics are anything to go by, it has been established that the demand for fuel efficient vehicles has particularly hit the roof. And this attests to the confidence most drivers have in these second hand vehicles .

To buy bank repossessed cars which are for sale, you can contact the bank or the auction house where the cars are being sold. Most banks and finance companies usually hand over repo cars to a professional auto auction company.

What’s more, the insurance you would ordinarily pay for repossessed cars is significantly lower than what you might foot for a new car. Most especially in collision and comprehensive car insurance policies, which can decrease the overall amount of money you might have to pay to put your used car on the road. It has also been determined that used cars depreciate at a much more slower rate than new vehicles. and you can undoubtedly get the most out of a well maintained used car. Here are some vital tips that can assist you in making an informed purchase of the vehicle that will befit your distinct needs.

Take careful thought of the cost you might incur

It is extremely imperative to ascertain just what type of car you can comfortably afford in your peculiar circumstances, and should you be obligated to dispose of your old vehicle, it can pay to reflect on its current worth in relation to the used vehicle you will ultimately purchase. It can be also wise to insist on getting accurate insurance quotes on the car you set your eyes upon, which will ensure you make a well informed purchase.

Find the repossessed car that fits your distinct needs

From the onset of contemplating to buy repossessed cars, you should always focus on the distinct features you might be searching for in the used car you want to buy. And this can include the specific model or design you are looking for, the engine capacity and performance you wish, its accumulated mileage, its seating capabilities, or even its cargo holding capacity.

It s fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book.

Make sure that you base your list of indispensable features on what is on the ground for your particular situation, which always helps in choosing the best vehicle that fits your immediate needs. It is also important while accomplishing this task, to keep your options open by considering 2 or 3 likely vehicles. This will ensure you have an infinitely easy time of narrowing down the line to the best vehicle for you. While still bearing in mind that different makes of the same class can at most times depreciate at varying rates. You should always go for the car that can hold on to its value longer, and it will, consequently, cost you a significantly lower price as the days go by.

Take time to ascertain the exact condition of the repossessed car you want to buy

It is important while assessing repossessed cars for sale, to always take time to acquaint yourself with its nitty gritty particulars, which can effectively guide you to make the right purchase. To this end, always ascertain the car’s model year, mileage or even the condition of its tires treads. As this can be an excellent way of determining just how long you will use it without necessitating maintenance checks.

Bank and loan companies sometimes sell repossessed cars to pay off defaulted loans. Quality varies from car to car. Since the vehicle is being sold to recover the amount due on a loan, it may be possible to get a good deal on a reliable car.

It can also be good if possible, to test drive the vehicle in question, and be on the close look out for its distinct handling performance, its braking capabilities or even its acceleration. You should also make a comprehensive background check on the used car you wish to buy, which will tell you a lot about the previous owner’s relevant history, its certified mileage, or if it has been subjected to major maintenance or repair works.

It is also of great import to ascertain if the vehicle has not been salvaged from a car accident, and you can do this by checking its identification number against the National insurance crime bureau’ s comprehensive database. This will ensure you get only the best and safest vehicle that matches your particular expectations. Finally, should it be advisable you can enlist the aid of a professional car shop to make an in-depth under the hood inspection to ensure that everything is in the right condition. There are many other elements to mention where this topic is concerened but the above is an insight.


UCPB repossessed cars for sale #car #insurance #quotes


#sulit.com used cars for sale
#

UCPB repossessed cars for sale

Updated on September 17, 2009 by Jay Castillo 9 Comments

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Pardon me if I may have been bombarding you with a lot of listings of repossessed cars for sale from a number of banks lately. It just so happens that a bunch of them came out this week and the deadlines for the submission of bids are already next week so I really need to post them here quickly. I m also quite sure that there are lots of people out there searching for bargain second hand used cars and I really hope that by posting these listings of repossessed cars here, I am able to help in my own little way.

Anyway, this is the last one I will post (for now) as this is the last one remaining. This list of repossessed vehicles is from United Coconut Planter s Bank (UCPB).

I saw this listing in last Sunday s copy of the Manila Bulletin and also at UCPB s website when I was searching for updated listings of foreclosed properties. Last year, I wasn t able to buy any of the bargain foreclosed properties (yes, there were a lot of them) from UCPB as described in my post about pre-auction bids another lesson learned and I don t want to miss the same opportunity this year. This is why I am keeping a close watch for any new listings of UCPB foreclosed properties. I have observed that they (UCPB) only conduct auctions of foreclosed properties once a year.

Before I digress too much, please see below the complete list of UCPB repossessed cars for sale. One item that caught my eye was a 2008 Toyota Vios 1.3E being sold for only Php 415, 800.

A similar 2008 Toyota Vios (not actual unit)

The cheapest 2008 Toyota Vios 1.3E with manual transmission that I was able to find at sulit.com.ph was being sold for Php490,000. So does that make this repossessed Vios a bargain? It depends on the physical and legal condition of the car. I also noticed that the mileage for this particular car was stated as not seen on the list below. What the heck does that mean. Anyway, if you are interested, you may contact UCPB s Asset Management Disposition Division through the contact numbers below.

UCPB REPOSSESSED CARS FOR SALE


Texas Repossessed Cars #used #car #listings


#repo cars
#

Texas Repossessed Cars

Posted by admin on March 06, 2010

GRAB A FREE PRE-PAID GAS CARD WORTH $250 – Click HERE

One of the best ways to find repossessed cars in Texas is probably to use the old tried and tested methods of calling the repo companies, credit unions, police departments and government agencies to see if they have repossessed cars for sale at upcoming auctions. They sometimes advertize these auctions but it can be a hit and miss affair whether you ll get to know about them in time.

I ve listed many companies in Texas that might be involved with repossessed cars sales below. Use ctrl F to search for your town. Mostly these are public auto auctions, but not all some are dealers only.

There s a great site that provides all of the repossessed cars auction information for you right to your computer and lists thousands of live and online auctions at the touch of a button taking all of the hard work and time out of it for you. Check out their site and look at the testimonials. For a small one-off fee (and there is a March special offer!) you get amazing value and you re almost guaranteed to save thousand on your next car.

Here is another site that gives you a free trial. You should try The Government Auctions website, where you can sign up for a free trial and check for repos and government surplus cars in your area. Just sign up for the free trial you can cancel after a couple of days if you don t find what you re looking for but there are some great bargains to be found there Click the picture below to see what they have to offer.


Repossessed Cars for Sale: How and Where to Buy? #personal #car #leasing


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#

News

Repossessed Cars for Sale: How and Where to Buy?

You have probably seen in the local newspapers and at specific websites print and online ads offering to buy repossessed cars for sale at very affordable prices suitable for every purse even with very low budget. In a case your financial status is not so good at the moment you can also appeal to such ads to buy one of repossessed cars and use it for your personal needs. Nowadays repossessed cars for sale or repo autos are in high demand and that is why they are quite available online and at public auctions and on-site auction venues. The next recommendations will help you to choose among repo vehicles the most fitting to your requests.

At first let s focus on what are repossessed cars for sale and why prices on them are rather low? You will hardly be surprised if anyone says that repo cars can t be compared with salvage autos or even with used cars. It happens so because they belong to a separate class and be categorized to this class only if they were initially seized by different financial establishments like banks from those owners who didn t manage to pay for them due to a credit agreement. Huge governmental financial institutions like the national banks are not involved into the auto sales business and that is why they try to sell such cars at very low prices to get rid of them in quick and profitable for them way.

You can use such policy as an advantage and buy one of repossessed cars for sale in a very good operable condition practically for free comparing with prices they ask for new cars in the showrooms. Besides among repo cars you can find almost new autos which were seized because of credit debts of their owners.

Surely the first question that appears after enumerating all these advantages of using repossessed cars is where you can find them and how to make the best deal when buying such vehicles? Seeking for repossessed cars for sale won t cause any difficulties because there are few places where you can appeal to find numerous offers to select from:

  • banks and other financial organizations to find one of repo cars to buy you need at first to call few local banks, several credit unions and other financial institutions that may be involved into trading of repo vehicles. In any case over there they will advise you where to appeal in order to find repo autos put on sale.
  • local, state and even federal governmental agencies is another place where you can go to buy a repo car. Offices of these organizations are usually located in all big cities as well in small towns so you can easily reach them and find out dates of the upcoming repo cars-orientated public auctions. Besides usually such organization won t demand from you paying a fee for getting an access to such auction as a full-time participant.
  • visit onsite auctions of national or local importance. We can t say whether these or those public auctions held in onsite auction houses are better that appealing to all enumerated above institutions or not but still many dealers and sellers deal with them so you can try your luck and attend one of them at first as a spectator and then as a participant.
  • bid at online and free repo auctions. Such bidding has its obvious risks but if you deal with trustworthy companies selling repo cars online you will manage to buy one of repossessed cars for sale without leaving your home by saving your time and money.

No matter what of offered ways you choose to find a repo car you can use the following tips to buy a repossessed auto with maximum benefits for yourself:

  1. Ask for warranty and insurance documents. If they can t offer you a warranty because of its expiration prepare to the fact that you will have to purchase a warranty in addition to a car.
  2. Always check a car s title all documents proving this or that car s title and records reflecting its history should be given to you as new owner of a repossessed car. Pay attention to this fact.
  3. And at last never forget about asking few questions concerning a repo auto manufacturing. Prepare to buy a car with a color you don t like and never buy at new and creative exterior design giving preference to reliable inner systems instead.

Register at Easyexport Auto Auctions and get the access to repossessed cars for sale!


Repossessed Car Auctions – Bank Auctions – by #want #to #buy #a #car


#auction cars for sale
#

Repossessed Car Auctions Bank Auctions

Repossessed Cars for Sale Repo Car Auctions Bank Repo Car Sales

How and where to buy repo cars at bargain prices. What is a repo car?

When a car owner fails to make on-time loan or lease payments, the bank or finance company will repossess the vehicle — take it back — repo it.

Typically, the buyer will be given a chance to catch up on payments or be made a payoff offer to recover the vehicle. If the buyer does not or can not get the vehicle back, the bank or lending institution takes it over and will sell it to recover some or all of the loan balance.

Repossessed cars— sometimes called bank repo or returned cars— are not the same as seized cars, impound cars, or unclaimed cars typically sold by police or government agencies. Repossessed cars belong to banks, credit unions, and finance companies.

When a buyer s vehicle is to be repossessed, the bank may send a recovery and towing service out to pick it up, often without the buyer s knowledge. However, a buyer can also voluntarily return his vehicle to the bank or finance company. The buyer may have suffered unfortunate financial difficulties, had a divorce, or otherwise could not afford the car.

Where to find repo cars for sale

Some smaller banks or credit unions may display their repo cars in their own parking lots, with for sale signs in the window. These cars can be easily spotted when driving by the institution. Get details and prices inside from a customer service representative or loan officer.

Most banks and finance companies hand over repo cars to a professional auto auction company. When the auction company sells the car, the bank gets the money, less a commission. Auctions can be public, private, or dealer-only auctions. Repossessed car auctions are sometimes mistakenly called car foreclosure auctions.

When a bank or loan company sells repossessed cars, it wants to recover enough money to pay off the existing loan balance, plus any expenses for towing and storage and the fees of the professional repo company who picked up the vehicle. However, in many cases, the bank loses money.

In tough economic times, repossessions become more common. Automobile repossessions and returns (voluntary repossessions) happen in large numbers.

How do I find repo vehicle auctions?

There are number of ways to find repossessed car auctions, sometimes called bank auctions.

One way is to simply calls banks and credit unions in your area and ask how and where they sell their repossessed vehicles. If they sell through an auction company, they can give you information to locate the company so that you can ask about auction locations, schedules, and rules.

Also find auto auction companies with an online search or in your telephone yellow pages. Call them to determine if they handle repo vehicles for banks and loan companies. Some do and some do not.

Another way is to call local newspapers and ask when they publish car auction announcements. There is usually one one newspaper in an area that prints auction announcements on a specific schedule, say, on the third Friday every month, as an example.

What to pay for repo cars?

Bargain prices are very possible for repo cars, but not always. Banks are willing to take losses on the sale of returned or repossessed cars but they prefer not to do so, if possible.

In cases where the borrower was not upside down on his loan, the bank may seek to only recover what was owed, which could be much less than the car is actually worth — a real bargain. This could happen if the borrower had purchased his car with a large down payment or high-value trade-in. These are the deals to look for.

In other cases, which is more common, the borrower was upside down on his loan, which means he owed more than the car is worth. Obviously, the bank would like to recover the entire amount owed, but will usually price the car at fair market value if it s selling the vehicles from its parking lot. However, if selling at auction, they will accept the selling price, whatever that may be. Either way, the bank will usually incur a loss.

If you attend a repo car auction, makes sure you know the value of the cars you bid on. Take a couple of used-car price books with you. Don t overpay by getting caught up in the excitement of bidding.

What kind of cars at repo car auctions?

There are generally three kinds of cars at repossessed vehicle auctions.

Almost-new cars in new-perfect condition and with low mileage. The borrower may have just lost his job, suffered a divorce, or otherwise realized he couldn t afford the car. Bargains can be found on vehicles on which the borrower had made a large down payment, took advantage of rebates, or traded another vehicle.

Late model cars in average condition and average miles. The borrower may have had serious financial troubles, or a bankruptcy, that made it impossible to keep her car. Many of these vehicles are available for less than market value, especially if the loan was near being paid off.

Older model cars in poor condition and high mileage. The borrower may have been financially challenged when he bought the car and things became worse, which caused multiple missed payments – which resulted in a repossession. Some of these cars may have hidden problems, which might be part of the reason for the borrower s default. Such vehicles should be inspected by a mechanic, if possible, before purchase.

How to get bargain prices on repo cars

If you find a bank selling it s own repossessed cars, determine the actual value of the car you re interested in by consulting Kelley Blue Book (www.kbb.com) and NADA Guides (www.nadaguides.com) or a used-car value book.

If the bank s price is higher than the book value , negotiate with them to lower the price. If the price is already lower, you ve possibly found a good deal.

If you attend a repo car auction, go early and inspect the cars you might be interested in. You can usually look over the cars and even start them up, but you won t be able to drive them. Get a Carfax or AutoCheck vehicle history report to make sure you aren t getting a car that has been wrecked or rebuilt, or that has a salvage title.

Take your used-car price guide books (or your Internet-connected phone or tablet)  with you so that you ll know what the cars are worth. Bid wisely and follow auction rules.

Protect yourself

When you buy a repossessed car, you take a chance that it might have unknown problems that don t show themselves immediately. Consider buying a relatively inexpensive used-car warranty from a company such as Endurance Auto Warranty  to protect yourself from surprise problems. Get a free quote to see how much it will cost.

It s possible to get some great bargains at repo car auctions by taking advantage of other people s misfortune. Know how to judge repo auction cars by looking them over, since you won t be allowed to drive them. Be prepared to pay for your winnings, or be able to show approved financing.

You can get pre-approved financing from online auto loan companies such as Auto Credit Express . Once you know how much you can borrow, you ll know your auction bid limits.


Repo Car Auctions Madison WI – repo car auctions, Madison WI repossessed cars, Madison WI used car, Madison WI buying used car, Madison WI repossessed vehicles


#repossessed cars for sale
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Local Companies

Repo Car Auctions

What is a repossessed (repo) car?

When a car owner fails to make on-time loan or lease payments, the bank or finance company will repossess the vehicle — take it back. Typically, the buyer will be given a chance to catch up on payments or be made a payoff offer to recover the vehicle. If the buyer does not or can not get the vehicle back, the bank or lending institution takes it over and will sell it to recover some or all of the loan balance.

Repossessed cars are not the same as seized cars, impound cars, or unclaimed cars typically sold by police or government agencies. Repossessed cars belong to banks, credit unions, and finance companies.

Some smaller banks or credit unions may display repo cars in their own parking lots, with “for sale” signs in the window. These cars can be easily spotted when driving by the bank.

Most banks and finance companies hand over repo cars to a professional auction company. When the auction company sells the car, the bank gets the money, less a commission. Auctions can be public, private, or dealer-only auctions. Repossessed car auctions are sometimes mistakenly called “car forcloseure auctions.”

When a bank or loan company sells repossessed cars, it wants to recover enough money to pay off the existing loan balance, plus any expenses for towing and storage and the fees of the professional repo company who picked up the vehicle.

In tough economic times, repossessions become mo.


Repossessed Car Auctions – Bank Auctions – by


#auction cars for sale
#

Repossessed Car Auctions Bank Auctions

Repossessed Cars for Sale Repo Car Auctions Bank Repo Car Sales

How and where to buy repo cars at bargain prices. What is a repo car?

When a car owner fails to make on-time loan or lease payments, the bank or finance company will repossess the vehicle — take it back — repo it.

Typically, the buyer will be given a chance to catch up on payments or be made a payoff offer to recover the vehicle. If the buyer does not or can not get the vehicle back, the bank or lending institution takes it over and will sell it to recover some or all of the loan balance.

Repossessed cars— sometimes called bank repo or returned cars— are not the same as seized cars, impound cars, or unclaimed cars typically sold by police or government agencies. Repossessed cars belong to banks, credit unions, and finance companies.

When a buyer s vehicle is to be repossessed, the bank may send a recovery and towing service out to pick it up, often without the buyer s knowledge. However, a buyer can also voluntarily return his vehicle to the bank or finance company. The buyer may have suffered unfortunate financial difficulties, had a divorce, or otherwise could not afford the car.

Where to find repo cars for sale

Some smaller banks or credit unions may display their repo cars in their own parking lots, with for sale signs in the window. These cars can be easily spotted when driving by the institution. Get details and prices inside from a customer service representative or loan officer.

Most banks and finance companies hand over repo cars to a professional auto auction company. When the auction company sells the car, the bank gets the money, less a commission. Auctions can be public, private, or dealer-only auctions. Repossessed car auctions are sometimes mistakenly called car foreclosure auctions.

When a bank or loan company sells repossessed cars, it wants to recover enough money to pay off the existing loan balance, plus any expenses for towing and storage and the fees of the professional repo company who picked up the vehicle. However, in many cases, the bank loses money.

In tough economic times, repossessions become more common. Automobile repossessions and returns (voluntary repossessions) happen in large numbers.

How do I find repo vehicle auctions?

There are number of ways to find repossessed car auctions, sometimes called bank auctions.

One way is to simply calls banks and credit unions in your area and ask how and where they sell their repossessed vehicles. If they sell through an auction company, they can give you information to locate the company so that you can ask about auction locations, schedules, and rules.

Also find auto auction companies with an online search or in your telephone yellow pages. Call them to determine if they handle repo vehicles for banks and loan companies. Some do and some do not.

Another way is to call local newspapers and ask when they publish car auction announcements. There is usually one one newspaper in an area that prints auction announcements on a specific schedule, say, on the third Friday every month, as an example.

What to pay for repo cars?

Bargain prices are very possible for repo cars, but not always. Banks are willing to take losses on the sale of returned or repossessed cars but they prefer not to do so, if possible.

In cases where the borrower was not upside down on his loan, the bank may seek to only recover what was owed, which could be much less than the car is actually worth — a real bargain. This could happen if the borrower had purchased his car with a large down payment or high-value trade-in. These are the deals to look for.

In other cases, which is more common, the borrower was upside down on his loan, which means he owed more than the car is worth. Obviously, the bank would like to recover the entire amount owed, but will usually price the car at fair market value if it s selling the vehicles from its parking lot. However, if selling at auction, they will accept the selling price, whatever that may be. Either way, the bank will usually incur a loss.

If you attend a repo car auction, makes sure you know the value of the cars you bid on. Take a couple of used-car price books with you. Don t overpay by getting caught up in the excitement of bidding.

What kind of cars at repo car auctions?

There are generally three kinds of cars at repossessed vehicle auctions.

Almost-new cars in new-perfect condition and with low mileage. The borrower may have just lost his job, suffered a divorce, or otherwise realized he couldn t afford the car. Bargains can be found on vehicles on which the borrower had made a large down payment, took advantage of rebates, or traded another vehicle.

Late model cars in average condition and average miles. The borrower may have had serious financial troubles, or a bankruptcy, that made it impossible to keep her car. Many of these vehicles are available for less than market value, especially if the loan was near being paid off.

Older model cars in poor condition and high mileage. The borrower may have been financially challenged when he bought the car and things became worse, which caused multiple missed payments – which resulted in a repossession. Some of these cars may have hidden problems, which might be part of the reason for the borrower s default. Such vehicles should be inspected by a mechanic, if possible, before purchase.

How to get bargain prices on repo cars

If you find a bank selling it s own repossessed cars, determine the actual value of the car you re interested in by consulting Kelley Blue Book (www.kbb.com) and NADA Guides (www.nadaguides.com) or a used-car value book.

If the bank s price is higher than the book value , negotiate with them to lower the price. If the price is already lower, you ve possibly found a good deal.

If you attend a repo car auction, go early and inspect the cars you might be interested in. You can usually look over the cars and even start them up, but you won t be able to drive them. Get a Carfax or AutoCheck vehicle history report to make sure you aren t getting a car that has been wrecked or rebuilt, or that has a salvage title.

Take your used-car price guide books (or your Internet-connected phone or tablet)  with you so that you ll know what the cars are worth. Bid wisely and follow auction rules.

Protect yourself

When you buy a repossessed car, you take a chance that it might have unknown problems that don t show themselves immediately. Consider buying a relatively inexpensive used-car warranty from a company such as Endurance Auto Warranty  to protect yourself from surprise problems. Get a free quote to see how much it will cost.

It s possible to get some great bargains at repo car auctions by taking advantage of other people s misfortune. Know how to judge repo auction cars by looking them over, since you won t be allowed to drive them. Be prepared to pay for your winnings, or be able to show approved financing.

You can get pre-approved financing from online auto loan companies such as Auto Credit Express . Once you know how much you can borrow, you ll know your auction bid limits.


RCBC Savings Bank repossessed cars for sale


#repossed cars for sale
#

RCBC Savings Bank repossessed cars for sale

Updated on August 26, 2012 by Jay Castillo 16 Comments

ADVERTISEMENT

RCBC Savings Bank has just released new listings of repossessed cars in their Great Deals On Used Wheels Pre-owned Cars Sale in Pasig City and their Dream Buys Car Auction in San Fernando, Pampanga.  The Great Deals On Used Wheels Car Sale runs from September 13 to 18, 2009 at their Pasig Warehouse while the Dream Buys Car Auction will be held on September 18, 2009, 1 PM, at the RCBC Savings Business Center Dolores San Fernando, Pampanga.

Great Deals On Used Wheels Pre-owned car sale

To our financial freedom!

Jay Castillo

Real Estate Investor

Real Estate Broker License #: 20056

Mobile: +639178843882

Text by Jay Castillo. Copyright © 2009 All rights reserved.

P.P.S If you have found any value in this post, don t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe instead to my RSS Feed .


How To Buy Repossessed Cars At Auction


#repossessed cars for sale
#

How To Buy Repossessed Cars At Auction

Each week, thousands of cars get repossessed in the US. When payments stop being made, new and used cars become the legal property of the bank or lender that provided financing for vehicle purchase. Major lenders and banks end up with many cars as a result of this setup, and excess vehicles must be sold at auction to recoup costs. Banks are looking to sell vehicles quickly as storage and maintenance costs are too high for them to sell cars at market value; as a result, repossessed cars can be bought cheaply at auction, often saving buyers thousands of dollars in the process. Here’s our guide to spotting and purchasing a great bank repo cars at auction.

Why Do Cars Get Repossessed?

Cars are expensive items. The average new vehicle in North America will set you back over $30,000; most buyers don’t have this much money lying around in the bank so will seek car financing when purchasing a new, or even used, vehicle. Auto loans and auto financing deals all vary depending on the provider’s terms and conditions, but most agreements will set out a minimum monthly repayment figure. If that figure is received each month, the car remains with the owners until the final payment is made when the car becomes legally theirs. If a payment is missed, a warning letter is sent out to inform the owners that they could lose the car if payment is not received shortly. After several warnings, a company is usually sent out to tow the car away, as it then becomes legal property of the bank or lender. Once the bank has collected the car, they quickly sell it in order to get back part of their initial investment. In some cases the bank may lose money, especially if a car is repossessed cars after only a few months. In rare cases, the financial provider is also legally permitted to sue the former owner for the difference between the final auction price and original loan amount.

A growing number of repossessed cars come from car title loan providers. Car title loans give anyone with a valuable vehicle a small injection of cash if they sign their car ownership rights to the company. If the loan is not repaid (with applicable interest) after the stipulated period, the car will be repossessed by the company. These repo cars do not usually come on the open market, as the title loan companies sell them on independently.

Are Only Cars Available?

Cars make up a large part of repossessed sales, but there are plenty of other vehicles on offer too, including boats, trucks, off-road vehicles, RVs, campervans, snow mobiles, jet skis, motorcycles and even planes. The majority of vehicles are new or nearly new; potentially it is also possible to find rare classic or collectible cars at auction, if they were bought with borrowed money. Generally, the repossessed vehicles you find at auction will be of very high value, as cheap cars are usually just bought with cash without the need for an auto loan. Some vehicles will be in good working order, while others may have been damaged or neglected. The auction environment does not often allow test drives or close mechanical inspection of vehicles therefore most must be purchased ‘as-seen’. This is great for bargains, but there’s a small risk that a car or other vehicle may require some work before being fully functional. Car dealers and those with a bit of renovation experience will have the most luck with old or faulty vehicles. With a little know-how, it’s possible to make good money buying bank repossessed cars and selling them on for a profit.

Repossessed Cars: Where To Find The Best Auction Deals

Unlike police car auctions. repo cars are not government-owned and are sold at private auctions. Finding an auction means knowing where, and when, lenders will be auctioning off goods. You can contact local car auction houses in your area to see if they have any future auction dates and listing information available. It is also a good idea to get in touch with major car financiers directly and see if they have any publically-accessible information to offer you. Alternatively, sign up with an experienced auction scout company that can provide you will plenty of up-to-date repossessed car auction data. including model information, auction locations and dates.


Bank Repossessed Cars For Sale, Click Here!


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Bank Repossessed Cars

Are you thinking of buying yourself another car? Are you thinking of buying a car that you have always wanted? Well, you have to know that buying a brand new car is not the only way to get the car of your dreams. One way to get the car you want without having to pay as much is by purchasing bank repossessed cars .

Bank repossessed cars are usually sold off at auctions so you must know a thing or two before you start bidding with your own money. Read on to know some important facts as well as common but crucial advices when dealing with various kinds of sales and auctions for repossessed cars.

1. Where do bank repossessed cars come from?

Repossessed cars are used cars. When we say used cars, it does not necessarily mean that the vehicles involved have too much wear and tear on them. In fact, vehicles which are repossessed by banks are often near their brand new condition. The previous owners of these cars have probably not met their payment terms despite the chances to pay given by the banks. Now, as part of the agreement, a buyer will have to give back his car if he cannot abide by the sale terms. In essence, these repossessed cars are almost new and are in good running condition but they have to be sold off to other interested buyers who can pay for them even at much lower prices.

2. How much can you save when buying a bank cars from repossessed?

Buying a repossessed car either from the bank or the government can usually give you an amazing slash off the retail price. In fact, you can get as much as 30-70% off the car’s retail price. For this reason, being able to bid for a car in an auction is considered to be a great opportunity to buy an excellent (even a luxury) car with the best deals.

3. Where can you know about bank repossessed car auctions and sales?

The first place that you should rely on is the bank. Banks often have their own form of announcement whenever they will be holding repossessed car auctions. Despite these announcements, do not expect it to be widely advertised as banks do not need to go into great extents of advertising such events. It would be better if you have direct contacts which can provide you such sale or auction information. Another way to get updated auction or sale schedules for bank repossessed vehicle is by using online resources. There are several websites which specialize in repossessed or seized car auctions. You simply have to go online to know the car auction and sales schedules in your area.

4. What’s the big deal with repossessed cars?

The answer to this is quite simple: bank repossessed vehicles are great car deals which should never be allowed to pass on. You can buy the car you want for yourself or you can also buy a car that you can resell for profit.