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How to buy seized cars from banks?
17th August 2010
I have heard that banks seize cars from loan defaulters and later auction them. I live in Noida and willing to buy such a car. If anyone knows how to proceed on such deals, please let me know.
Posted in: Auction FAQ | | Comments (2)
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==== most banks that repo cars that have defaulted loans sell those cars to car dealers and these dealers use the service of a wholesaler/car buyer === then the cars are sold to a car lot — if you are friends with a loan officer and he/she is willing to sell you a repo car that is a good deal for you=== most times those cars are sold in bulk lots (( more than 10 cars at a time )) the bank has a regular outlet that is state regulated and also the bank is not in the car selling business == therefore no single sales …. you want a good deal and low `price for a car you must shop and then keep shopping until you find your best deal ………………
Comment by XTX — August 17, 2010 @ 11:25 am
banks are not in the car business, most often they call an auto reposseser, and that’s the end of it, the bank writes the loss off at the end of the year, the Repo guy makes money, and if you work for a repo guy, or a tow company, you can find some really good deals, some small town banks may do a auction, but you need to be on the inside track to find the good deals,
Comment by dick car guy — August 17, 2010 @ 11:25 am