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In this catastrophic economic environment, banks and finance companies are being forced to repossess cars, boats and motorcycles by the hundreds each month. Where do I find out about how to purchase a repossessed vehicle? Thank you in advance.
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Most are sold at auction. Some at public auctions, some at dealer-only auctions. Depends on the auction company selected by the bank. Here's more details:
http://www.used-car-advisor.com/repossessedcars.htm
.
Comment by peterthegreat — June 21, 2009 @ 6:57 am
cal a bank ask them if they have any repo's easy right but that dont mean you can get them cheap it dont mean they great shape just means they have a car to resale and they do want theri money so you might get one a bit cheaper this way but still dont think its going to be a great deal they dont come a long much
Comment by kelly_f_1999 — June 21, 2009 @ 6:57 am
they typically send them right to the auction but you can call around your most likely to find them at credit unions than at big chain banks
Comment by dcmich1115 — June 21, 2009 @ 6:57 am
Most of the local banks are trying to sell them first before they take them to auction. The reason is people owe so much on them they want to get top dollar they are even going as far as financing the repo for the new buyer even if they are upside down. Most banks that get hundred of repo's at a time do send them straight to the auction due to volume. Most of those go to the big auctions where you have to have a dealer license to get in.
Comment by John L — June 21, 2009 @ 6:57 am