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Question by Tony: government/bank auction car?
Anyone buy an auction car before, please tell me your experience with it, can you really find and decent vehicles at the auction? I know that they sold the car as is and there’s no warranty or return. Is it worth the risk.

Where can I find local listing for bank/ government repossess car auction. There are a few site on the internet claiming to have listings for this, but they don’t look very credible.

Best answer:

Answer by FleetTech
Ask your local banks how they sell their repossessed vehicles. Some auction them off, others just take sealed bids.
Here In Ohio a company called Skipco has auctions of repos and seized vehicles .
Yes you are taking a chance as you do not get to test drive them, just inspect them an hour or so before auction.
But if you get it cheap enough you can afford to make some repairs.
www.skipco.com

Know better? Leave your own answer in the comments!

I feel like I’ve read about what happened to me before…last year when the banks were being exposed for rushing foreclosure procedures and using legal loopholes to swindle people out of their houses. Only difference is, this happened to my car loan. I had two unpaid speeding tickets which led to a suspended license back on 7/23. I got pulled over for ‘failure to indicate my turn 100′ prior to initiating it’, they ran my license, and impounded my car around 11-11:30pm Saturday night. From 7/23 to 8/2, I did everything I could to pay off the tickets, reinstate my license, and get my car completely legal again as soon as possible – all told, it was around 00. I don’t make a lot of money, so coming up with over half my monthly income in just a week is quite a challenge, to say the least. When I got to the Police impound department for my appointment on 8/2 at 2:30, with all the documentation and money they requested to release the vehicle to me, the clerk said "Oh, your bank didn’t call you? They repossesed your vehicle this morning." WHAT?!? I have had a near perfect payment history on my loan, never falling a full payment behind…except for last month, when I had to make a payment arrangement with the credit union’s risk management department for the half payment ( of the 7 I pay bi-weekly) that I had to put off because I had just renewed my registration and paid rent. I haven’t even been behind for a full pay cycle (30 days), but when I called my credit union’s repossesion dept, they said it was enough to deem it a ‘risk to the asset’ and they weren’t required to notify me that they would impound it. Their solution to minimize the ‘risk’ was to tack on a 4 repossesion fee, not to mention the damage that will do to my credit, the impound and Tempe Police fee (I have no problem with those two items) plus demand that I come current on my loan including the upcoming payment for this week, despite my payment arrangements. I incredulously asked if they even give people time to work things like this out themself, and was told there’s 10 days normally, but they don’t have to give me the full 10 days or notice of repossession, which is why they repo-ed it after only 9 days. So the past 2 1/2 years of loan history, the fact that I have a payment arrangement with THEIR in-house risk management, and the fact that I had an appoinment that very day to get the car out myself, made no difference. In fact, Jorge, the first person I spoke to, seemed to take pleasure in the fact that I was upset, and gave me useful gems like ‘its not the banks fault you’re in this situation. We aren’t responsible for your finacial problems, and ‘it looks like you got yourself in this situation’, and what’s done is done. Its in your contract, if you read it you would know.’ And ;If you want your car back, you need to fulfill your financial responsibility’. What a waste of humanity that person is…who purposefully says things like that to an obviously distraught (soon to be former) customer?? I have been treated as if I am some delinquent bill dodger, when my only fault was failing to deal with a few speeding tickets as quickly as I should have. I’m not asking for the credit union to wipe the slate clean. I’m only asking for someone to look at the whole picture instead of a small part. I am shocked, bewildered, and angry that for the past 4 years that I’ve had accounts with them(checking, savings, car loan and line of credit) I’ve never had any indication of such shady dealings, and have been on the credit union versus big banks bandwagon for as long as I can remember. This incident, regardless of how it turns out, has completely shaken my trust in any financial institution. If anyone has any advice, I’d welcome it. I have 7 days before they sell my car at auction.
To Common Sense…if you read my entire statement, you’ll see that I’m not denying that I fell behind, or that I didn’t meet my financial obligation. My issue is that for the first time in the 2 1/2 years I’ve had the loan, this is the first problem I’ve had, yet it seems like the maximum punishment is being doled out. If you break the law the first time, whether its jaywalking or murder, there are different levels of consideration that are taken into account before you are sentenced.
Your response is geared toward someone who is just whining about their problems…which I am not. I am outlining a situation where I feel I was punished far beyond what the situation called for. I wasn’t several months behind, I was less than two weeks into being a month behind, with payment arrangements made to catch up.
Before you get on your high and mighty horse, have some consideration for the fact that some people fall on financial difficulties at one point or another in their lives, des
*despite their best efforts.

Several people believe that one of the best ways so that you can purchase cheap and functional vehicles is by attending some government car auctions in Texas. In several ways, this is indeed very beneficial because the automobiles that they feature are indeed very affordable. So if you are a little tight with your finances, this is something that you may want to consider.

So if you want to learn more about these government car auctions in Texas, then you might want to browse through your local broadsheets. It is also a good idea if you are going to inquire through the organizers such as the police, banks, and other financial institutions that are being run by the state.

It is also a good idea if you are going to search more about these government car auctions in Texas through the internet. There are actually numerous sites that cater to these kinds of events and you might want to check them out. There are actually very informative because they can provide you with relevant information about these events. Aside from having a comprehensive catalogue of the vehicles, they also provide other details such as the schedules, prices, and the likes.

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However, before you proceed with this venture, it is very important that you have a background about these automobiles. They are actually no longer new because that are previously owned by other people. They are only in the possession of the state because they have been confiscated or seized.

This is the main reason why they are being priced as if they are just being given away. It is then pretty baseless if you are thinking that they are very cheap because they are just junks or rejects.

If you are going to browse through the prices, you will notice that some of them are sold with a remarkably discounted price. As a matter of fact, there are even some luxury items that are being sold about 90% down its original market value.

Nevertheless, there is a still a need for you to make sure that you are going to land on a great deal with these government car auctions in Texas. And to do so, you may still need to draft a budget so that you will not overbid.

And to make sure that you will get what you have paid for, it is necessary that you check the functionality of these automobiles. In doing so, you are assured that you are going to get a great bargain through these government car auctions in Texas.

I have always purchased my autos from my brother-in-law, who owns an independent (non-franchised) dealer. Since he buys the cars at auction, I save a lot of money. However, I’m currently unable to find anybody making loans for independent dealer purchases and I won’t finance the car through my brother-in-law’s lot. I have a credit score of 791 and have had numerous offers for "franchised" dealer purchases and person to person loans for cars. But none of the banks or lenders are allowing purchases from independent dealers. Where can I get a loan I can use at an independent dealer?

The Common Misconception: Auto auctions are only open to car dealers.
The Surprising Truth: Anyone with the right resources can participate in the same auctions as the dealers! Think about it for the help www.auction-entrepreneur-kit.com. How much could you save if you bypassed the dealers and purchased directly from their sources? 30%, 50%, maybe even 75%.
As unbelievable as this sound, it is possible with a little patience and research.
As you probably already know from past experience, car dealers will do ANYTHING to get you into the car of your dreams. Whether you can afford it or not!

I can recall a former coworker who got into a new luxury vehicle with a little “creative financing.” The manager divided his mortgage payment in two. His justification: As a married man his wife was responsible for the other half of the mortgage….even though she was a stay at home mom! Luckily for them, they found a way to pay their huge car payment and avoid repossession.

Unfortunately, others aren’t quite as lucky. Thousands of people default on their loans everyday simply because they couldn’t really afford it in the first place.

This can work to your advantage. The banks and financial institutions that serviced the loans want to recoup their loss as quicly as possible. Add to that the exhorbitant cost of storing these vehicles, and you can easily see why the banks want to dispose of them in a timely manner.

After all, the longer financial institutions have to store these vehicles, the less money they’re going to get back.

Auto auctions are the quickest way for banks to rid themselves of repossessed vehicles.

Car dealers know this, and they go to great lenghts to protect this knowledge from the general public. After all, auto auctions are a huge source of revenue. Dealers can purchase vehicles at a fraction of their value, and then resell them at a huge mark-up.

But what if you could avoid the dealer’s mark-up and instead pay what they pay? What impact would that have on your wallet?

Amazingly enough, auto auctions are not solely restricted to car dealers. Up until a few years ago, I too shared this common misconception.

It was only by sheer luck that I stumbled upon a website that allowed me to search local auctions by zip code and vehicle make that I learned the surprising truth. I was paying dealers thosands of dollars in unnecessary mark-ups.

I tried the website’s search feature out, and to my surprise the cars listed were exactly what I wanted. Only a few years old with very low miles. Many of them were still under the manufacturer’s original warranty! This made sense of course, since most of them were repossessions.

The auction house was even willing to throw in a vehicle history report at no extra cost and a 3 month warranty.

Sure I wouldn’t get the complimentary car washes and oil changes the dealer throws in, but that surely wasn’t worth thousands of dollars in premiums.

After a little hesitation I joined the auto auction membership site for the help www.mining-auction-gold.com. They helped me locate auto auctions in my area, and gain admission to them through their exclusive access rights. I learned what questions to ask, and how to handle the bidding process.

It was a lot simpler then I ever imagined it could be.

The day of the auction, I showed up a few hours early to inspect the vehicle I was interested in and get a feel for the place.

It must have been a slow day, because when my car came up for auction only a few dealers were bidding against me. Since I wasn’t buying the vehicle for resale, I succeeded in outbidding the dealers!

It was a truely empowering experience. I got the vehicle of my dreams, and I only paid a little over half its book value!

http://www.auction-o-matics.com
http://www.auction-words.com

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