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I’m moving across country, and its essential that my wife and I have a second vehicle. I would prefer to buy a newer car for less, and a repossessed car/truck seems to be the way to go. Where can I find a list?

4 Comments »

1. 

   In my experience, and Ive bought lots of repos at dealer only auctions, the public cannot buy the vast majority of bank owned repos.

   This is not to say they don’t occasionally try to sell them before taking them to auction. Its just that you will likely pay THOUSANDs more than they are worth making them not good deals.

   I once sold a car to someone that tried to buy it at the bank but the bank wouldn’t sell it for less than $2900.

   I bought it at auction for $1400 and put it on the street for $2350. They called me and I ended up selling it to them for $2200.

   Afterwords, they told me they offered the bank $2500 but the bank refused.

   I left "$300" on the table ! But, I made money, and the customer was thrilled.
   —–
   Ive had similar deals where the customer was going to buy it from their neighbor but the dealer "showed" them a higher price for the car so they traded it in, I bought it for less and the neighbor was thrilled to buy it from me.

   Comment by N — October 3, 2009 @ 4:13 pm

2. 

   Contact the bank near you if they do auto loans. Ask them you are willing to buy or take over payments for a car. If your credit is good, they would rather have your money and not the car.

   Comment by The Eagle Keeper — October 3, 2009 @ 4:13 pm

3. 

   Most repossessed cars are sold at a dealer only auction. Any lists that you have to pay for are a rip-off. If you have a good relationship with your banker call and ask if they have repo’d any good vehicles and ask if they’ll sell you one. I costs them to ship them and sell them at auction so they might.
   Auto auctions open to the public are becoming more common and can be found by typing in "public auto auction" in any search engine. Make sure you can check these cars out and hopefully drive them before bidding. Also ask about any guarantees that the car is solid and drivable after purchase.
   Your state probably auctions off surplus and confiscated vehicles which you can bid on without any costs other than auction fees for cars you buy. In NY we have the "Office of General Services" which handles the auctions.
   Best of luck with the purchase and the move.

   Comment by Shawn M — October 3, 2009 @ 4:13 pm

4. 

   The best place to buy repossessed cars is at a car auction. I have put together a resource of information on repossessed cars, so that you can find a car auction close to you. Be careful when buying as cars are sold "as is" so there are no refunds. It’s recommended go on a trial run to see how the auction works to avoid being ripped off. Also when you do decide to buy, you should take a mechanic with you so you don’t end up buying a lemon. Most importantly, when bidding, make sure you have a mximum price and STICK to it.

   Comment by isxrc — October 3, 2009 @ 4:13 pm

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