Repossessed cars for sale are auctioned daily all over the country, by various organizations like financial companies, banks, government, and police. They can be a great way for you to find a lot of repossessed (repo) cars for sale and get a barely used vehicle for little money. Not only this, you can find cars, trucks, even motorbikes repossessed.
When someone can’t make the payments on a new car, the dealer or the bank will repossess the vehicle. Then, they have to make back the money they’ve lost due to missed payments and depreciation. The usual course of repossessed auto action is to put the repo vehicle on auction for sell. Last year’s Manheim Used Car Market Report projects that repossessions will total 1.7 to 1.8 million units in 2017, representing an increase “in the neighborhood of 100,000 units,” according to Cox Automotive chief economist Tom Webb.
You can find repossess auto sales by contacting banks or credit unions to find out what’s coming up in the way of repossessed vehicle auctions. They’ll tell you when and where a public repossession auction is going to take place. You can also check our online car auctions to find a repossessed auto sale or repossessed trucks for sale.
The Online Advantage
Some people make a hobby out of going to a repossessed auto auction. They buy vehicles for very little, and then bide their time before re-selling them. Other people just want to find a nice car at a really good price.
The reality, though, is that auctions aren’t for everyone. Some people simply don’t like crowds, and find it very stressful being in a crowded place subjected to a lot of noise. If that’s not your thing, an online auction can be the perfect solution to look for repo auto sales. You can buy online from anywhere, from Rhode Island to Puerto Rico, you can even buy from abroad, and export the vehicles.
Bank repo, or repossession sales, sell all types of cars, from classic American motors, to more luxury foreign export cars like Land Rover and Aston Martin. You can also buy clean titled, and rebuilt titled repo cars, in great condition. You can also buy salvage car title vehicles. Vehicle prices from repo auto auctions websites are much lower that typical used cars. No need to visit credit unions!
Using a Proxy
If you find the whole concept of bidding for a car problematic, you can still bid online for a repossessed car or trucks for sale. The solution is to use a proxy action like Auto Auction Mall.
There are all kinds of companies that will bid for you online to help you get the repo vehicle (repossessed vehicles for sale) you want. Essentially, what you do is allow them to handle your money, and bid on your behalf for the vehicle that appeals to you. You tell them how much you’re willing to pay. They bid for you, and if you win, they complete the transaction. With Auto Auction Mall it is all clear and transparent. You decide on your budget, make a 10% deposit and begin the hunt for your used car. If you were not able to buy anything, the you receive 100% of your deposit back.
Most proxy bidders will even arrange to have the vehicle shipped to you for a fee. Even if you’re living overseas, the proxy company can arrange for shipping. You just pick up your car at the wharf when it arrives. All you have to do is authorize the proxy to act on your behalf. Then sit back and wait. It couldn’t be easier.
When you buy repossessed, check with your car insurance provider what their rates are. Factor any additional car insurance premium, especially if you buy damage cars at a repo auto auction.