Repossed Cars | Repossessed Cars
Thinking of buying a repossed cars? Are you looking for a dream car that you have always wanted but you’re too afraid about whether your budget might not be enough or it acquiring those top class cars will leave you in the red?
Well then, we got some great news for you. repossed car website provides a wide collection of resources on repossed car and a step by step guide to help you secure a repossed car at near to nothing price.
What is a repossed (repo) car?
One common misinterpretations of “repossed car” is that a lot of people think that these cars hide a dark secret or some mechanical fault which will be costly to get repaired hence why they are being sold at cheap price.
Well the truth is that these cars are called repossed car due to these main reasons:-
* Very often, car owners fail to keep up-to-date with their loan or lease repayments and eventually have their car repossessed by the bank or finance company. Although these owners have defaulted on their on-time payment, they are given one final chance to catch up on their late repayments or be made a payoff offer to recover their vehicle.
If the owner does not or cannot get the vehicle back, the bank or lending institution takes it over and will sell it to recover some or all of the loan balance.
* The repossed car may have been seized because the owner may have been found guilty to some criminal activities and subsequently been jailed and have all his possessions taken away by the authorities to be sold on repossed car auctions.
* It may have also belonged to some governmental agencies that has been decommissioned and are no longer being used.
Most of these repossed cars are very well maintained and they have no mechanical faults, and many of these repossed car аrе sports models οr really expensive models that can cost a lot if bought brand new through dealerships. Thеse cars are normally clean and road legal аnd уου саn lay your hands on them for half οf thеіr original retail price.
Why choose repossessed car as a cheaper alternative to buying from a dealership?
Repossed car is a very cheap alretnative to buying a brand new car from the dealership. Repossed cars for sale or repossessed cars for sale are usually sold at a great discount to the market price. Very often, buyers come across great repossed car that are priced 40-50% less than what you would expect to pay if you walk into a dealer’s den and those car are under the same condition as the dealership.
Most banks or loan companies would hand over the repossed cars to an auction house for liquidation. When the auction house sells the cars to the highest bidder, the bank would recover the initial money lended to the previous owner, less a commission. There are normally three types if auctions, namely: public, private, or dealer-only auctions.
These bank or loan company choose to sell these repossed cars mainly because they want to recover enough money to pay off the existing loan balance, plus any expenses for towing and storage and the fees of the professional repo company who picked up the vehicle.
This is where repossed cars can be a great solution for you as it’s a win-win situation for both you and the company selling it. Since financial institutions need to liquidate these assets as fast as possible in order to recover their outstanding money back, repossed cars for sale are very often sold for much less than their usual street value to make back their investment.
There are a great number of repossed cars flooding the automotive market nowadays due to the economic crisis and liquidation companies desperately trying to recover their debt. This has resulted into prices going down on repossed cars. The only thing most people fail to discover is where to actually find these repossessed car auctions.
How do I find repo vehicle auctions?
While repo cars for sale offer attractive discounts, there are number of ways to find repossed car auctions in or around your area.:-
* One way to find out the location of these auction houses will be to grab the phone and simply call the banks and credit unions in your area and enquire about there they dispose of their repossed cars and if its through auction companies and whether they could point you to the right direction in terms of locations, rules and schedules of when these repossed car auctions are held.
* Another method will be to get hold of a copy of yellow pages and to browse the repossed auto auction companies’ category. Shortlist a few auction houses in your area and call them to determine if they handle repossed vehicles for banks and loan companies or credit unions and their time tables.
* You can also check out your local newspapers or call them up and ask when they publish car auction announcements. Some newspapers usually have a column that lists car auction announcements on a specific schedule and their venues. The sometimes also have a little catalogue of some of the cars up for grab.
* Local auction houses are the next place to visit to look at repossed cars for sale. Local auction houses will work with banks and credit unions in helping them dispose off their repossessed inventory. The auction is conducted with a sense of urgency with the sole aim being that of selling the car as quickly as possible.
While most of the above methods are very time consuming and a headache, you can still turn to online research. The internet is plastered with auction sites all claiming to be offering the best deals and top model cars, it sometimes become very confusing. If you are thinking of buying online from these sites, you will always be worried about its past involvement in crimes or repossed conditions.
If you want a readymade source of listings that will allow you to easily locate repo cars for sale, you can check out our up-to-date auctions listings that will maintain a database of all the auctions in the country. You will have quick access to all the auctions from one website which will save you a lot of time and effort. It also offers you the peace of mind as the repossed car listed will essentially have all their previous records reset in such a way that a customer will not be apprehended by problems related to its past.
What to pay for repo cars?
The first major thing you can notice when attending a repossed car auction is the prices of the repossed cars.
One thing to notice is the fact that, since financial institutions need to liquidate these assets as fast as possible in order to make their money back, repossessed cars for sale are very often sold for much less than their usual street value (as much as, 70%-90% off). The great number of repo cars flooding the automotive market nowadays due to the economic crisis, also bring prices down on bank repossessed cars. The only thing most people fail to discover is where to actually find these repossessed car auctions.