Guide to Finding a Repossessed Car For Sale
With the auto industry in ruins and with repossessions at an all time high, this is the time to buy your car repo. However, getting a good deal is still going to take research and time. You have to make sure you do your homework or else you're going to be taken for a ride.
There are three places where you can go to find repossessions. The first is your local government auction. The government or rather law enforcement in particular seizes thousands of cars all over the United States annually. A lot of the cars were well maintained until the owners were swept up in a sting so it's not a bad idea to start here. You can call your local county for listings and times of these auctions. Your local police department can also point you in the right direction.
The next place to look for repossessed equipment is your local dealerships. With 2009 foreclosures and repossessions already posed to break the record of 2008, dealerships are strained with a flood of inventory. A lot of these places will be "buy here pay here" so make sure you don't make any commitments to some slick salesmen. God bless them for trying to move inventory but they are looking out for the commission and you need to look out for yourself. You can cold call your local dealerships or use directory sites to find repossessed cars for sale. Another more old school way is to just open up your local paper and phone book. The internet doesn't have everything yet.
The final place to find repossessed cars is banks, credit unions and auction houses. These places go hand in hand as a bank and credit union will generally outsource the repos to a local auction house. Some banks are known to keep their own lots though, particularly in the commercial vehicle business. Again, these banks will have cars priced to sell but be careful as these cars may have problems. If you can, have a friend who is car savvy go with you and buy him lunch after. It may be one of the best returns on investment you ever get in life. If you are in a bidding war and you see too much competition, let the car go. There will be another one come along so remember try to keep that in mind when bidding. There's no point overpaying and losing the whole reason why we are buying repos which is to save money!
Finally I want to say that this really is "what's one man's loss is another man's gain" but I must reiterate that you need to do your research and make sure the car is in good condition. Make sure you have all the proper paperwork and don't be hesitant to ask questions. Even though you are getting the car at a discount, it's still thousands of your hard earned money going into this purchase. It's better to "look stupid" upfront than to look stupid driving away in a lemon.
Liam Ross works as a consultant for Repo Car Hub, a new company that provides local listing of repossessed cars for sa
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