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10 Things About Repossed (Repo) Car Auctions You Must Know !

by Chris Rache.

Folks have different ideas about Repossessed Car Auctions and often have  even more questions.  This article will try to cover the main questions people have on this subject.

Question: Are Repossessed Car Auctions A New Thing ?

Repossessed, or Repo, Car Auctions have been in existence for some time. It is only really since the internet has become popular, that ordinary people are finding out about them.

Question: How Did They Start ?

Seized Vehicles are now a fact of life. A company may default on its Fleet lease payments; an individual may be unable to maintain monthly payments; Government Agencies may seize vehicles purchased with proceeds of crime, etc. These Organizations reclaim the vehicles then sell them to help recover the debt.

Question: How Many People Know About Repossessed Car Auctions ?

Dealers have known about this lucrative source of cheap vehicles for some time. Some formed close relationships with those organizations that repossess the vehicles. This helps them to be the first to know of new stock and get in quick. However, the general public is slowly becoming aware.

Question: How Do I Find Out About Them ?

Sometimes the schedule of events are published in the newspaper, usually under the Public Notices section. Some are promoted to Licensed Dealers only. The internet is also a good source.

Question: Why Don’t Those That Seize The Vehicles Sell Them Direct To The Public ?

Those that seize vehicles are not car Dealers and do not have the infrastructure to handle the sales. Just the cost of storage alone can be enormous. Auction Car Sale outlets have systems in place to handle the volumes.

Question: Do The Autos Come With A Warranty ?

Usually the vehicles are sold on an “As Inspected” basis. Some outlets can offer warranties for a fee. Contact the outlet running the auction sales for details.

Question: Can I Take The Car For A Test Drive ?

The cars can be inspected prior to the auction and it is best to take someone to do this with you if you are not qualified. They do not allow test drives but the vehicles can be started up.

Question: What Costs Are Involved ?

Usually the final sale price and small registration fee, plus any warranty you may choose.

Question: Do I Physically Need To Be There ?

Not always. A number of Repossessed Car Auction outlets provide a facility where you can bid remotely or advise the maximum you wish to go to. Some even offer an inspection service which they send you the results of for a fee.

Question: Why Aren’t More People Buying An Auto This Way ?

The majority of car buyers find it hard to change their buying habits. Provided you do your homework, and research the market well, you can get a great deal.

from the Author:
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