Repo Car Auctions
Repo cars are often referred to those cars that have been repossessed by the banks when the owner fails to pay back the loan in time. The term “repossess” simply means to “take it back”. However before seizing the vehicle, the owners are given a chance to make the payments within a stipulated time period. However, if the owner fails to pay back within the given time span then the finance company or the bank takes back the vehicle to recover the loan balance.
The seized, impounded or unclaimed cars sold by the police or government agencies are not the same with repo cars. Repo or repossessed cars are the possesson of the bank, credit unions, and finance companies. These cars are often handed over to professional auction company, which is sold by the company by organizing a repo car auction and the bank gets the money. Repo car auctions are sometimes called as the car forclosure auctions. Repossessions are often the most common ways a bank adopt during tough economic times.
The cars sold at the repossessed car auctions are mainly of three types:
- Most of the cars are new and are in perfect condition. In these type of cars, you may get huge bargains as the borrower usually have made a large down payment, took advantage of rebates or might have traded with another vehiles.
- Old model cars are found in average conditions. These types of car are more commonly found in less than the market value of the car.
- Old model cars that have high mileage but are in poor conditions. Missed payments is one of the main reason why this car has been repossessed. There might be hidden problems in this type of cars.
* public auto auctions * state surplus auctions * canadian government auctions * government boat auctions
I advise you all go there, if like the info you can see in the right sidebar that you can join a 7 days course for free.
Repo cars are therefore one of the great source of buying cheap cars!