How Do You Buy A Bank Repo Vehicle?
Buying a bank repo vehicle can save you a lot of money on the final purchase price versus shopping at a dealership, but it is not without risks. The key is locating auctions and doing your homework before you start the bidding. Step 1 Locate an auction. Frequently, bank repossession auctions are not well publicized, so it may take a little digging to find an event. Some events are advertised on local TV stations, online and in your local paper, but if you are serious about buying a vehicle at a repo auction, consider signing up for a membership with an auctions listings group, like Gov Auctions.org. Although there is a fee involved in joining these sites, they are good sources for finding the unadvertised auctions. Step 2 Study the auction guidelines. Once you have located an auction to attend, find out when the gates open for you to check out the vehicles, when the bidding starts, what payments are accepted and if there is any kind of warranty or return period. According to Auto Broke
