How Do You Buy A Repossessed Car?
If you’re in the market for a used car, someone else’s financial misfortune could turn into a spectacular deal for you. Most auto loan companies try to re-sell the cars they repossess in order to recoup their losses. If they sell the car for more than the owner owes on it, the owner will get the difference. If it’s sold for less than what’s owed, the owner will have to pay. Either way, repossessed cars are often sold at considerable discounts off the Blue Book price and knowing how to buy them can save you a lot of money. Step 1 Call local auction houses and get the times and dates of upcoming repossessed car auctions. Most repossessed cars are sold via auction. Step 2 Contact local banks and ask whether they sell repossessed cars. Rather than paying the expense of an auctioneer, some small lenders choose to sell the cars themselves, either through a website or through their own on-site sale. Step 3 Call local used auto dealers. Both new and used auto dealers sometimes put repossessed
If you’re in the market for a used car, someone else’s financial misfortune could turn into a spectacular deal for you. Most auto loan companies try to re-sell the cars they repossess in order to recoup their losses. If they sell the car for more than the owner owes on it, the owner will get the difference. If it’s sold for less than what’s owed, the owner will have to pay. Either way, repossessed cars are often sold at considerable discounts off the Blue Book price and knowing how to buy them can save you a lot of money. Call local auction houses and get the times and dates of upcoming repossessed car auctions. Most repossessed cars are sold via auction. Contact local banks and ask whether they sell repossessed cars. Rather than paying the expense of an auctioneer, some small lenders choose to sell the cars themselves, either through a website or through their own on-site sale. Call local used auto dealers. Both new and used auto dealers sometimes put repossessed cars back on the lot.
