| If you're in the market for a used vehicle but need to | | | | enough money to pay off the existing loan balance |
| stay within your budget, repossessed auto auctions | | | | and to cover the storage fees until the car goes to |
| may just be what you're looking for. Every day | | | | auction. They will also have towing fees to pay to the |
| hundreds of cars, trucks and SUVs are taken back | | | | repo company that picked up the car. |
| because of non payment and this is where you can | | | | With all of this in mind, the banks want to recover as |
| cash in. Find out why bank owned repossessed | | | | much money as quickly as possible for these |
| vehicles are an easy way to get a cheap used car. | | | | repossessed vehicles. The longer that the vehicle |
| What is a bank owned repossessed vehicle? | | | | stays in storage and the longer it takes to sell it, the |
| When a car owner fails to make their loan or lease | | | | more money they lose. By sending these vehicles to |
| payments on time, the bank or finance company will | | | | an auto auction, they can get a fast turnaround and |
| take back or repossess the vehicle. Generally the | | | | recoup some or all of their money. Sometimes the |
| owner will be given the chance to catch up on their | | | | banks may not make as much as they would like on |
| payments or to pay the vehicle off completely before | | | | these auction cars, but it's just a gamble that they take. |
| it is taken. If the buyer can't or does not want to make | | | | With the banks wanting to unload these automobiles |
| any more payments or pay it off, the lending institution | | | | fast, this means a huge savings for you because |
| will take the vehicle over and will then sell it to recover | | | | these cars, trucks and SUVs can be bought for up to |
| all or some of the balance on the loan. There are also | | | | 90% off of their retail value. Some of these repo cars |
| instances where the owner will for whatever reason | | | | will be barely used, in great condition and have low |
| voluntarily return the car if they no longer want or can | | | | mileage. Many people buy new vehicles and then in a |
| pay for it. This is called a voluntary repossession. | | | | few months for whatever reason cannot make the |
| To get their unpaid money out of these repossessed | | | | payments. This means that a near new car can be |
| vehicles, the finance company or bank will most | | | | bought at an excellent price at a repossessed car |
| generally sell them through a professional auction | | | | auction. Whatever the final bid is, that is what the |
| service. When the auction service sells the car, the | | | | vehicle will sell for. If there aren't many bidders that |
| bank then gets the money that the car brought at | | | | makes it even easier for you to get your hands on a |
| auction, and the auction company will take out a | | | | used car without paying a lot of money. By going to an |
| commission fee for selling the vehicle. | | | | repo car auction with many bank owned repossessed |
| Auction prices can fluctuate due to the economy, the | | | | vehicles up for bid, you can save a lot of money and |
| number of buyers and vehicles at the auction and the | | | | get a reliable vehicle. |
| condition of the vehicle. The bank will want to recover | | | | |