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How to Buy Repossessed Cars

How to Buy Repossessed Cars at Auction

If you're looking for a true auto bargain, learning the techniques to buy repossessed cars can save you a lot of money. Most repossessed cars are sold at auto auctions, so the first thing you need to do is find out what auction houses deal with repossessed cars in your area. Also check with banks and credit unions in your area. They often sell repossessed cars from time to time, too. Some car dealers will put repossessed cars back on their lots, too, so check with local dealers to see if they have any repossessed inventory.

If you find repossessed cars for sale at auction, make sure you find out what the auction houses require before the sale. Usually they require you to register with them, so they can check your credit and determine if you're able to pay for your winning bid. Once you register, you should receive a bidding number, which you can use during the auction. Make sure to inspect the cars you're interested in before the auction. Most auctions offer a preview day before the auction, or time before the auction begins to inspect the items they're auctioning off. Make sure the Vehicle Identification Numbers (VIN), located on the dashboard, driver's door, and on the engine all match. Mismatched VINs can indicate the car has undergone major repairs, or that it's stolen. You can check the VIN number with several reporting services that allow you to look at the car's history, including repairs and how many owners it's had. A large number of owners could indicate that it hasn't been maintained very well. Ask if the auction house has maintenance records, too. In many cases, if the car is repossessed, the owner couldn't afford to maintain it, either, so make sure you know about prior maintenance and upkeep.

Buying Repossessed Cars from Banks and Other Sources

Auctions aren't the only source to buy repossessed cars. Many local banks and credit unions have repossessed cars on their hands, and they're often willing to sell them far below market value. They really don't want to store them, so they are often willing to make really great deals to recoup some of their loss while getting them off their hands. Most credit unions and banks don't openly advertise these cars, so you should contact your local financial institutions and ask them about their procedures.

If you want to buy repossessed cars, do your homework, check out the vehicle history, and perhaps you can find yourself a really good used car bargain.