Repossessed Auto Auctions - Quick Facts
Davion Wong
It does not cost much to buy a new car at the repossessed auto auctions. So it is really within your reach if you have dreaming of driving home a BMW 3 Series. Here are some quick tips that you can pick up if you are not sure how a repossessed auto auction works.
What a Repossessed Vehicle Is
Repossessed property, including all kinds of vehicles, is seized, surplus and unclaimed property, which the government tries to get rid of and recover losses fully or partially. The auctioned cars come from various government offices, banks and lending institutions, police and law enforcement, etc.
Types of Vehicles On Sale
The types of vehicles sold come in a wide variety. You can find sedans, 4-wheel drives, race cars, sports cars, sports utility vehicles, motorcycles and even vintage cars. As for their condition, majority of them are in excellent working condition. Of course, you can expect some to have slight flaws like scratches, dents and therefore require minor repair work. But occasionally, you do find brand new cars offered at more than 50% off their retail value. It is quite likely that their original owners could not afford to service the loans.
How Cheap the Vehicles Are
As a rule, bidding starts very low, but depending on the car's model and the number of people involved in the bidding, the final price can reach unreasonable heights. However, it is not uncommon to purchase a vehicle at 80-90% off its retailer value. Generally, repossessed vehicles make a great bargain as compared to what dealers and private resellers offer.
What You Will Need
For anyone to participate in a repossessed auto auction, the minimum age requirement is 18 years old. You also need to show proof of identification as well as driver's license. Some charge a registration fee while others are free. Always be sure to check out the prices of the cars on display prior to the bidding or carry a Kelly Blue Book for an estimate of the car value. Find an experience car mechanic to accompany you as he can help you to assess the vehicle condition especially the engine.
Where to Find Repossessed Auto Auctions
These auctions take place at various states throughout the entire nation. You would be able to find one if you are willing to do some searching and calling. Contact the local branches of banks, government agencies as well as auctioneers. They can advise you on the next auction schedule and where and what vehicles are offered. Also spend time browsing through car magazines as well as classified ads.
The most convenient way of finding such car auctions is to use online auction directories. From there, you would be able to know exactly when and where the auctions are taking place. On top of that, you would know what vehicles are being offered. For a low one-time fee, you can have unlimited access to their databases of the latest news about repossessed auto auctions at your finger tips.
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