To find an auction selling bank-repossessed vehicles, call a bank, local auto auction company or local newspaper. It is a good idea to inspect the cars on auction before bidding.
Calling local banks and credit unions and asking where they sell repossessed vehicles is a good way to find an auction. The representative may also provide contact information for a specific auction company, if the bank does not auction repossessed vehicles directly. Representatives can also explain auction rules and schedules.
Local auto auction companies regularly sell bank-repossessed cars. Search the yellow pages to find contact information for local auction companies, and ask whether they handle repossession vehicles for loan companies and banks. Not all auto auction companies sell repossessed vehicles.
Lastly, contact the local newspaper, preferably one that regularly publishes car auction announcements, and ask when they publish this information. Newspapers that publish car auction announcements typically do so on a specific schedule, such as on the last Friday of every month.
Cars that can be found on auction include almost-new, late model and older model cars. The best bargains for almost-new cars can be found where the borrower took advantage of rebates or made a large down payment. In such cases, banks are only interested in recovering what is owed, which translates to good bargains for potential buyers.