One purchases a repossessed car from a bank by making a bid on the car to the bank, and if the bid is accepted, signing the necessary paperwork to transfer legal possession of the vehicle. Listings of available repossessed cars are found directly from banks or specialty search sites.Continue Reading
The first step one takes to purchase a repossessed car from a bank is to locate a financial institution that is currently selling such cars. Many local bank branches retain records of current vehicle auctions available upon request, so an individual should start by talking to her local banker. If her bank does not currently have any repossessed cars for sale, she can use a site such as AutoReposBankOwned.com to locate one. The site acts as a third party that connects financial institutions with automotive repossessions to parties interested in purchasing the vehicles, and thus, it only features listings and does not handle any scheduling or payment options.
After an individual locates a listing for a bank repossessed car, she must make an offer on the vehicle in order to purchase it. Most banks sell cars in an auction format, so it can take a few weeks to secure a car while the bank waits for potentially higher offers.Learn more about Buying & Selling