Q:

How can you find auctions for bank-owned cars?

A:

Quick Answer

Find auctions by contacting local financial institutions such as banks and credit unions. Even if a particular financial institution does not deal directly with repossessed cars and trucks, it likely may be able to recommend a company or individual that does.

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Full Answer

Bank-owned cars are repossessed cars. That means that the person who purchased the automobile failed to make the payments and the bank took back the car or truck. The bank auctions these automobiles in an attempt to make back some of its losses. The auctions for these vehicles work in the same way an antiques or furniture auction works. These types of auctions are held all around the country at different times of the year.

Another place to find bank-owned cars is on eBay.com. eBay lists repossessed cars but, in many cases, a car appears on eBay as a precursor to an auction by a financial institution. That means that the car is open to viewing before bidding. This is a way to get a firsthand look at an automobile of interest before it is put up for auction.

Police departments and government agencies may also have a list of current or upcoming auctions for bank-owned automobiles. Contact the local law enforcement agency, and if it cannot help, it may be able to direct the shopper to someone who can.

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