To find repossessed trucks for sale in the local area, contact the local police or transportation department, the local bank or find out the location of the local auction house. Repossessed vehicles cost far less than identical new vehicles.
Contact the local police or transportation department and inquire if they hold public auctions for repossessed vehicles. Government auctions also include confiscated and impounded vehicles. Where possible, look through the online inventory before attending the auction to check if trucks are available. Attending one or two auctions before making a purchase may help to understand procedures and strategies for bidding and winning.
Similarly, contacting the local bank, credit union or other financial institution and inquiring about repossessed vehicle auctions may provide good results. Some lenders list all vehicles in their repossession files which are made available to the public. A possible advantage of buying directly from a lender’s auction is low prices. Financial institutions are generally only interested in recouping their losses translating into good deals for buyers. Some lenders also provide financing for vehicles on auction.
Lastly, the local auction house may have repossessed trucks obtained directly from lenders. Some auction houses have strict standards for the condition of the cars on auction. Buyers are advised to beware of auction houses that ask for upfront payments such as viewing fees prior to viewing cars.