Repossessed cars can be purchased from different dealerships, through various auto auctions and from financial institutions that provided the original car loans. Repossessed cars can also be purchased through websites that specialize in the sale of repossessions.Continue Reading
To purchase repossessed vehicles from dealerships, one must first locate dealerships that sell repo cars. When purchasing a repo from a dealership, one has the opportunity to test drive the vehicle and thoroughly inspect it before making a purchase.
When purchasing a repo from an auto auction, a buyer may or may not have the opportunity for a test drive or thorough inspection on a vehicle, but may be able to get the car for a cheaper price. Bids are placed until the highest bidder wins. Many of the websites that specialize in the sale of repossessed vehicles also operate under an auction-type sale format. Bids are placed until the highest bidder wins.
Banks, credit unions and other financial institutions sometimes sell repo cars to recoup the amount that is left on the defaulted loan. To purchase a repossessed vehicle from financial institutions, one can visit the institutions and inquire in person. In some cases, financial institutions list available repossessions for sale on their websites, so searching their websites could be a way to purchase the vehicles.Learn more about Buying & Selling