There isn't a single listing of bank-repossessed cars and trucks for sale. Individual companies that sell repossessed vehicles are found by doing an online search. Another method is to contact local transportation companies, or the local police department, and inquire about auctions of repossessed vehicles.Continue Reading
Some financial institutions such as the Public Service Credit Union partner with auto brokers to sell repossessed vehicles to the public. Vehicles for sale are displayed at a branch location. States typically have one or more auction companies that hold periodic auctions to sell repossessed cars and trucks.
Interstate Auction Auto is one example. This company allows the public to bid on vehicles in its inventory, without requiring a dealer's license. Indiana Truck Auction specializes in selling a variety of repossessed trucks. Auction companies usually post information on their websites about upcoming auctions.
There are pros and cons when buying repossessed vehicles from financial institutions, repo resellers or police. Bank lenders have an incentive to offer good deals in order to recoup their losses. Bidders at a police auction are allowed to see the inventory ahead of time and formulate a bidding strategy. Resellers typically clean and detail cars before selling. Downsides include spending extra money on fixing up a car bought at auction, or paying higher prices to purchase a reconditioned car from a reseller.Learn more about Buying & Selling