Q:

Should you expect to pay full price for repossessed cars and trucks?

A:

Quick Answer

Repossessed cars and trucks are frequently sold at considerable discounts from their original prices and used valuations. Many repossessed vehicles are also sold at auctions, where their sale price is also often much lower than their normal market value and their asking price at a repossessed vehicle dealer.

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Full Answer

Repossessed cars and trucks sold through banks and credit unions are sometimes sold at fixed prices, typically enough to cover the remainder of the outstanding loan balance on the car. It is usually not possible to negotiate these prices, but they can still represent substantial savings if a large portion of the car's original loan was paid off at the time of repossession.

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