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Selling repo cars straightened up some pockets

В рубриках: Automobile | Автор: admin 28.07.2011

Selling Repo Cars Straightened up Some Pockets

On the internet, I’m getting a little frustrated with a lot of misinformation at car buyers looking for “repo cars for sale”. Aimed at pushing people to car auction websites are some of those information. You can even find repossessed cars in car auctions site and it is fine, but let us see the record straight on what really happens to a majority of repossessed cars.

True, thereby becoming a very good potential buyer or consumers while some repos do end up at public auctions, instead eventually to be sold to a new owner at regular retail price, most will never make it to these auctions.

To the original lien holder, the reason for this can be traced. The car is going to end up back at the dealership if a repossessed vehicle was financed through a dealership via their in-house financing. Then, one of two things will happen.

The dealer will take it to a dealer-only auction and sell it to another dealer or either the dealer will shine-up the vehicle and resell it on the lot. At a public car auction, these vehicles will not see the light of day. To most repossessed vehicles this is what happens since they were financed at a dealership.

What about those that had been independently financed by a local bank or credit union? Looking for a good deal, these are the best bets for car buyers. But even with these, most still end up in the hands of a dealer and are again resold at retail prices.

Why? Well, vehicles are real nuisance for them if banks and credit unions aren’t in the car selling business. From time to time, some of the lenders may have “repo sales”, by selling their repos to outside companies or local dealers that at least partially solve their problem quickly.

It will end up on their lot or at a dealer-only auction if the vehicle goes to a local dealer and again away from the possible cheap purchase by a consumer.

Some go to dealer auctions. Some go to public auctions and if it goes to an outside company.

To see what they do with their repos, you can call your local lenders. Some do have their own sales periodically as noted earlier, although they are minority.

So, yes, at local public auctions, you can find some nice repossessed vehicles. However, it will take some patience and some consistent shopping.

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