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How to purchase a repossessed vehicle?
I know they have government auctions and police auctions and whatnot of properties and vehicles that were repossessed and foreclosed on. How do I find a listing of the different auctions in my area? When I look it up online all I find is a bunch of spam sites and sites that make you pay lots of money to view their “listings” that I cant even be sure if they exist or not. What can I do? What sites can I go to or who can I mail for a listing of these auctions for free?
Public Comments
- As with all car auctions - you may get a gem amongst the garbage - so it is buyer beware! The condition of the engine etc is not always available and I don't think they come with any warranty for repairs etc! Hope the links below help - good hunting!
- Most banks and lenders sell their repossessions through dealer only auctions, however you can call around to different banks and ask about buying a repo and they may give you the opportunity. As for government auctions, this is the best site: http://www.govsales.gov/html/index.htm good luck!
- Go on govermentauctions.com, they charge a 1 time fee.
- The government and police have nothing to do with repo's and foreclosures. That is a private party transaction with the lender and the customer. Since banks are not dealers, most banks will not sell their repo cars to the public. They send them to a dealer auction, like mine. We are the largest reseller of repo and insurance cars in the world - www.copart.com . But you have to be a dealer in order to purchase from us. Banks do not want to deal with the hassles that come from selling a car to the public. They are not licensed dealers, so they cannot provide any warranties, repairs, or even safety test cars. Its not worth it, so they offload the car at auction to people who can. Your local police department can tell you when they have auctions. Their auctions are evidence and seized property. Generally the evidence auction is full of things like car stereos, small electronics, and bicylcles - tons of bicycles. The seized property is what you want. That is when they take away cars and houses under the drug enforcement code. So ask them and they can girect you. Also, look at http://www.bid4assets.com
