Repossessed Car Auctions sell to the highest bidder, and it can be a incredible way to get a quality used car for a small portion of the value. Many second hand car dealerships make their living by purchasing their second hand cars cheap at government car auctions and then selling them for great profits. That is how most of them can say, “We finance anyone”. Often they have so little tied up in the car, that they can afford to make the profit off of the value difference and the financing mark-up.
Second hand car dealers don’t want the general public to know that they can buy their cars this way. Frequently it is possible to find out the history of the car by the vehicle ID # and you can do the research and look up the Kelley Blue Book value, or your bank will often look it up for you. The second hand car dealerships will be present and will more than likely have a blue book with them, or they have already inspected the used cars they plan to bid on, and know how to get a bargain on them, at what price. They may outbid you if they know the wholesale value and condition of the vehicle and you don’t.
On government car auction vehicles, many times there is a loan that is small compared to the book value of the used car. It may have been repossessed due to default on a government secured loan, such as a Small Business Administration (SBA) that was personally guaranteed or Internal Revenue Service (IRS) debts on unpaid taxes that have been sent to judgment and seizure through court, so they are selling assets to reimburse the government, so they are certain to sell to the highest bidder, whether a second hand car dealership or YOU!
The Repossessed Car Auctions are held at different locations throughout the United States, as well as online. Some vehicles come from DEA, US Marshall and Coast Guard criminal or drug related seizures. Cars from government fleets that are only a few years old, with service records, may also go up for auction at the same time. Many of times the government no longer want fleet vehicles more than three or four years old, since that is when most used vehicles need more frequent maintenance. They will normally keep fleet vehicles maintained on a regular basis up to the point of auction.
Government Car Auctions and Repossessed Car Auctions hold inspection times prior to the auction. Take your mechanic with you, if possible, it is often only for a one day period, for a few hours. Some vehicles may have known defects listed, but regardless, once you have won the bid on it, you need to remove it. You need to plan to pay cash, as they are not involved in waiting on financing to come through. We do, however, have options available to assist you with finding a car loan. Repossessed car auctions are still a great way to get a used vehicle at a fraction of the cost you would pay at a used car dealership if you were in the market for a used car.
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