The physical repossession of a car is much easier than an eviction or a foreclosure. In most finance agreements or lease agreements, the lending company has the right to repossess your vehicle if you miss your monthly payments. We all know someone that has had a car repossessed. The towing company finds the vehicle somewhere and next thing you know, your car is gone. They may have found your car at your house, at the mall, at work, or tracked it with the GPS device that some dealerships place on your vehicle without your knowledge.
Most people that have a car repossessed are not surprised. They know they missed their payments and played “cat and mouse” games with the repossession company and the lender. However, what most people do not expect is what may happen next, usually in the following order:
1. An attempt to make a claim against your insurance on the car.
2. A notice of sale of the vehicle that is vague on the place and time.
”, Such as a 1931 Cadillac V12 Roadster (Lot S98) and a 1938 Cadillac V16 Sedan (Lot S95). Amos Minter, a well-known Thunderbird collector who also hails from the Lone Star State, will auction an award winning Red/Red 1957 Ford Thunderbird (Lot S117) from his personal collection.
President and CEO Dana Mecum expressed, “Last October our company made its Texas debut in the city of Dallas where we were met with a rollicking response. We recognized that Southeast Texas was also hungry for the Mecum brand of auction action, so naturally we gravitated toward the great city of Houston and are excited to bring our auction experience to The Reliant Center.”
The Houston auction is open to the general public beginning Friday morning and continues through Saturday. Gates open daily at 8 a.m. Central Time with tickets available at the door for only $15. Discovery’s Velocity Network will broadcast live from The Reliant Center during both days of action. Don’t get left out in the cold, as the consignments are quickly filling the schedule; if you want to be part of this historic inaugural auction event as a buyer or seller go to www.mecum.com or call 262.275.5050.
policecarauctionsonline.info You're source for police car auctions online.
Where are the Repo Car Auctions in Seattle, WA?
Jan 22, 2010 by joe broni | Posted in Buying & Selling
I am looking for a car for my father. I've found the Government Service Administration (GSA) auctions, but these are only fleet vehicles used by police, rangers, maintenance etc. Does anyone know when and where they hold public auctions for seized or repossessed cars?
i know you can search auction locations and inventory at http://certified-auctions.com/ not sure what kind of cars they sell or if they are the same as police auctions
janelle | Jan 25, 2010
banks will know. some of the larger police depts have them have you tried to yahoo/google to see what pops up
bo | Jan 22, 2010
Do those car repo auctions actually save you money?
Dec 21, 2007 by banana | Posted in Buying & Selling
has anyone bought a car from a repo auction?
any tips?
yep.
It is an auction so you can bid as high as you want.
You can get a really low price on a good car. But most are just junkers.
USMCstingray | Dec 21, 2007
There are a couple dealerships in my town that sell auction cars, but they never really admit they are auction cars because the auction cars have so many problems or at least most of the time. I don't think I would get one unless I was really desperate.
thehereyes | Dec 21, 2007
i have bought from some at re-po auctions they will save you money if you know how to buy a car,and you have to look over them really good,take someone with you to look them over and then you might get a good deal,sometimes the ones that look real good aren't always the best deals,be careful this is a good way to loose money because all sales are final,good luck.
dodge man | Dec 21, 2007
yes, but have an idea of what the vehicle would be worth first.....i have bought a number of vehicles that way, and resold them for a nice profit....the secret is not to pay tomuch...
gentlebear3102 | Dec 21, 2007
A small used-cars dealer do it all the time. They buy the auction car, fix it and sell it in their dealership.
This is no different than flipping houses. Same idea. You can make money if you know what you're doing and lose a lot when you fail.
Vince | Dec 21, 2007
yes they do at the current time, but they will die quicker and you will have to buy a new car sooner
Adam D | Dec 21, 2007
In general I would say it is not a good idea to buy a at a repo auction. A closed dealer auction is an entirely different thing, and if you had acess to a dealer auction, then that would have good cars at wholesale prices.
You may save some money on the sale price, but you need to add in some other factors, major failure risk, ie tranny, engine, AC, etc is bad. You can look at the car, but not really inspect it. Which some dealers and private sale customers may or may not allow you to do. But in a private sale, if the owner is driving the car every day, has repair records, and the car is clean, I would trust that more than a repo.
Minor damage. A lot of repos are damaged and that adds up, the user is usually not taking care of the car after defaulting on the loan, and may actually be abusing the car.
Selection risk, you don't really get the car you want, ie color and features, miles, etc.
Title risk. Are you sure the title is clean? The car may show repo on title search, and that may impact your ability to sell the car and the price might be lower than average.
If you were a mechanic or had a personal connection, you might be able to mitigate your cost risk as say replacing brakes, fluids, re-charging the AC, etc would not be as expensive as the going market repair prices.
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Gatsby216 | Dec 21, 2007
This year my company has taken 4928 repod units to the auctions. I know exactly what I am talking about.
If you seen 97% of these units when we repo them, you would not want to sit in one little lone buy it.
You get no history on the unit. You can not go to the auction and do a carfax on what you might like, it is "As is; where is; how is"
They do not let you drive them, however they do let you pre-inspect. Unless you have a crystal ball, or are an master tech., I would leave it alone.
I seen a 2007 Electric Blue Mustang go at an auction here for less than 5,000.00, I also seen the dealer that bought it have to have it towed out of the parking lot where it quit him.
Sure you can save money if the unit hold together, if it falls apart in the parking lot, it is yours to fix.
Good Luck and Happy Holidays.
Gone By Dawn | Dec 21, 2007
Where can you find Police or repo car auctions in the UK?
Nov 30, 2008 by BMW | Posted in Buying & Selling
I would like to know the times or dates and if I need any membership to go the auctions as well as where they are held.
Police Car Auctions:
Every month literally thousands of cars become government property through seized and foreclosure laws. As a result of the large number of cars in the government's possession they must be liquidated quickly and cheap in order to reduce storage costs. Only the top rated Police Car Auctions will provide the greatest selection. This allows you to choose from practically any make or model at up to 90% off the retail value.
http://www.policeauctions.info/
Mary L | Nov 30, 2008
What is the best website for Car Repo Auctions? Does anybody supply ratings for these sites?
May 15, 2008 by CS | Posted in Buying & Selling
Buying at these auctions can be a complicated process. And some of the sites out there are quite dubious.
I have recently gotten into buying repo cars at auction. The first car I bought was for me. Since then, however, I have started buying more cars to sell. I have sold two. So far, so good. The key, I've found is to wait and be patient for the right car at the right price. Your bargain will come along eventually. Just check the listings regularly and you'll snag what you want - sometimes at 80% off of market price.
There are several decent sites for the repo auctions. I found this blog to be particularly helpful in vetting the good auction sites from the bad: http://auctionrating.blogspot.com
Hope that helps.
Dave C. | May 15, 2008
Know anything about repo car auctions?
May 07, 2010 by Jess | Posted in Buying & Selling
I want to by a car aroun $5000, and iv heard if you know what to look for you can get a good bargan. whats the best way to go about it. And any goos website auctions?
Thanks
There is no such thing as a "repo" auction.
Generally bank repossessions are handled through dealer -only auctions where dealers buy them and mark them up.
If you are feeling lucky and brave, try Copart.com, or better yet try my guy @ http://easyexport.us/carfinder. They will link you with Copart auctions around the country or in your area where you can buy like the dealers buy. BE CAREFUL though because there is a lot of junk out there. Best to have someone you trust that knows cars go and look at the prospective vehicles with you. Also stay away from salvage titles unless you know someone to process them. Good Luck.
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