Where to buy foreclosed cars

But be careful not to let the excitement of bidding make you pay more than a car is worth. One of the disadvantages of the auction setting is that cars can be dirty and in disrepair at the time of sale. They may be full of trash, have worn tires or be completely unusable. Any problems become your responsibility once you make the deal. Also, it can be difficult to win against the pros. Craig Howie reported for AOL Autos that most of these events are rigged toward the used car dealers, who agree on a low price for each car before bidding, and then allow one dealer to win by bidding slightly more than all the rest.

You can save yourself the hassle of bidding at auction by letting a used car dealer purchase the vehicle first. Usually the dealership will clean it up, add a few extra touches like new mats and tires, and sometimes make repairs on the engine. You may be able to get a day warranty, in-house financing and more by going this route. But all this comes at a premium. Knowing that the dealer bought the car at a repo auction does not change the fact that the dealer still wants the highest profit possible for the vehicle.

The dealer had to pay for transport, repairs, detailing, titling and other fees, which will show up in the price tag. In the end, the repo autos on the lot sell at around the same rate as the other used vehicles, unless you are a savvy negotiator. You can find repossessed cars in your area and across the country with the tools and services available on the Internet.

Many offer top quality vehicles like Ferraris and Hummers, as well as other items like boats, RVs and planes. Macomb notes that you should be wary of sites that demand payment before viewing the car in person. You should always inspect thoroughly before you buy, from any source. Once you are sure you have found the vehicle and the purchase price you want, buy that repo car with confidence, and save a bundle.

You may even be able to save a bundle on insurance coverage, but that might take some research. Depending on the car, the state where you live, and the financing option you choose, different coverage may be required. You can get help with your car insurance search from an independent agent. Our independent agents work for consumers instead of for a parent company, and can get several quotes for you to compare before you buy. Save on Car Insurance Our independent agents shop around to find you the best coverage.

Request a Quote. Many repo cars only have minor dents and scratches with some normal wear and tear. Other repo cars are more damaged and will require light to heavy repair work. You can certainly find a good deal on a used repo car in our auctions, but do take advantage of the condition reports and inspection services we offer.

We want you to be as informed about your vehicle purchase as possible. View All Repo Cars for Sale. You must be a CrashedToys or Copart Member to perform this action. Your Password is expired. Please contact member. DRIVE includes third-party condition reports, an industry-standard run light system, an arbitration policy and more!

Do not show this message again. Search our inventory and find your vehicle today. Start bidding and winning repossessed vehicles in online auctions. One of the key factors that make a repossessed vehicle so attractive is its pricing. These relatively new vehicles are priced much lower than what the car initially sells for, while the pricing ranges from bank to bank, expect it to be about 20 to 30 percent lower.

These vehicles can also be much cheaper than what private sellers value their vehicles at presenting a better value for money proposition. Banks may even also offer promo prices for these vehicles making them all the more enticing. These vehicles are also often already considered a loss by the bank and therefore are priced competitively in order for the bank to quickly reduce its inventory of vehicles as quickly as possible.

Repossessed vehicles go on sale because their previous owners could not keep up with their loan payments on the car. This means that these vehicles are only a few years old and often come with low mileage on the clock. The vehicles may also still be under warranty, however, keep in mind that what you see is what you get when it comes to repossessed vehicles, so there is no haggling when it comes to this situation.

If a modified vehicle does come up for sale, the modifications on the vehicle will also come with it upon completion of purchase. Good for those looking for a project car or a vehicle that looks unique on the road. There is nothing fancy when it comes to how repossessed vehicles are stored.

They are often stored in large warehouses and are left there to gather dust. When inspecting a repossessed unit at a bank lot, make sure to be as thorough as possible. It is important to note that in some cases the warehouse may not let you open up the vehicle or even start it and test drive it, so keep that in mind when buying a repossessed unit.

While the process varies from bank to bank, it is always a good idea to bring a trusted mechanic when inspecting a repossessed vehicle. Even if access to the vehicle is limited, a keen and trained eye will be able to spot future problems that the vehicle may have with just a visual inspection.

A few telltale signs are leaks from the vehicle along with other damaged exterior parts, which could indicate that the car will need repairs after purchase.

If you are interested in buying a repo unit, you can check out the repossessed cars segment on our website. It will show you detailed pictures of the vehicle in the bank warehouses as well as basic information about them.

This includes the mileage, key features, as well as the coding number of the vehicle. Another option you have is to check out bank websites as they will offer you a list of available vehicles that they have in their inventory, however, these websites may not often include photos of the actual units. Having this kind of information will help you understand what you are getting into prior to inspecting the vehicle in person.

Going to a bank warehouse is another option but you will need prior information to know which warehouses are open for viewing. It's still best to do some research to find out which bank has what warehouse open for viewing and what their inventory is like to see if the car you want is available.

It's the same process that comes with buying a second-hand or brand new vehicle.