Searching for repossesions and cars that have been repossessed by the bank or other vehicle finance institute can prove to be quite a challenging task. If you are in the market for a new car you can pick up these bargains and end up paying a fraction of the vehicle’s market value if you shop around enough and pick one up through an authorised repo dealer.
Vehicles that have been repossessed by the bank are usually kept for a holding period to give the person who got into debt a last chance to pay off the car and get back on track with their bank payments. So they may not be for sale immediately and only go on auction sometime after the initial repossession date. Financial institutes often make use of dealer auctions to sell off the cars but some will still go the old fashioned route of public auctions. Be very cautious when purchasing a repo vehicle as chances are the maintenance was neglected long before the actual payments became difficult for the previous owner to keep up with.
Many of the major banks have whats called a repossession centre and a list of repossessed cars for sale within their networks. The consultants are normally more than happy to assist you in going through the registration process and helping you find the correct repossessed vehicle to suit your particular needs.