Cars that get taken away?

Question

Where can I find the cars that people get taken away from them because they can't make the payments? I know you can find cars for REALLY cheap that way, but I'm not sure how! Help!

Answer 1

When a finance company reposesses a vehicle, 9 times out of 10 it winds up at auction.  These auctions are closed to the public, and are open to dealers only.  Banks, finance companies, and lessors do not typically hold dealers' licenses in the states where they contract.  So the only legal way to dispose of these cars is through the dealer auction network.  A dealer will buy the car, recondition it, and sell it on his lot.

Answer 2

At the bank, dear.  The bank takes them away.  Ask some banks where they sell their repo cars.

My bank sells them at the bank, but I don't find them to be all that cheap.  Most banks probably don't like to bother with that, so they will likely have somebody hired to sell them all.

Answer 3

Around here, some lenders sell them in front of the bank, and some sell them on consignment through a used-car dealer.

I really doubt you'll save much money, though - the lender wants to recoup as much of their loss as possible, so they'll sell it for as much as they can get, whether it's to you or a dealer.