Nov 10
3
Whether you are a used car dealer or an individual just try to make save a few thousand dollars, finding repo cars for sale, can be a great way to help you do both. But if you are new to the area or have never been to a repo car auction you may be wondering where they are and where you can find them. The following are five tips to helping you know where and when this auctions occur.
- Newspapers and Magazines where cars are typically sold will occasionally carry and add for repo cars being sold at car auctions. Often these car auctions will also include seized and impounded cars as well. Most of these cars are sold at or below the trade in value. Often this is 30% less then private party and up to 50% less then retail.
- If your local newspaper doesn’t carry adds, you can try an online search. The key with online seraches is to keep then local. There is no point wasting your time finding a great deal in Wisconsin, if you live in California. It just doesn’t make sense. Sometime broadening your search to include local auction houses or estate sales might be more fruitful.
- Find repo cars before they get repod. Yes it is true, many people will take a lot less then they owe on their vehicle just to avoid having it repoed and ruining their credit. I figure one out of every ten reasonable priced private party sellers is selling because of financila hardship. If you by their car from them you are saving them a great deal of trouble.
- Talk to the lenders directly. Although this may be difficult to do with the bigger banks, the smaller companies, and quick cash title loan companies might even have some of their repo cars parked in their parking lot with a for sell sign on them. This aproach is the hardest at first but if you are in it for the long run, it may help you make connection that will proved very profitable over time.
- Find and talk to people who frequent these auctions on a regular basis or are very familiar with car repos, such as used car dealers and people who repossess cars. It will definitely save you a lot of time if you have someone who knows the ropes and can point you in the right direction.