Repo Cars For Sale and Repossessed Car Auctions

2. Next, request a listing of what will be available at the auctions being held soon. Circle any vehicles you are interested in.

3. Research the cars you circled by looking in a used car guide like the KBB or NADA. Generally, you don't want to bid more than the trade-in value.

4. Figure out your financing before you go to an auction. Call several lenders for rates and approval to get the best loan terms. Be sure to have cash, a cashier's check or another approved payment method available to pay the deposit at the end of the auction.

5. Plan for a couple hours to look at the cars during the preview time. It typically will be a day or two to just hours before the bidding begins.

6. Set your maximum bid for each car. Start with the trade-in value and then subtract the cost of any repairs you noted during the inspection.

7. Arrive early at the auction. It is a good idea to get there with plenty of time so you don't miss any of the bidding. Things move quickly, especially at the beginning when there are usually less bidders. Be sure to register to bid (you'll need a photo ID) and have your notes ready.

8. Bid wisely. When the auctioneer announces a car you are interested, double-check that it is the right one and note your maximum bid. Once you bid, you are held to it, so be certain about it. Make sure the auctioneer notices your first bid and then he should continue to look for you for additional bids until you stop bidding.

9. Keep calm and do not overbid. If a car you really like is popular with other bidders, the bidding price may go up really fast. You may be tempted to continue bidding past your set maximum, but you don't want to pay too much by overbidding. Remember that there will be other cars available and wait for those.

10. Complete the purchase of the car by filling out paperwork, paying the deposit, and arranging for the rest of the money to be paid. Once all the money is paid, you will be able to take possession of the car.

Q. Aren't All Repo Cars old a Junky?

A. No, This is a common Stereotype but in reality most repo cars sold at auction at not that old. This is because most older cars, sold at a used car lot are financed be the used car dealer. (after they get a down payment that covers what they bought it for.) Banks and Lenders do not like to lend on older cars. As a result, most cars found at auctions which have been bank repoed, range from almost new to middle age.

Q. Am I Really Getting a Good Deal?

A. I think most of the time you are. Especially if you do your home work and know what you are buying before hand. Even professionals sometimes make mistakes but I have found that using the Kelley Blue Book or the NADA is a great place to helping me determining if the repo car sold at auction is really a good deal or not. It is important that you look up the car by the trade-in value. You will usually not want to pay mare then that when buying at a car auction.

Q. Is is Safe to Buy Repo Cars.

A. It is just as safe if not safer then buying at a used car dealership. If I bought a used car I might make the mistake of believing the salesman, at a used repo car auction you can sometimes be more thorough. And this is another thing, at the used car lot you are probably buying the same car, but you are just paying more for it.

Q. Are All Sales Final

A. It depends on the Auction Rules and the State Regulations. Some States have a lemon law giving the buyer 3 days to return the car if it is a lemon. Some times the auction house will give you three days to finalize the sale. It is best to check out what these rules are before bidding.

Q. What are some Common Repo Car Brands found at auction.

A. Aura, Nissan, Toyota, Honda, Subaru, Ford, KIA, Hyundai, Mazda, Pontiac, Chevrolet, Jeep, Eagle, Mercury, You name it, You can it at a repo car auction.