Have you ever wondered what happens to repossessed cars? This website answers the question. We take a look at repossession auctions and just what goes on after a person's car has been repossed by a bank. Lenders dispose of many such cars daily, so learning about just what happens can be helpful.

Questions answered in our FAQ

Questions and answers related to banks and car repossession

Banks auction cars off after they repossess the car from a consumer who defaulted on their loan agreement.

1. Are bank repossessed cars a good deal? - That answer depends on you. If you don't want to do a lot of research, then purchasing bank repossessed cars could end up being a poor deal. If you're willing to put the time in, then you could very well find a good deal.
2. Can you purchase repossessed cars from banks? - Yes, you certainly may and people do so every day. You can purchase the banks repossessed cars through online or offline auctions. Be aware, there is plenty of competition for such cars and many are purchase by dealers for resale.
3. Tell me about bank repossessed cars for sale - Vehicles that have been repossessed and are now being resold by the banks are no different than any other car. They're used, obviously, so all of the normal caveats that apply to used cars apply when you buy a repossession car. Add in fact that such vehicles are usually sold in a fast paced manner through private and public auctions and you realize that the concept of 'let the buyer beware' certainly applies in this instance.
4. How do I buy bank repossessed cars? - The most common way, which is used by the vast majority of people is to attend offline auctions where the automobiles are auctioned off to the highest bidder. When the bank takes back a car from a buyer with a repossession their main goal is to turn the car over at auction as soon as possible.
5. Is a bank repossessed car a good deal? - This will depend on a great many factors. For instance, if the customer is happy with the car and perceives that she received a good deal, then things worked out well. But let's face it, there are as many unhappy experiences at repossessed car auctions as there are good ones. Like any purchasing decision, the buyer needs to learn as much about the car and deal as possible before entering into an agreement to purchase any automobile.
6. Where to buy bank repossessed cars - Generally you can purchase a bank repossessed vehicle from an auction. Private and public auctions are held regularly. You can find information from your local media outlet, or by searching online.
7. Are bank repossession cars and good? - Bank repossession cars are sold 'as is.' Like all used cars, you might find a good deal, or you may run into major mechanical issues. You don't have as much protection in an auction format, so never spend more money than you can afford to lose on such a vehicle. Bank repossessions cars still have some protection, but check all the details up front before entering into a purchase agreement.
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11. How do I find bank repossessed car auctions? - That question depends on whether you want to purchase the car online or from a local source. If you are planning on using online auctions, you can easily find such services using Google. Be aware that the level of service varies greatly between online auction sources so you'll need to carefully research the website before joining.
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What happens when your car has been repossessed?

The worst has happened and your car has been repossessed. Let's answer the most common questions you might have. Don't worry, millions of other people have been in your shoes and have survived the unpleasantness of a car repossession.

1. My car was repossessed - The first thing you need to do when you car is repossessed is check with the finance company to see if you can get ownership back. Of course that will require you bringing your car not current. Now that your car has been repossessed, you need to know your rights. Please see this FTC page on vehicle repossession for more information on what your next move should be.
2. Had your car repossessed? - If so, chances are you won't be able to pay the money to get it back. That's because the finance company will likely expect you to pay all of your past due payments, plus the remainder of your loan, plus any attorney fees! Since you haven't been making monthly payments, it's most likely you won't have that much cash at once to get your vehicle back. If this is the case, you'll be better off trying to buy your car at the auction than dealing with lender.

Alternative sources of repossessed car inventory

It's surprising just how many cars can be found at repossession auctions. We look at a few different sources of repossession cars and answer common questions.

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Car repossession technical questions

These answers are to questions that go a little more into depth about vehicle repossessions

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Repossession car auction related questions.

Looking to buy a car at a repossession auction? We answer common questions for people who are looking to purchase a vehicle at a public or private repossessed car auction.

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Repossessed cars are being sold every day. Some repossession cars are a great deal. You can find repossessed used cars that are much cheaper than comparable autos. Every day someone repossess cars and sells these repossessed cars and trucks to a vast aftermarket.

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