How to Buy Bank Repossessed Cars for Sale

Need a few tips to buy bank repossesed cars? Sold by financial companies and banks, these repossessed cars are available to car dealers, independent auto brokers and savvy shoppers for purchase.

From small banks who sell their repo cars on their own lot to financial institutions who use car auctions or auto brokers to sell their cars, here's how to buy bank reposed cars without getting ripped off.

Instructions

1

Find repo cars before they are sold during a public sale or auction. Banks often sell repossessed vehicles at auctions. Call your local credit union or bank for a list of recently repossessed cars. Verify if the lender sells their cars via a private, public or dealer-only auction. A few banks will hold special sales on site to get rid of recently repossessed cars that are sold at a discounted price.

2

Search the newspaper classifieds, phone book and online websites to buy repo cars for sale. Place the words "repo cars" or "repossessed cars for sale" in your favorite search engine for website that feature listing for repo cars. Your local paper may have a section in the auto classifieds specifically for public auto auctions. Search for internet auto dealers via eBay motors that sell repossessed cars for low prices.

3

Obtain financing. Any financial institution is looking to sell their repossesed cars quickly. That's why you need proper financing, certified funds or cash to buy the vehicle at an auction or from the bank directly. Get pre-approval from your credit union or bank. Check the Kelley Blue Book or NADA Guide value of the type of repo car you are interested in to make a proper estimate.

4

Assess the condition of the car before purchase. Note the car mileage. Get a Car Fax or Auto Check vehicle history report. Determine of the vehicle's title is clean and if the car has been in any accidents. Because most repo cars are sold as is, have a certified mechanic give a through inspection of the car to prevent buyer's remorse.