Are you looking for a reliable source of repo auction listings? You’ll find RepoFinder to be the absolute best online resource for finding local Credit Union and bank auctions for repo cars, trucks, boats, real estate, RVs, ATVs, heavy equipment, tractors, limos, and more.
You’ll get the most property for your money when you attend a repo auction for the simple reason that the bank or CU is not in the practice of storing repo vehicles for long term. They’ve taken a loss on their loan and want to recover as much of it as possible in a timely manner, being prepared to take a loss at the time of sale. Their willingness to incur a loss is to your advantage.
Repo auction vehicles are much less likely than private sale vehicles to be in need of mechanical service. Most repos happen due to the fact that the vehicle or property owner could not afford to keep up with the payments. These are often new or like-new items, not broken down vehicles that private sellers are trying to get rid of. Of course, you will want to fully inspect any item you plan on bidding on, and you will have the chance to do so before the auction.
Buyers flock to repo auction opportunities for the main purpose of getting a great deal on a great item. The savings is not only due to the willingness of the lender to quickly get rid of the vehicle, but as well, is due to the overhead and fees already having been paid to the dealership by the previous owner.
You may be surprised to learn that a new vehicle will depreciate by as much as 20% during the first year of ownership. This is not because the owner has used up 20% of the vehicle’s worth, its because a large portion of a vehicle’s value is tied up in the sales commission, overhead costs to sell the vehicle, fees, services and misc. costs. The second owner very often gets the better deal, since all of that has been paid by the first owner. Only during a vehicle’s first year does it depreciate in value to this extent.
You’ll benefit from this first year depreciation by purchasing a vehicle at a repo auction. Your vehicle will not further depreciate just because you drove it home from the auction, unlike a new vehicle that loses an average of 10% of its value just by driving it off of the showroom floor!
Some important things to keep in mind when you are purchasing at a repo auction:
– Personally insect each vehicle you plan to bid on prior to the auction
– Bring your mechanic if possible
– Decide beforehand what your maximum bid will be on each item, and never bid higher than your maximum
You’ll find local repo auctions and sales in your area when you visit repofinder.com and search your state. RepoFinder is a free resource to use any time of the day or night, with no hidden fees. If you would like to have a link to your bank or CU placed on RepoFinder, contact them through the website.