Bank Repo & Private Cars, Boats, Bike, Aeroplanes Auctions
Bank Repo Cars for sale on Auction
Sep 29th
More and more people are looking for bank repo cars nowadays. We have heard of how we can get cheap vehicles by buying those repossessed by banks or other financial institutions. We have also heard of how some are sold for as low as 10% of their current market value. However, to really benefit from this source of cheap vehicles, one must know 2 things: where to find them and what to lookout for.
Bank repo cars - How to find them
Use the search tool in the right column to search for your required Model, Make or Vehicle Type. 
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Ford Mustang GT 2005 FORD MUSTANG GT BEAUTIFUL 5 SPEED COUPE | 10 Bids | US $10,809.00 | 31m |
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2008 SUN TRACKER PONTOON BOAT NO RESERVE BANK REPO |  |
26 Bids | US $3,550.00 | 2d 3h 7m |
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99 WINNEBAGO CHIEFTAIN CUMMINS DIESEL USED RV SLIDE OUT | |
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US $44,500.00 | 8h 24m |
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Oldsmobile Intrigue 1999 OLDSMOBILE INTRIGUE | 2 Bids | US $686.55 | 4h 20m |
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2008 Sea Doo RXT X 255 51 hours | |
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US $9,400.00 | 2h 20m |
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2005 THOR VORTEX VIPER TOY HAULER NO RESERVE BANK REPO | |
39 Bids | US $8,100.00 | 2d 20h 39m |
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Suzuki GSX R BANK REPO 2007 SUZUKI GSXR 1000 | |
10 Bids | US $4,610.00 | 5h 42m |
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2007 YAMAHA VX CRUISER WAVERUNNER NO RESERVE BANK REPO | |
19 Bids | US $4,550.00 | 2d 20h 49m |
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Chevrolet LIMO BUS 2006 CHEVROLET C5500 LIMOUSINE LIMO BUS SUV CUT AWAY | 1 Bid | US $38,000.00 | 17h 10m |
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2008 SKYLINE TRAIL RIDER TOYHAULER NO RESERVE BANK REPO | |
29 Bids | US $20,000.00 | 3d 46m |
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Cadillac Escalade LIMO 2007 ESCALADE LIMO LIMOUSINE SUV | 2 Bids | US $42,101.00 | 16h 19m |
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1999 SURF SIDE BY NATIONAL MOTORHOME NO RESREVE REPO | |
15 Bids | US $3,050.00 | 2d 3h 5m |
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Bank Repo Mint Con 06 centurion 22ft No Reserve | 21 Bids | US $20,000.00 | 3d 5h 38m |
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TROPHY walkaround WALK cuddy REPO no reserve CLEAN | |
16 Bids | US $9,150.00 | 2d 5h 35m |
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PURSUIT walkaround WALK cuddy REPO no reserve CLEAN | |
42 Bids | US $24,900.00 | 2d 5h 50m |
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There possessed vehicles are typically auctioned off in either public auctions or dealers' auctions. The latter requires participants to possess a dealer's license. Such auctions are sometimes advertised on local newspapers. Spend a few minutes each day flipping through classified ads and you may just spot one or two. Another way to find out about these auctions on bank repo cars is by calling the banks.This will take a little more time and PR skill as not all the employees may have the information and you may have to speak to different people to finally get to the right person to talk to. Finally, you can use online services to search for bank repo cars put up for sale or auctions in your area. Most of these services charge a one-time membership fee and are able to provide you with up-to-date information on these sales.
What you should look out for
There are many things that one needs to be aware of when participating in such sales or auctions. We may not be able to coverall here but just to give you an idea of the more important things to note:
1. Condition and history of the vehicle. Bank repo cars are repossessed in a variety of ways, sometimes, without the owners' pre-knowledge. And depending on how the previous owner takes care of the car, the condition of these vehicles varies. Some auctions have a preview period when you can check out the cars you have in mind. Bring along a mechanic if you are not so familiar with car inspection. Also,you should get a vehicle history report using CARFAX. The report will tell you many details such as any previous accidents or repairs done to the vehicle. You may need to spend some money on these but trust me, it is well worth it in the long run.
2. Setting a budget and stick to it. Some people ended up overbidding on a vehicle because they didn't set a concrete budget beforehand. A good guideline that I will use is the wholesale price of the vehicle minus the cost of some minor refurbishing that might be needed for the vehicle.
3. Read the fine prints. It is always wise to check for any hidden costs or warranty issues before you even start bidding on bank repo cars.
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