–Where can you buy Bank and Credit Union repos?
The auto industry has no shortage of marketers trying to lead you to the next great deal. Promises of buying exotic cars for $500 and getting exclusive access to repossession auction lists are everywhere. In truth, almost none of these promises have any substance whatsoever. If it sounds too good to be true, it usually is. What these sites are offering for about $50 is a list of auctions in your area. They aren’t showing you exotic $500 cars, and they certainly aren’t guaranteeing any results. Selling this dream may have worked in the past, but this isn’t the 1990’s anymore, and the repossessed car industry has long since evolved.
–The deals are all around you if you know where to look.
It’s now 2010, and buyers have a smarter way to shop for repossessed vehicles. By definition, a “Bank Repo” or “Credit Union Repo”, is a vehicle that has been repossessed by a financial institution. Banks and Credit Unions have realized that they can sell these “Bank Owned” vehicles DIRECTLY to the public themselves, avoiding the need to pay an Auctioneer or Car Dealer commission. Consumers can literally contact financial institutions directly to buy vehicles. By not charging a commission, Banks act as a “Private Party” seller, but they also have the inventory and financing ability of a Car Dealership. In the end you get the best of both worlds.
–How do I start looking for a “Bank Owned” car?
In lieu of our current economy, Banks and Credit Unions across America have been bombarded with repossessed vehicles. There has never been a better time to find a repo car. The only hard part is finding out what repossessed inventory is on the market. Buyers have a useful tool in this search. A website called RepoFinder.com offers a 100% free list of Credit Unions and Banks Nationwide that sell to the public. RepoFinder does not sell the vehicles, but instead shows you who does. Car buyers can locate repossessions by clicking on their State and viewing the list of links to financial institutions who are selling to the public. Simply find the car you want, contact the Bank directly, then see if you can make a deal. There simply is no better way to buy a repossession then to buy one from the Bank yourself.