Repossessed Cars in Carolinas
When Americans fail to pay car loans or leases, their vehicles become repossessed cars. Ever wonder what happens to those repossessed cars? These car repos don’t just get stored in some random parking lot. Many NC car repos are sold at repossessed car auctions.
The sooner repossessed cars are sold, the sooner financial institutions get a portion of the money that was owed to them. Most financial entities don’t have a location to store the car repos. Rather, they try to sell the vehicles to a SC repo car auction. A repo auto auction can be part of a public auction or limited to just car dealers or other private bidders at a dealer auction. Before going to purchase an auto repo, make sure you will be able to participate in the auction.
Through preparation and research, a good deal on a repossessed auto should be easy. NC repo auctions provide a variety of makes, models, and car repo conditions. Decide what kind of car you want to purchase and how much you are willing to bid and make sure to research the retail value of the car repos you want to bid on. It is helpful to bring along a few pricing guides or use the repossessed car auction catalog, available at the auction house, to research specific vehicles.
It is also necessary to get the VIN (Vehicle Identification Number) and get a Vehicle History Report on any Georgia auto repo in which you are interested. Even with extensive research on the car, it’s important to inspect the car repo in person before the repo car auction begins. Get a copy of the repo car auction site’s terms and conditions before the auction. It is important to know the auction house’s rules and what necessary items to bring the day of the car repo sale
If you aren’t sure where to find a repo auction, here are some useful tips to locate one:
• Check your yellow pages to see if they list any repossessed car auction sites in GA, SC or NC.
• Ask your local bank or credit union if they sell repossessed vehicles to a repo car auction.
• Search online for repossessed cars in Georgia or Carolinas repo auctions.
• Look at your newspaper listings for any repo auto auctions in the area.