| Repossessed truck and car auctions are popular | | | | Go to the auction prepared. Make sure you have |
| with dealers for finding great used cars to sell on | | | | your financing all arranged and that you have the |
| their lots. You can buy at these auctions too and | | | | required deposit available in the proper form of |
| save a lot of money when purchasing your next | | | | payment. You can check ahead with the auction |
| vehicle. Selling repos bought for cheap at auction | | | | company to find out how much the deposit will be |
| is a great way to make a little extra cash or | | | | (usually $500 or 10%), what types of payment |
| generate a lot of money depending on how much | | | | they accept (cash or cashier's check most |
| time you want to spend on it. Regardless of why | | | | frequently) and when the rest of the money |
| you are buying, the key is to be able to | | | | must be paid by (typically 24-72 hours). |
| successfully bid so you can get the cars you | | | | Remember to bring your photo ID to show when |
| want at low prices. | | | | registering to bid. |
| Find out what will be available by requesting an | | | | Be sure to bid smartly. You don't need to be the |
| auction list from the auction agency. You can find | | | | first to bid when a car you like is up. In fact, it is |
| out about repo auto auctions by calling local | | | | usually better to let someone else start while you |
| lenders who repossess cars, checking with local | | | | wait to enter the bidding. Don't let yourself get |
| auction companies to see if they handle these | | | | caught up in a bidding war with someone else. If |
| kinds of auctions, and looking in the paper. Also | | | | the price goes over your maximum bid, then stop |
| consider signing up with a repossessed cars and | | | | bidding and wait for another car. There is a lot of |
| trucks website. They usually have searchable | | | | variety at auctions and new inventory at each |
| listings for many auctions and will give notification | | | | one, so you can find what you want for the price |
| of future ones. Most require a paid membership, | | | | you want if you are willing to be patient. |
| but they make it easy and quick to find out about | | | | Complete the transaction to take ownership of |
| several auctions at a time. | | | | the auto. At the end of the auction, you will need |
| Set a maximum bid for each car. You can do this | | | | to pay the deposit for any auctions you won and |
| by starting with the trade-in value from a used | | | | pay the rest in the set time if you are not paying |
| car guide (try the Kelly Blue Book and NADA | | | | in full right away. Some auctions may offer an |
| guides) and lowering the amount to cover the | | | | on-site inspection for a fee or you can get the |
| costs of any repairs you note during the preview | | | | car inspected off-site. Find out beforehand what |
| period. Some people like to lower it another | | | | the auction policies are for returns. Some are |
| 5-10% to cover unnoticed repairs. Then once it is | | | | completely as-is while others may give you up to |
| all repaired, you can either drive the car or sell it | | | | three days to return any car that has significant |
| to someone else for a nice profit. | | | | problems. |