ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

What Is A Bank Auto Auction?

Updated on July 14, 2010

 Most people are familiar with the auto auction concept.  These are auctions at which new or used cars are sold at discount prices.  Shopping at an auto auction can help you save hundreds, even thousands of dollars if you shop carefully and know what you’re doing.  There are different formats of auctions available, one being the bank auto auction.

 At a bank auto auction it is repossessed vehicles that are being auctioned off at discount prices.  These cars are repossessed from people who went through the bank to purchase a vehicle and who then did not make their payments on time or stopped paying altogether.  The bank allows a certain amount of time before going ahead and repossessing the car which they then take and sell off at auction to get their money back.  It would then be taken and sold at one of these auctions.

 They don’t make all of their money back, but their point is just to get rid of it and get at least a bit of its value.  As long as you shop carefully you can make a killing at these auctions.   Just remember that there are a lot of scams that you’ll have to watch out for.  Sticking to familiar sellers is the best idea so that you have less chances of being taken advantage of.

 When buying a car at a bank auto auction make sure that you take your time and check out all the parts on the car before buying.  Remember, once you have agreed to buy the car there is no going back so you want to shop smart and never rush into any purchase.  If you don’t know too much about car mechanics you may want to bring along your own mechanic or even just a family member or friend who knows more about it than you.  Take the time to figure out what sort of vehicles you’re interested in finding beforehand and then do some research on them.

 The best way to do it is to spend a bit of time figuring out what sort of vehicles you’re interested in finding.  This way you can use the Internet and other resources before actually heading out to the auction.  Shopping at bank auto auctions is also great because some cars won’t have a lot of bidders and so you can basically get it for next to nothing.  For later model vehicles the Manufacturer’s Warranty should be included with purchase of the vehicle.


    0 of 8192 characters used
    Post Comment

    No comments yet.