| Cars that sell at a bank repo car auction present a | | | | Determine how much to pay can always be tricky but |
| huge opportunity to buy at or below wholesale values. | | | | a good guideline that I use is the Blue book trade-in |
| These are good cars that were privately owned and | | | | value (wholesale value) of the vehicle, minus any |
| have been either seized by the bank or financial | | | | auction fees and the cost of any minor refurbishing |
| institute. Please read the 5 easy tips and learn to buy | | | | that might be needed for the vehicle. |
| repo cars at or below wholesale prices. | | | | 4. Bidding wars |
| 1. How to find a bank repo car auction. | | | | Never ever get into a bidding war. If you do, you will |
| Finding a bank repo car auction is easy. The banks | | | | end up paying full retail price for the car. Stick to the |
| website, local newspapers, by calling the bank and | | | | wholesale price minus any fees. Never ever go above |
| finally, online services to search for repo cars. Most of | | | | your set price just walk away and go on to the next |
| these services charge a one-time membership fee | | | | deal. Remember you are at an auction to get a good |
| and are able to provide you with up-to-date | | | | deal that means never go over the wholesale price. |
| information on these sales. | | | | 5. How to inspect a bank repo car |
| 2. How to appraise a car | | | | Three easy ways to inspect a repo car, do a search |
| Appraising a car is easier than you think. All you need | | | | and get the vehicle history if the carfax does not look |
| is the year, make, model, mileage, color, options and | | | | good then don't even bother with the car. Do a visual |
| overall condition of the car. Then use KBB.com, and to | | | | inspection yourself, check for any fluid leaking, unusual |
| determine the blue book value these are free services | | | | tire wear, different shades of paint color (signs of an |
| online. You will notice three values retail, private party | | | | accident) or anything that looks unusual just use your |
| and trade-in. The only one we are interested in is the | | | | best judgment, but make sure you look the whole car |
| trade-in value it is the true wholesale value of the car. | | | | over really good. If everything else checks out then |
| This is the one you will always use to determine the | | | | hire a car mechanic to inspect the car. |
| value when buying at a car auction. | | | | Now take these 5 easy steps and buy your next car |
| 3. How much to pay for a bank repo car | | | | dirt cheap, at a bank repo car auction. |