| Because of the current economic climate, an | | | | that repossess vehicles. The person who owns the |
| increasing number of people are falling behind on their | | | | vehicle only has a short period of time to get their |
| car payments; as a result, lending institutions and | | | | vehicle back before the agency that has possession |
| government agencies are repossessing more vehicles | | | | of it has the right to auction it. Once the person is |
| and more seized car auctions are being held. This, in | | | | unable to reclaim their vehicle, agencies prefer to sell it |
| turn, allows more people to have a chance to save a | | | | at a seized car auction to minimize expenses on |
| substantial amount of money on a used car. | | | | storing and maintaining the vehicle. |
| Lending institutions commonly repossess vehicles once | | | | If you want a bargain, a seized car auction may be |
| people fall behind on their automobile payments, | | | | just right for you. With thousands of cars to choose |
| especially if it is obvious that the person will be unable | | | | from, you are bound to find one at the right price. |
| to catch up. As a result, the larger financial institutions | | | | Seized motor cars sold at auctions are sold at |
| are burdened with seized cars and those that have | | | | discounted prices, allowing people to purchase high |
| been repossessed, and it becomes necessary for | | | | quality vehicles that they would not have previously |
| them to get rid of the vehicles by having a seized car | | | | been able to afford. You may get lucky and drive |
| auction. | | | | home with your dream car at a low cost. |
| Vehicles can be seized and placed in seized car | | | | It helps to prepare yourself before participating in a |
| auctions by various authorized agencies, including those | | | | seized car auction. Make sure you know a few types |
| on the local, state, and federal levels. A vehicle can be | | | | of vehicles that you are interested in purchasing |
| seized if it has been used in the commission of a | | | | before going to the auction. You also may want to |
| crime, if drug money was used for its purchase, or if | | | | attend a car auction or two prior to becoming involved |
| the owner owes the IRS a substantial amount of | | | | in the actual bidding. This will get you familiar with auto |
| money. | | | | auctions and build your confidence for the bidding |
| Storing vehicles is expensive for all of the institutions | | | | process. |