Have you heard of bank repo trucks before? Well, most people have and yet they haven’t really jumped at the chance to own a good, working truck for a price that’s significantly lower than your average used one. This can be attributed to the fact that most people repossessed vehicles are illegal and therefore, something that they ought to stay far away from. But this is certainly not true. Repossessed vehicles are legit for as long as you purchase them from genuine bank auctions. Now, if you are still unconvinced, here are a few things that should make you reconsider.
- They are more affordable – These repossessed vehicles can sell for about 25% lower than your average used vehicle. The best bit is that some of these trucks were barely used, some have been on the road for under the year and every little detail is still in condition. Some could use a bit of fixing up but for the price that they are being sold for, you’ll certainly have more than enough left to get everything done. If purchased directly from the bank, you can rest assured that there would be no commission fees, no auction registration charge and hidden costs that would make the price balloon to more than what you can afford.
- You can be sure that you’re dealing with legitimate people – This is especially true if you purchase from bank auctions. Needless to say, these banks are not about to scam their clients in order to make a few thousand dollars by selling bank repo trucks. The reason why these vehicles are so cheap is because the banks need to turn them into money as soon as possible in order to cover for any losses that they might have incurred during the time that the vehicle was in storage. If it was seized because of an unpaid loan, the money made from the auction would be used to cover that loss.
- Quality inventory – Here’s the deal, banks are not going to repossess a vehicle that is no longer worth any money or one that would not sell in an auction. After all, the point here is to make money and not lose even more. This is why you can be confident that whatever is being sold in these auctions are vehicles kept in good condition and would only require a few minor fixer uppers. If you’re real lucky, you might find one that’s only a few months old and get it off the block for a real good price.
Now, how does one find bank auctions? The best way to do this is to call your local bank and ask them about their auction schedules. They are most likely going to be very generous with this information. You can also check out local listings and classified ads. But if you want to do things the easy way, using the internet would be a really good alternative. So go on and give bank repo trucks a try. Who knows? You just might end up finding the car of your dreams in one of these auctions.