During these hard times brought about by the worldwide economic downturn, the virtue of the moment has to be frugality, something we seem to have lost way back during the middle ages or the great depression of the 1920s in the U.S.A. Since a car purchase has to be one of the major decisions in one’s economic life, it may be wise these days to consider purchasing repossessed cars and joining repossessed car auctions as a most practical and smart alternative.

What is a car repossession anyway? Whenever a car owner defaults or fails to make on-time loan or lease payments for whatever reason, the bank or finance company may opt to take back or repossess the vehicle, a standard clause or stipulation written into every financing contract. There will be some grace period allowed but eventually when it’s clear that the buyer cannot catch up on his installment payments, it’s repossession time – the bank or lending company’s repossession procedures take over. The rest, as they say, is history. The repossessed car is sold to recover the loan balance, including towing and storage charges,as well as professional fees for the repo company that recovered the vehicle. Where does the car end up next? More than likely in a repossessed cars auction.

Many who have taken the opportunity will swear that visiting auctions could mean savings of as much as 80% on one’s tight budget. What is more, with the convenience of online shopping nowadays, looking for repossessed cars and joining car auctions have given new meaning to the term “let your fingers do the walking.” Now, it’s more like your fingers doing the “clicking” on your computer mouse.

Where to find repossessed vehicles? There are of course any number of ways. Going online nowadays is the most convenient. If you are looking to buy repossessed cars on the internet we would highly recommend Government Auctions UK. This site has agreements with auctioneers and police services to sell repossessed cars. It is by far the best option on the web with legitimate deals being closed daily. Or, you could also simply contact your neighborhood bank, finance companies, credit unions in your area or even some local auction company and ask about auction locations, rules and schedules.

Another advantage of dealing with repossessed car auctions is that you will invariably be dealing with reputable banks and financing companies. Hence, you will be spared the proverbial “hard sell” that used-car dealers are notorious for. These finance institutions have a reputation to protect and are not likely to engage in cheap tricks just to turn in a fast buck.

It goes without saying of course that as with any major purchase, the buyer has to proceed with caution. Caveat emptor is as old as the Romans – let the buyer beware. Since you are buying a used item, a highly complex machine at that, you have to know a little bit about cars or consult with somebody knowledgeable. There will not be the usual dealer or manufacturer’s warranties that usually go with a brand-new purchase. It’s strictly an “as-is, where-is” deal or a take-it-or-leave-it affair. So do your homework on repossessed car auctions. Frugality does not mean getting a bargain for bargain’s sake. After all, you don’t want to go home being penny-wise and pound-foolish.

Visit our article resource and find further free information on repossessed cars.

People in America will have no fear about getting their car repossessed thanks to the Spike TV network. Vehicle owners who find themselves the victim of car repossession will be given the opportunity to win back their repossessed car courtesy of a brand new tv gameshow due to hit screens in April 2011.

“Repo Games” will provide car owners the chance to win back the car they had previously defaulted on and winners will get back their car outright! No more repayments and the repossession is cancelled.

The below article from CNN Money provides further info on the show, I for one will be interested to see the format, knowing Spike TV the process won’t be straightforward.

NEW YORK (CNNMoney) — “Repo Games,” a reality television show from Spike TV that allows debtors a chance to win back their repossessed cars, will hit the airwaves later this month.

“This is the only show that combines the game-show format with actual repos,” said producer Sally Ann Salsano, “On the show, we give them a chance to win their car back, clean and simple. No car payments ever again.”

She explained that debtors on the show are “not thrilled” when they discover their repossessed cars hooked up to a tow truck, as a video crew captures their reaction. But they brighten a bit, she says, when they realize they’ve got a fighting chance to get their car back, with all debts paid off, if they successfully answer three out of five trivia questions.

“This could be a terrible situation, but this could also be your lucky day,” she said.

The trivia questions, she said, range from food and drink to science, pop culture, movies, technology and other topics.
Salsano of 495 Productions will debut this show April 26, right on the heels of “Jersey Shore,” a reality show that recently wrapped up its third season on MTV, which owns Spike TV.

As one of the producers of “Jersey Shore,” Salsano lived in the show’s beach house where the crew filmed her ne’er-do-well roommates — the stars of the show — as they lounged around all day, got drunk in clubs, argued about trivialities and attempted to score with like-minded members of the opposite sex.

The stars of “Repo Games” are, as might be expected, actual repo men. Josh Lewis and Tom DeTone are real-life professionals who repossess cars for a living. They’re not actors, which sets them apart from Emilio Estevez and Harry Dean Stanton, who starred in the 1980s cult flick “Repo Man.”

Spike TV filmed Lewis and DeTone as they repossessed 80 cars in Los Angeles and Dallas.

“Tom is the big muscle guy, but he’s a total softie on the inside,” said Salsano. “Josh razzes with the people a little bit. They both have a heart of gold and they’ve both been repoing cars for years.”

In their off-camera repos, the debtors are out of luck. But in their on-camera repos, Lewis and DeTone are the ones who pose trivia questions to the winners and losers.

“They feel like they’re giving people a chance,” said Salsano.

View the full CNN Money article.

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When attending a car auction, there are certain techniques which can be implemented to ensure you get the bargain repossessed car that you have been looking for:

1. Take a Trial Run
Bidding at auction is not necessarily straightforward for a first timer. We advise going on a trial run by attending the auction to observe and see how it works. This will give you an idea of how much time you have to view the cars, regsitereing and getting the catalogue and most importantly how the bidding process is carried out.

2. Look for Quiet Auctions
Auctions attended by a large number of people are often the hardest to pick up a bargain. It doesn’t take a genius to see a bargain and the more experienced car traders will be looking to snap up those cars too. British Car Auctions and Manheim Car Auctions are both well known auctions all over the UK selling repossessed cars,  so attending these would be the best option for the inexperienced. We would advise to check the auction times and go for a weekday which will tend to be quieter. Buying right at the end of the year is also recommended as car dealers tend to slow down on their buying during this period, so the auctions tend to be quieter.

3. Check the Car
We advise taking a mechanic with you or someone who knows about cars. Check the car you are interested in properly but remember that time is limited and you probably won’t get as good a chance to check the car as thoroughly as possible. Look for any signs that the car has been in an accident, our guide for buying repossessed cars at auction will help you. When they bring the car forward look for any signs of smoke when the engine is started, or listen for any abnormal noises.

4. Look Like a Car Dealer
This may sound trivial but always remember that genuine car dealers are extremely experienced and attend auctions regularly. They see the same faces and so can recognise a new one. Often they can use tactics of bidding with no intention of buying in order to get newcomers to keep increasing bids and end up paying more. There is no need to attend dressed up looking like Del Boy but then its always important to know that its rare to see a car dealer in an expensive suit either so try and find some middle ground.

5. Bidding
This is the most important part of the process. We would advise standing in the trough with the other car dealers, rather than the stand seats where the private buyers usually sit. When bidding, raise your catalogue for your first bid to get the auctioneers attention, a nod will be sufficient for further bids. If you attend the auction with someone else, make sure you don’t accidentally start bidding against each other, this happens more often than you would imagine, so its best to decide on one person for bidding.

6. Have a Maximum Price and Stick to it
When attending auctions, it is very easy to become interested in other cars and forget the one you went for. Make sure you stick to the car you like and also stick to the maximum price you set yourself. Anyone can win an auction, you just have to keep bidding, the secret is knowing when to stop, after all there will be more auctions so don’t feel upset if you are outbid, the nxt auction is only a few days away.

7. Fees
Remember that when you buy any repossession car, auctioneer fees will also need to be added to the price. These are usually set at 3% of the sale value and are payable upon purchase. Car auctioneers usually don’t accept credit cards but debit cards are allowed. Inform your bank beforehand that a large payment may be leaving your account on that particular day. This will save you hassle while the bank authorises the transaction.  Cash is the preferred method of payment but there is usually a cash limit of around £10,000 due to money laundering laws.

8. Remember There Are No Refunds
Its important to remember when buying repossessed cars at auction, that there are no comebacks if there is a problem, so although you may be able to pick up a bargain, its important to follow these steps and not end up buying a lemon.

Here are some links to auctions or recommended sites for buying repossessed cars in the North East of England:

» British Car Auctions Newcastle
BCA brings more car buyers and sellers of repo cars and vans together with an enormous range of sales each year including: Manufacturer sales, General sales, Prestige & Performance, 4×4 and Diesel, MPV, Ministry of Defence, and Fleet, Finance & Lease, and more, at 22 UK locations.

» Manheim Auctions Washington
Manheim Auctions has a national network of auction centres that cover the length and breadth of Britain and offers over 50 sales each week! In addition we offer the latest online sales channels and a comprehensive range of products and services.

» Manheim Auctions Washington Commercials
Manheim Auctions has a national network of repossession auction centres that cover the length and breadth of Britain and offers over 50 sales each week! In addition we offer the latest online sales channels and a comprehensive range of products and services.

» Scottish Motor Auction Group Newcastle
Scottish Motor Auction Group is first for price and first for service. Every auction site has modern purpose built facilities for buyers and sellers alike, and our professionally planned auctioneering programme means that you are never a day away from a sale.

»Manheim Auctions Middlesbrough
Manheim Auctions has a national network of auction centres that cover the length and breadth of Britain and offers over 50 sales each week! In addition we offer the latest online sales channels and a comprehensive range of products and services. Middlesborough’s top location for buying repossessed cars.

Newcastle Motor Auctions
Silverdale Road, Newcastle, Staffordshire ST5 2TA. TEL: 01782617930

Here are some links to auctions or recommended sites for buying repossessed cars in the London area:

» British Car Auctions London Enfield
BCA brings more car buyers and sellers together with an enormous range of sales each year including: Manufacturer sales, General sales, Prestige & Performance, 4×4 and Diesel, MPV, Ministry of Defence, and Fleet, Finance & Lease, and more, at 22 UK locations.

» Docklands Auctions 2000 Ltd
We have three Car, Commercial and Bailiff auctions a week, held on Tuesday, Thursday and Saturday. Our auctions are selectively timed to ensure a high level of both public and trade buyers.

» Bonhams
Bonhams hold regular international auctions of Automobilia, Collectible Motor Cars and Collectible Motorcycles.

Here are some links to auctions or recommended sites for buying repossessed cars in the Yorkshire area:

British Car Auctions Brighouse
BCA brings more car buyers and sellers together with an enormous range of sales each year including: Manufacturer sales, General sales, Prestige & Performance, 4×4 and Diesel, MPV, Ministry of Defence, and Fleet, Finance & Lease, and more, at 22 UK locations. Wide variety of repo cars for sale. British Car Auctions is the auction leader for repossessed cars and vans.

» Commercial Vehicle Auctions Doncaster
Regular auctions are held at CVA’s purpose built premises in Doncaster. Vehicles are entered into auctions from Blue Chip companies, leading finance houses, leasing companies, truck manufacturers, contract hire companies and local authorities. Light commercials, including CDV’s and other commercials under 7.5 tons gross, are offered in our regular commercial auction. See website for auction calendar.

» Commercial Vehicle Auctions South Yorkshire
Regular auctions are held at CVA’s purpose built premises in Doncaster. Vehicles are entered into auctions from Blue Chip companies, leading finance houses, leasing companies, truck manufacturers, contract hire companies and local authorities. Light commercials, including CDV’s and other commercials under 7.5 tons gross, are offered in our regular commercial auction. See website for auction calendar.

» Scottish Motor Auction Group Leeds
Scottish Motor Auction Group is first for price and first for service. Every repossessed auction site has modern purpose built facilities for buyers and sellers alike, and our professionally planned auctioneering programme means that you are never a day away from a sale.

» Manheim Auctions A1 Knottingley
Manheim Auctions has a national network of auction centres that cover the length and breadth of Britain and offers over 50 sales each week filled with repossessed cars! In addition we offer the latest online sales channels and a comprehensive range of products and services.

» Manheim Auctions Leeds
Manheim Auctions has a national network of auction centres that cover the length and breadth of Britain and offers over 50 sales each week! In addition we offer the latest online sales channels and a comprehensive range of products and services.

» Manheim Auctions Leeds Commercials
Manheim Auctions has a national network of auction centres that cover the length and breadth of Britain and offers over 50 sales each week filled with new repossessed vans! In addition we offer the latest online sales channels and a comprehensive range of products and services.

» Manheim Auctions Rotherham
Manheim Auctions has a national network of auction centres that cover the length and breadth of Britain and offers over 50 sales each week! In addition we offer the latest online sales channels and a comprehensive range of products and services.

» Bawtry Motor Auction Doncaster
Bawtry Motor Auction has moved 1,000,000 vehicles through over 6,300 auctions since 1961. Modern facilities in a friendly environment. Auction days, cars and commercials – Monday, Wednesday and Friday.Motorbikes monthly – see website. Good location for buying repo cars and vans.

» Bridlington Motor Auction
The majority of cars are entered direct from main dealers within the area,together with ex-company cars, finance company repossessions and privately owned vehicles. Ample customer parking, a purpose built auction hall and a range of refreshments are available. Auction days – Tuesday and Thursday.

» Independent Motor Auctions
Independent Motor Auction’s vendors include some of the North’s leading franchised dealerships plus local and national fleets. Four sales a week covering all car and van repossession vehicle types – Monday, Tuesday, Wednesday & Friday.

» Motorauctions Leeds
The North’s principal auction house. We are open five days a week and hold four sales per week, which include our ready to retail sale, fortnightly commercial sale, fortnightly 4×4/MPV sale, and dedicated fleet sale. Many repossessed vehicles are sold here every month. Auction days are Monday, Tuesday, Wednesday and Friday. Canteen open five days a week for hot and cold food.

» York Motor Auctions
Cars and light commercials auctioned weekly each Wednesday. We also hold regular sales of 4×4, MPV and Prestigious vehicles. For details see website.

Here are some links to auctions or recommended sites for buying repossessed cars in Wales:

» British Car Auctions Newport
BCA brings more car buyers and sellers together with an enormous range of sales each year including: Manufacturer sales, General sales, Prestige & Performance, 4×4 and Diesel, MPV, Ministry of Defence, and Fleet, Finance & Lease, and more, at 22 UK locations. BCA is the best location for repossessed cars with repossessed auctions all over the UK.

» British Car Auctions Newport Commercials
BCA brings more repossessed car buyers and sellers together with an enormous range of sales each year including: Manufacturer sales, General sales, Prestige & Performance, 4×4 and Diesel, MPV, Ministry of Defence, and Fleet, Finance & Lease, and more, at 22 UK locations.

» Clwyd Auction Centre
Ten minutes from Chester, on a 4 acre site, we are the largest auction centre in North Wales. Car auctions, each Wednesday and Saturday. Commercials sales including repossessed vans held the first Monday in the month.

» Merthyr Motor Auctions
At MMA we are renowned for the selection of direct fleet cars and commercial vehicles, including vans, trucks, tippers, minibuses and ambulances that we auction annually. Over 2500 vans, repossessed commercials and cars auctioned each week. Auction days, cars, 4×4 and light commercials, Monday, Wednesday and Friday. Heavy commercials, Monday.

» Newport Auctions Ltd
Three sales a week at our modern facilities, which include an on-site cafeteria, 2 miles from the M4. Hundreds of cars in every sale with a wide selection of franchise dealer part exchange vehicles and finance repossessions. Auction days –Monday, Wednesday and Friday.

» Swansea Motor Vehicle Auctions
Our customer base is wide, ranging from PLC companies, finance houses, contract hire companies, main dealers and many others. We offer a wide range of cars and commercial vehicles. Sales days – Wednesday and Saturday.

» Wilsons Auctions Queensferry
Wilsons Auctions Queensferry offer a complete service to the buyer or seller of used repossessed cars and light repossed commercial vehicles. The majority of our vendors are established franchised dealerships and also local and national fleets. Auction days – Tuesday and Friday.