Repossessed Cars

Whether you are planning to visit repossessed car auctions to buy a repossessed car or just thinking of getting a used car, this information will assist you. Buying a brand new car from the car showroom is a nice feeling but to a practical person, it simply means that about 30 to 50% of your value is gone as soon as you drive away.

Why You should Consider Repossessed Car Auctions?

Used car dealers are not the only ones that can offer you a second hand car for a marked down price from its original value. Repossessed auto auctions nowadays can give you an equally if not better deal. You need not deal with sweet-talking

used car dealers who would cajole you with the “best” deals only to fatten their own wallets in the end. Auctions offering repossessed cars used to be the playground of car dealers only but as people start to become more aware, they are taking notice of repossessed car auctions as a viable option to get a good deal. Some of your used car dealers are buying repossessed cars and reselling to you. Why let them earn a middle man fee when you can do it yourself?

The reason why you are getting bargains because the repossessed car auctions were held to clear the inventory of banks or government agencies. The intention is not profit-driven. Every single day, the government agencies seized a great number of cars as empowered by the laws concerning tax evasion, criminal acts and so on. The same situation applies on the private end with banks taking control of properties including cars from loan defaulters. These organizations understand the need to dispose of the liabilities. The longer they hold the vehicles in their possession, the more money they lose in terms of car value as well as the maintenance costs.

Since the auctioneers are eager to get rid of their vehicles, it is quite easy to find seized cars at these repossessed car auctions at incredibly low prices. Sometimes, you can get it at about 10 to 20% of the original retail price.

Thousands of cars are repossessed and become government & bank property through various seizure & surplus laws on a daily basis.
Because of the constant influx of vehicles and the enormous expense to store them, these vehicles are often sold as quickly as possible at a cheap price.  This often incurrs huge losses upon the original buyer of the vehicle who was unable to fulfill the agreement made with the finance company.

This website has been produced in order to provide further information regarding repossessed cars including help and advice on what to do if your car is being repossessed.

Having your car repossessed can often have a huge impact on an individual’s life and is becoming more and more common due to the current economic situation within the UK as buyers struggle to make all payments on time.

Singer Kerry Katona recently famously had two vehicles repossessed due to personal financial difficulty, illustrating how the credit crunch is affecting people from all walks of life.

The links section provides links to other websites offering further information on repossessed cars and what to do in this situation.

For those of you interested in taking advantage of these low priced repossessed cars we offer a section on where you  can buy a repossessed car in your area.

Car Repossession explained

If you are facing car repossession or you are currently struggling to make repayments on your car loan, we advise you to firstly contact the finance company and let the know your situation as they may be able to assist you.

If repayments are not being made, the lender has the right to repossess the vehicle. The lender will initially send you a default notice, this will provide you with the opportunity to make repayment. You will usually be given seven days to take action. If you don’t have the money to put things right, you should explain this to the lender. In some cases they will agree to a new repayment structure. In other cases they may not agree on anything less than full payment and will take you to court. At court you can request for more time in order to make repayments, especially if you want to keep the car.

The lender will require a court order if you have repaid more than 50% of the total cost of the loan agreement (This excludes insurance). If you have repaid less than the 50%, the loan company will require a repossession order from the court in order to repossess the car. They are unable to take the car without this, however if they do get permission from you then they are able to take the vehicle. In the long run, it is sometimes better to just give back the car to the company.

If you are in the situation of facing car repossession we hope this site will be able to assist you in providing advice on what happens and who can help you. If you have any information to add or comments to make we would be interested in hearing from you.