Hint #1: Go to the source of bank repossessed cars by calling local lenders.
Since lenders like credit unions and banks are the ones that give out car loans with the car as
collateral, they are the ones that take them back when the owner stops paying back the loan.
Once they have the cars, they need to sell them. Usually they either do it themselves or send the
cars to auction.
If a lender is selling their repo cars on their own, it is generally hard to find out about them any other
way than calling their collections department and asking what cars they have available. Usually
there is a set time and place where they are available to look at. Generally, they are willing to
negotiate, especially if they have had the car for awhile.
Otherwise, they will probably send their repossessed cars to large auctions. You can ask
their repo department about when and where the next auction will be. You will usually
need to directly contact the agency that runs the auction for more details than that.
Hint #2: Ask auction houses if they manage bank repossessed car auctions.
Call around to other agencies and ask if they usually run repo car auctions. Often it is the same
ones that do, so you if the one you called doesn’t, they might be able to give you the names of
some that typically do. Going directly to the agencies running them gives you the most current
and accurate information as well as the opportunity to get on their contact list for notification of
any upcoming auctions.
Hint #3: Call local newspaper and magazines to ask about auction ads.
Since most auction ads are run together and on a regular schedule, you can ask in what section
and on what day you should look for them. This will help you spot the ads when they are there
and saves you from having to skim the entire paper or magazine each time.
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