Anthony Lee asked:




Looking for the cheapest bank repo auto is often made possible by ads you can see on newspapers, the internet, and television. Oftentimes, it sounds like the best deal you can get and the way to your dream car. They promise to sell cars way, way below its current market value. You can even read banners saying “90% off on cars”. The question is this: Is this true?

To be fair to those companies that sell bank repo autos and to make this issue clear as early as now, the answer is “yes”, it is true. However, that does not end there. There is of course a catch.

If you are planning to buy a car at 90% discount, do not expect that you get your dream car or a high-end model vehicle. Instead, expect for junk or damaged vehicles that are only good for scrap. Why? The answer is very simple. You would not sell a good car for a hundred bucks, do you? And if you are the one who is in charge of selling bank repo autos, you would first have it appraised before you sell them, right? That’s exactly what car auctions sites do.

Another important point to take note is that when repo car auctions are often flooded with pre-owned vehicle dealers who will do anything to buy these vehicles at the most resalable price. Not to mention, these people are very experienced when it comes to auction and tricks to win the car. In other words, if you want to join the auction for the first time, expect that you will become the sheep in the midst of the wolves. Well, you will not be to one for dinner but expect that you go home either commuting or hitching a ride to a friend.

There is also a great chance that the price of the car may go very close to its current market value. So if you expect too much that you will get a very cheap car then you will certainly become very frustrated even before the day ends.

The lesson:

Do not take advisement come-ons as gospel truth. There may be a little fact behind it but still, they are only meant to attract you to join. Expect that the bank repo autos at auto auctions are priced almost the same as other pre-owned car and used car dealers.

You can still join auto auction websites that charge membership fees to its members. Just be on the look out for scams. There are websites that says they will you give the list of all the cars up for bid, location and dates of all the auctions happening nationwide. While some may actually have these information, there are few that only give you vague details about auto auction, and addresses and phone numbers wherein you still need to call for details.

Do not give your credit card number and bank account information to the company representative who says they are important for verification. You join because you are just out there to bid right? So why is there a need for them to know about your credit card and bank account number? Be careful, they might be scam.

Check out with the state Attorney General or with the Better Business Bureau the name of the company where you plan to be a member.

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