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Because of the diminishing economy, many more vehicles are being repossessed by the institutions that hold the loans, leading to an increase in auctioning off the cars. This is a great opportunity for individuals who are trying to save money on a vehicle purchase.
Lending companies have the right to take a vehicle back if the customer has not kept up their loan payments. The banks, credit unions, and finance agencies then find themselves with an overwhelming number of repossessed cars that they have to sell through seized car auctions.
Many government agencies are authorized to seize vehicles for various reasons and sell them at auction as well. The vehicle is seized if a person owes the IRS a lot of money that has not been paid in a reasonable amount of time or if the vehicle was used for an illegal purpose.
As more and more automobiles are seized or repossessed by lenders, banks, police departments, and numerous other governmental agencies, they must pay high fees for storage. Most of the time, the owners of the seized cars have either no recourse for retrieving the vehicles or a very short time span to do so before the agency is entitled to sell it. A vehicle can be sold via a seized car auction once there is no possibility of the owner being able to reclaim it; in order to keep storage fees to a minimum, the agencies like to do this as quickly as possible.
Sometimes people get great bargains at a seized car auction, saving a substantial amount of money on a large selection of automobiles, trucks, vans, recreational vehicles, and boats. Seized car auctions allow people an excellent chance to purchase an automobile that is of higher quality than they normally would be able to afford. Some really lucky individuals could find themselves purchasing the car of their dreams for less than half of what they would have paid at a regular automobile dealership.
Prior to attending seized car auctions, it is wise to spend some time in preparation. First of all, you should have several types of vehicles in mind that you might be interested in, and you should do some research so that you know the fair market value of each before you attend. It is also wise to go to at least one used car auction as an observer before you actually start getting involved in bidding. This will help you understand how automobile auctions work so, when you are ready to actually bid, you will be able to proceed with confidence.
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