They are sent to an auction and sold.
These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.
You can find thousands of government owned/repossessed cars by going to the government auction site. The prices start very low and there are thousands to choose from.
Go to a repossession auction. They are often advertised in the newspapers and on radio.
Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at firstname.lastname@example.org
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
Repossessed cars that are for sale may be viewed at Auto Bid Master. They have a wide selection of cars that can be purchased through an auction type system.
A car reposession will leave a major black spot on your credit rating for 7 years.
The biggest turn-off when buying Repossessed Car:As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself.Why you should still go for Repossessed Car:The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction.
They usually take them to auction after a brief storage period either at the collection agencies or lending institutions yard.