0.36 percent of cars purchased by owners acquiring loans are repossessed in a quarter in the New York. Repossession occurs as a result of failure of stressed borrowers to come to an agreement with their debtors.
Repossessed cars are usually auctioned off in the county they were repoed in, you can also try this link to help find repossessed cars, http://ultracarfinder.com/
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.
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They check them out and resell them after that for a cheap price.
Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.
nonpayment of loans, usually.
yes
They get resold as used cars to make some of the money back.
Autobidmaster.com is a site where you can bid on those cars that have been repossessed. It offers a wide range of of models and locations of where the vehicles are being listed.
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.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.