| Purchasing repossessed cars at repo auto auctions on | | | | auction. |
| your own may seem complicated and something | | | | 4. Go to the preview. Previews are usually held the |
| better left to the experts. While you can pay | | | | day before, but may be the same day as the auto |
| someone to go for you, you will save money and be | | | | auction. They typically will not be more than a few |
| able to make all the decisions if you go on your own. | | | | days in advance. At the preview, you will be able to |
| Follow these steps to confidently purchase a repo | | | | inspect the cars inside and out. This is your chance to |
| car. | | | | check for major problems and determine your |
| 1. Learn the date, location and time of auctions well in | | | | highest bid on each vehicle. Remember to subtract |
| advance. You want to be able to go to the auction | | | | the cost of repairs, giving yourself a little extra for |
| prepared to make a purchase. | | | | unexpected ones. |
| 2. Figure out your financing. Know how much you are | | | | 5. Attend the repo auto auction. Be sure to bring |
| approved for and call around to get the best interest | | | | your notes so you can don't have to remember |
| rates. Since most auctions have rules about what | | | | which cars you wanted to bid on or what you had |
| payment types they will take, check beforehand and | | | | decided was your highest bid. Bid on the cars you |
| arrange things so you will be able to follow through | | | | picked, but don't get discouraged if you are outbid. |
| with your purchase. When you win a bid, they | | | | Other cars will come along. You do not want to get |
| expect you to buy the car. | | | | caught up in the bidding and bid more than you want |
| 3. Research cars. Look into what repossessed cars | | | | to pay or more than you should pay for a car. Be |
| typically sell for at auction and how much those cars | | | | patient. If you do not buy a car the first time, |
| sell for at a used car dealership. Consider test-driving | | | | consider it your practice run and prepare to attend |
| cars with the same make, model and year as those | | | | another auction armed with a little experience and |
| you want to purchase to make sure they are | | | | more knowledge about how to successfully buy a |
| comfortable and you like how they drive since you | | | | repo auto. |
| typically will not be able to test-drive cars sold at | | | | |