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how can i get a car legally seized by a bank and put it for auction..?
how can i get a used car ( from a bank) which is seized by them. I have heard that these cars come cheap... I am looking for a 2011 car for 2 lakhs :)
3 Answers
- 8 years agoFavorite Answer
As they say many times its who you know that is important. In this case if you approach a local bank repossession property administrator and ask them about automobiles that they have or get from time to time you may be able get an update list weekly or monthly. When the vehicle of interest comes along, you go have a look and make a deal or wait for their posted auction and purchase. Similarly if you want you can approach the auction house for the required information and vehicle list. Many of these auctions are for pre-screened and pre-qualified buyers only, others are closed to all but wholesalers and some are by membership only. So you would have to check the terrain in the market that you are located in. Yes deals can be had but the risk is there that the owner spoiled the car before the bank too it as well, so tread lightly and inspect closely. Most auctions are as is where is, but if the car is new enough the warranty from the manufacturer may transfer, but not for damages or abuse by the previous owner!
Hope that helps and good luck in your quest.
Keep us posted as to your success and hunt techniques being used! for that gem of a car.
- Skoda JohnLv 78 years ago
Go to the auction and bid for it.
They use an auction so they get the best price they can for the car to recover as much of the money they are owed as possible. They have a legal duty to get a best price offer.