Bank repossessed car auctions

03 Feb 2010

Bank repossessed cars are cars that the bank has repossessed from the owner, because he or she did not fulfill their payments, or took longer than stipulated in repaying their loans. These bank repossessed cars are then sold by the bank in order to cover the outstanding amount it is still owed for the car. This means that bank repossessed cars are much cheaper than a new or even a second hand car, whilst generally being in a condition comparable to that of demo models.