Basic info on bank repossessed cars

04 Apr 2010

Bank repossessed cars are ones which the bank or financial institution that financed them in the first place have taken back from the owner. This happens when the owner cannot meet his/her payment deadlines, or cannot meet them in time. The bank then repossesses the car to recover the outstanding amount owed to the institution, and to cover the losses incurred by the administration and storage of the vehicles. The bank is also fully within rights to do this, seeing as how the car remains the rightful property of the bank or financial institution until it has been paid off in full.