Obviously the repossession of cars by banks is not a simple process, and as such there are certain phases involved in foreclosure. The first phase in bank repossessed cars is that the car in question is made available for auction (this entails a transfer of car rights). The auctioning of bank repossessed cars is an easy way for the bank to settle the outstanding amount of the home loan in question. Bank repossessed cars are therefore usually a great option for potential buyers, because banks want to get rid of the car as soon as possible (this is because banks don’t want to get caught up in the administration and cost involved in car maintenance, storage etc.).