repo car search
Repo Car Auction Search
A record number of cars were repossessed by banks and loan companies in 2008. The repo car numbers up 12 percent. A staggering number over 1.5 million, can make anyone’s head spin. The numbers don’t look to be decreasing at this point in 2009, as layoffs mount and more car owners are unable to keep up with their payments. So, this leaves millions of cars that need to be sold for a loss to the bank, and the car owners.
It is a sad fact that so many individuals are having difficulty, with finances, but it is reality of life. Research shows that most people buy new cars that are beyond their means. The luxury cars, a big house, and high dollars spent on entertainment are the American way. However, a down economy, and living off credit cards that are maxed, has many people unable to meet their monthly expenses.
These repo cars will go to car auctions where they will be sold at large discount to book value. Some auction houses clearing 1,200 or more cars a day. This creates amazing buying opportunities for individuals, used car dealers, and professional car traders to scout prime deals on all makes and models of cars available at auction.
Online car auction companies are in possession of thousands of repo car data bases. You can find listings of local car auctions around the country, and also in your local area. They charge a nominal fee to allow you access to these data bases, which is well worth the small fee to gain access and save thousands of dollars on a great car. They provide FAQ that are vital if you decide to participate in auctions either live or online. Most offer money back guarantees to their customer service, and your satisfaction with the information they provide.
It is important to use only the top notch, well established online auction portals. One of the best, and most trusted auction sites is Gov’t Car Auction , you can also look into Choose Cars which has a flashy site page, but if you can get past that they offer up to date data bases with excellent customer service. Check them out, and may be you might be buying your next car, saving thousands of dollars, and driving the dream car you never thought you could afford.
Find links to online repo car auctions
Car repo rates are soaring
By Craig Guillot
Origianal article can be found at Bankrate.com
It’s not just homes that are being taken away these days – cars are also being repossessed at startling rates.
Today’s all-too-frequent recipe for hard times — resetting mortgages, increasing foreclosures, declining home prices and soaring prices for food and fuel — is now peppered with increasing numbers of consumers falling behind on car payments.
In the past year have you ever been late with an auto payment?
Never 91.1% (6870)
Once 4.1% (312)
More than once 4.7% (357)
Thomas Webb, chief economist at Manheim Consulting, a wholesale vehicle auction operator, says 1,505,000 vehicles were repossessed in 2007, a 10 percent increase over 2006. He predicts another 10 percent increase in repossessions during 2009, sending repo numbers to one of the highest levels in a decade.
As repo figures climb, auction wholesalers and dealers are buying used cars at significant discounts and frequently passing those savings on to consumers, says Webb.
Wells Fargo reports it has also seen an increase in auto loan delinquencies and wrote off $1 billion in auto loans in 2007, an almost 17 percent increase over the $857 million in write-offs in 2006. An even higher write-off rate is expected this year. As with subprime home loans, low interest rates over the past few years made it easy for people to buy cars they ultimately couldn’t afford. Between 1998 and 2008, the total of Americans’ auto loan balances jumped from $282 billion to $772 billion.
Fast facts
1. Car repos rose 10 percent in 2007 — a similar jump is expected in 2008.
2. Much higher used car inventories are pressuring resale prices lower.
The 2007 Non-Prime Auto Financing Survey published by the National Automobile Finance Association revealed that delinquencies on subprime auto loans jumped from 6.8 percent to 11.6 percent.
Tom Kontos, chief economist for vehicle auction operator ADESA, said ADESA’s normal 45-day inventory rose to a 55-day inventory in January 2008. Some of that has since eased, but Kontos says there have been abnormally high levels of vehicles on the auction block.
"Some of it we anticipated in tough economic times, but the spillover from the housing market may make this a little out of the ordinary. The increased number of repossessions in the first part of 2008 was greater than we expected," says Kontos.
While resetting mortgages may be driving some of the problems in late car payments, Mari Adam, president of Adam Financial Associates Inc., of Boca Raton, Fla., says the problem is compounded by the fact that Americans have a bad habit of buying vehicles they can’t afford. Adam says she sees many clients overspend on vehicle expenses — sometimes spending as much as 40 percent of their income on vehicles, when even 20 percent can be too much.
"The bill is coming due for a lot of people who were living large. Whether it’s the house, the car, the credit cards or anything else, it’s a problem. You have to remind people that a car is a depreciating asset and you can’t overspend on it," says Adam.
An easy credit market in recent years and dealers anxious to find creative ways of helping consumers buy vehicles they couldn’t afford also share in the blame, says Philip Reed, senior consumer advice editor at Edmunds.com. Reed says many drivers have discovered their leases are too long or that they’ve leased too much vehicle.
Original article can be found at Bankrate.com
Find more on repo car auction article.
Where to find repossessed car auctions.
Record numbers of luxury sports cars at repo auctions.
REPORT: Car loan delinquincies jump almost 9 percent
and that’s mostly because of the rising rates of unemployment. People can walk away.
How to Buy Repo Cars On Cheap | Auctions Online in the UK
Did you know that you can buy cheap repo cars ie repossessed cars?.
Auto Delinquency Rates Surge Nearly 9%
i predicted the next bail out crisis would be credit card debts & repo autos.
You can get car loans and home loans (at terrible interest rates).
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