Overview - Buying repossessed
The whole repo thing seemed like
a "scam" to us for the longest time.
Because for the most part, much
of what you'll find are scams --or scam-like.
Here's what I mean:
- many places offer to tell you
how to do it but only give you a long list of phone
numbers to call. Then, you have to send money to get
those listings. In many cases, those are not quality
- secondarily, we found that (less of a problem today,
we think) many of the early auctions were not so closely
monitored and the best (truly bargain) items would go
to "insiders" or buddies of the auction houses.
This is why it was never really possible to get a working
Ferrari for 100 bucks unless you really knew
some people and were in the biz for a long time. Now there
are checks and balances in place that go along way towards
making it more fair.
The drawback to making it
fair is that this also means there are fewer absolute
steals out there, but there is still quite a bit of potential
left -especially until auctions catch on mainstream.
For instance, I have a business
associate who travels around to various auction houses
and buys used stuff and then unloads items on ebay for
HUGE profits. I was so irked one time recently because
I paid $5,500 for an incredible Cisco Router (piece of
high-tech networking equipment), and this guy had purchased
50 in bulk from an auction house.
The auction house had purchased them from a bankrupt
ISP. His cost?
About $1,000 each! Now, $50,000 is a lot for most of
us, but he sold those on ebay in less than a month for
a $100,000+ profit!! I could not get a refund on my purchase
from my vendor, so I lost out on taking advantage of his
deal. But, he finds deals like this all the time, and
even though $50,000 is a bit steep; most people work their
way up that ladder over time.
On the other side, we do pretty well with repos, and
the only downside there is the work involved in traveling
to check out the vehicles and make sure they are in the
condition expected. One of our prize deals was a 1995
Acura NSX with only 16,000 miles on it! It was in pristine
mint condition and we got it for a sweet deal. ;)
You can probably tell that the NSX is one of my top,
dream cars :D
The easiest way to locate these
types of auctions (that we know of) has to be Cheap Car
Finder. Before, we only recommended them for repossessed
cards, but they now offer a lot more.
You can visit their site or keep
reading below for a review on the CheapCarFinder service.
the Cheap Car Finder Website (skip review)
"Cheap Car Finder" Review
Finding repossessed cars and car auctions can be a bit
tricky. There are several services that promise to tell
you "how", but many are scams. There are also
low-cost government programs you might find. The key,
however, is that CheapCarFinder puts it all in one place
for you and it's a very low cost --even lower than some
of the government resources.
They can do this because they do all the work and then
leverage their costs by reselling it to a good many of
their customers all at once. They offer excellent customer
service, can help you get started, and they also offer
more than just help in locating great car bargains (read
Due to the growing demand for great buys on car, houses,
jewelry, boats, etc; Cheap Car Finder has added several
new categories to their offerings. They now have listings
of seized real estate, seized property, seized boats,
and much more!
Many people tend to be skeptical about these auctions,
and that is a good thing. Those that get in before the
masses will be able to find some great deals on some great
Many of Cheap Car Finders competitors charge outrageous
prices or offer little in comparison. Unfortunately, we
know this from experience. So, the full year of access
to CheapCarFinder's system is well worth it --in our humble
the Cheap Car Finder Website