Repossessed cars for sale in Ireland are cars that are taken back by financial institutions, such as leasing companies or banks. Repossessed cars have either been used as collateral for a loan or they have been the object of a lease contract.
To find repossessed cars is the opportunity to buy the cheapest cars. Many times it is the way that you can get your car back for a very good price. Repossessed car auctions are held in almost every county and state. There are three ways to find where and when repossessed car sale auctions are taking place.
- Ask the bank or the financial institution that organizes the auction
- Look over the ads in the local newspaper
- Search the Internet, which is probably easier
What Cars You Can Buy
There is a variety of cars that you can find in repossessed car auctions. You can get anything from small class cars to Jeeps, off-roads and luxury cars. As far as the brands are concerned you will probably be able to find almost any brand that you desire: BMW, Lexus, Fiat, Audi, Bentley, Chevrolet, VW, Mini, etc.
Car Finance Institutions
The largest car finance institutions that offer financing are GE Money, Permanent TSB, AIB, and Bank of Scotland Ireland. The banks hold these auctions through auctioning companies such as Merlin Motor Auctions. It is said that more than 50% of the cars sold at auctions are repossessed cars because of the recession. It is unfortunate for those whose cars have been taken, but repossessed cars for sale in Ireland, can be an advantage for you.