Excite

Seized cars, sales coming to every town

Seized cars or, as they're also known, repossessed cars would have meant nothing to the vast majority of us but, in today's climate, the banks and other financial lending institutions are repossessing many cars to clear off outstanding debts that people are now unable to pay. In the "boom" period many luxury cars were sold on hire purchase while people had good jobs but now that the recession has hit, these cars are seen as a financial burden and not always as a priority payment. The banks allow a certain amount of debt to accrue and, if there's no sign of a satisfactory payment schedule, they move to seize the goods that technically belong to them.

Seized cars are generally "sold as seen" and this means that they don't come with a warranty, they're quite simply taken from an address, impounded and sold on through auction. It's definitely a good idea to bring a mechanic with you to one of these auctions especially if you aren't familiar with what lies under a bonnet.

You can be extremely lucky and get a fantastic car at the fraction of its retail price or you can be unfortunate and end up with a costly dud but that is the chance you take.Many people avoid buying goods that have been repossessed for fear of reprisals but in reality this does not happen.

The car is simply sold off to free up money towards a debt and there is nothing personal about it at all. If you don't buy it, someone else will and its that simple.

Car auctions that deal solely in seized cars occur in most major towns at least once a month and the newspapers or local radio would be a good possibility when enquiring about the venue. Generally you need to pay the full amount on the night in question, unless it states otherwise on the advertisement material, so that is something else to take into consideration. The auctions themselves are run exactly the same as every other car auction, there is no noticeable difference at all.

  • Source:
  • google images

United Kingdom - Excite Network Copyright ©1995 - 2018