These aren't good economic times for many people and do you know what - there are always people who suffer financially no matter what state the economy is in. For example many firm go broke at any time of the economic cycle. Ok so you may be asking what has this got to do with getting banks repossessed cars and a good one at that - Cheap? Everything!
You see, particularly when a firm goes broke their are creditors. These creditors include banks and the Irs which have to be paid. Now if there isn't the cash to pay, assets that used to form part of the firm are then sold to cover the debts.
You are probably thinking certainly most cars that are repossessed are in pretty bad shape - to be honest some are but many are near new and regularly less than 3 years old.
The infer for this is that if a firm has been run as a corporation it is likely that the managers/owners have been writing off their expenses against their behalf and loss inventory to cut their tax bill. What you also may not have known is that in positive States the age of the car can be no more than 5 years old to claim these expenses and furthermore most of the cars are under 3 years old!
What this means then, is if a firm goes into bankruptcy it is likely that these 'nearly new' cars will have been repossessed by whether the Government or the Bank which is owed the money.
When say for example a bank repossesses a car, it legally takes rights of it, otherwise it could not sell on the car with good title to a purchaser. If the bank has an excellent debt against the car, the firm has technically defaulted against the loan and the bank claims the 'amount outstanding' on the loan against its insurers.
So guess what? This means that the car is certainly paid for and the bank now has an asset that it can sell to recover some of the debt it may have been exposed to in the bankruptcy of the business.
At this stage in the process the bank has two options. The first selection is that a hidden private or corporation can make what is termed a 'reasonable offer' on the car or as is more often the case it must put the car into an auction to get a 'fair market' price for the car.
Since there is no excellent debt and the bank as the wholesaler does not necessarily want to supply a guarantee with the car they are often heavily discounted.
However don't expect to pay only 0's you will still pay good money for a car but estimates are that you will save at least 40% from a car lot and because it's been a bank repossessed car you will have at the least a clean CarFax record and if it's under 3 years old, potentially a manufacturers warranty.
I know what your next demand is. "Where are these auctions at?" The good news is that there is a quick way for you to find the banks repossessed cars auctions in your area.
Banks Repossessed Cars - Get high-priced Cars Cheap
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