When people are searching for bank repossession cars at auto auctions in the Dallas-Plano-Irving metropolitan area Irving is often overlooked. Since Dallas is much larger the common assumption is the best deals will be found there. While Irving is only the 13th largest city in Texas, it features some of the best deals on bank repossessed cars at auction. To get the best deals on a bank repossessed car at an Irving auto auction there are a few tips to keep in mind.
Focus on Mixed Auctions
People who are interested solely in bank repossessed vehicles typically target auctions which only include repossessed vehicles. While this will provide the greatest selection of bank owned vehicles, it rarely results in the best deals. There are several reasons for this but the primary reason is the lending institutions are in a position of power. Most repossessed cars will start out with a reserve bid, normally the remaining balance of the loan. This means even if you are the highest bidder, the bank may require you to pay more in order to actually purchase the vehicle. Since every vehicle at a repossession auction has a reserve bid, banks are less likely to negotiate with you after the auction ends.
A better solution is to look for repossessed vehicles at general public auctions. General public auctions often have lower average prices per vehicle. As a result, lending institutions have less negotiating power because the average vehicle price at the auction is lower. In most cases, banks place cars in general public auctions after they failed to sell the car at their original reserve bid price. They already know that they will likely have to sell their cars for less than they want to which means the bidder is in the position of power and can negotiate a price far below the original reserve bid.
Never Buy Repossessed Cars Directly From a Bank
Another common mistake people make is they try to get a jump on their competition by purchasing repossessed cars directly from the lending institution before the auction begins. Unfortunately, there is no incentive for the bank to negotiate a lower purchase price because they know they can always put their cars in an Irving auto auction. As a result, it is almost always more expensive to purchase directly from a bank than attending a repossession auto auction.
Recent Great Deals on Repossessed Cars Purchased at Irving, Texas Auto Auctions
- 2010 Toyota Camry SE
At a recent auto auction in Irving a 2010 Toyota Camry SE was sold for $5,120. There was some noted undercarriage damage which occurred during the repossession process. It was a gold, front wheel drive, 4 door sedan.
- 2006 Dodge Magnum SXT
Another great deal on a repossessed vehicle was a red 2006 Dodge Magnum SXT. It has minor dents and scratches and was sold for less than $2,225. The vehicle had a clean vehicle history report; however it did have just over 195,000 miles. This is an excellent example of what to expect from repossessed vehicles which were previously purchased as a used car.
- 2007 Chrysler PT Cruiser
A final example of what can be found when hunting for bank repossession cars in Irving, Texas is this 2007 Chrysler PT Cruiser. It featured fairly high mileage at 188,000 miles but the winning bidder paid less than $1,000 for it. Even if the winning bidder gets only a few years out of this vehicle it still represents an excellent example of a value purchase.
There are a lot of great deals to be had when attending an Irving auto auction in Texas, especially if you are focusing on bank repossessed cars. The key is paying close attention to the type of auction and understanding when you are in the best position to negotiate a final price if the bank is unwilling to accept your final bid. Keep in mind that you will rarely be told the reserve bid price before bidding on a vehicle. Don’t be afraid to walk away from the purchase if the lending institution is unwilling to negotiate. Since you had the highest bid they know you provide them with the best opportunity to sell their vehicle.
