San Francisco, CA local car auctions are popular among the locals who wish to buy a second car for their family. You may already have a car and you may be looking for cheap cars to get an additional car for your family. Many people have teenage kids who ask for their own personal car. You don’t wish to say no to them, but still you are not ready to spend a huge sum of money to buy a car for your young adults. If this is your condition, you can check with the repo car auctions in your city.
Repo car auctions sell repossessed cars which are seized for various reasons. The creditors lend money to their clients hoping that they will pay back their money. Most of the debtors fall behind their payments and try to escape from the loan. This forces the creditors to repossess the car of their clients to match the missing payments. These cars pile up in the garage waiting for money from the debtors. After the deadline, these cars will be auctioned to meet the debts of the debtors. The financial institutions outsource the auctioning responsibility to auction firms to hold the auctions.
There are many auction firms in San Francisco, CA that hold various auctions almost everyday. The local car auctions are advertised in the local media, enabling the fellow citizens to take part in the auction. Online auctions are also held by these auction firms, so that anyone can participate in the auctions. Online repo car auctions are increasing in popularity because of the possibility to get cheap cars from these auctions. If you have a computer connected to internet, you can participate in the public car auctions in San Francisco, CA if online registration is allowed.
Government auctions also sell seized cars to clear the garage. The cars sold in repo auctions are priced low because the auctioneers are selling these cars not for money but to empty their garage. The creditors will repossess the cars even if the debtors miss a single payment. Eventually, the value of the car will be higher than the actual debts. The repo auctions sell cars to meet out the pending payments and hence, the bidding price will be too low compared to the worth of the car.
Eventhough the live auctions selling repo cars allow you to buy a car at 90% of the retail price, you cannot expect dirt cheap cars if there are many participants in the auction. There is no need for any surprise if you see almost new luxury cars in the police auctions. However, such cars get more attention from the bidders, and you may end up paying more for the car.
If you want to know about the local car auctions, check the local magazine or auction database website for the auction sites. Your dealer will not reveal any useful information about the local auctions selling repo cars because he doesn’t like competition at the auction site. It is important to gather as much information as possible about the live auctions in San Francisco, CA if you want to buy cheap cars.