Are you interested in buying a repossessed truck?
It’s easier than you might think!
Plus, buying a repo truck is a great way to get the vehicle you want at a price you can afford. Banks and credit unions often have lists of repossessions on their websites that include new trucks, old trucks, compact trucks, mid-to full-size trucks and more. Some of these repossessions are in great shape and ready for a new owner.
Here are three simple steps to buying a repossessed truck – or any vehicle for that matter!
Step 1: Browse the Listings.
The first step is to find a truck that meets your needs. Because it can be tiresome to search through all the local banks and credit unions in your area, use a tool like RepoFinder.com. This free tool allows you to search for banks that are selling repossessions. Choose your state and click on the bank names to start your search.
Step 2: Make an Offer.
Once you’ve found a repo truck, you can make an offer. Usually, the banks already have a price in mind that is based on the truck’s book value or recent appraisal. Don’t be afraid to offer less. Banks just want to get rid of repossessions and recoup their losses.
Typically, offers are made in the form of bids. Some bids are open, where you can see what other people are offering, and other bids are closed. Open bidding is most common because this allows people to compete against each other and win the highest bid. If your offer isn’t accepted, don’t get discouraged. There are plenty of repossessed trucks that need owners!
Step 3: Complete the Inspection.
Most lenders allow bidders to do an inspection of the vehicle. If you’re not sure what to look for, bring along someone who does. Once you buy the truck, it’s your responsibility, so you want to know what you’re getting into.
Here are some of the things we recommend inspecting/testing:
- Power steering
- Windows and locks
- Tires, battery and air filter
- Signals, brake lights, reverse lights, headlights
Also, pay attention to signs of water damage or rust. Severe water damage can leave the truck totaled. Repairing or fixing rust is expensive and generally not a cost you’ll want to incur.
In the end, buying a repossession is a lot like buying a truck from a dealership and a private seller. You get assistance with the financing and paperwork while have the power to negotiate. For a full list of repossessions in your area, visit RepoFinder.com today.