Above are various financial institutions that have repo cars for sale within Washington D.C. Repossessed properties, which include boats, recreation vehicles, homes, cars, or pickups are presently offered around Georgetown, Dupont Circle, along with other neighborhoods. The lenders that repossessed the actual collateral property are often in a position to sell assets for a substantial price reduction, as their strong point is in lending, but not in vehicle and home sales. Each lender has a different technique of selling off repossessed property.
Washington DC Repossession Buying Information:
The State of Washington DC has just a handful of banks and credit unions that sell repossessed property back to the public. Washington DC bank repo’s are a great value for buyers that aren’t timid about getting their hands dirty handling their own bidding. Most of the local credit unions will accept bids on anything that they have on their books. Occasionally for a more popular make and model vehicle the bidding will heat up and get very competitive. The banks obviously love to get as much as possible from their vehicle’s value but they also understand that repossessed cars don’t always demand top dollar. The expectation for taking a loss gives the buyers an upper hand in negotiations. Feel free to inquire with the bank about any questions that you may have prior to making an offer.
General Repossession Buying Information:
As fantastic as it may seem, the process of buying a repossessed vehicle isn’t much different than buying any other vehicle. There are some similarities to a car dealer where you’re working with a loan department that will handle title and loan docs. They will also provide help with a bill of sale and anything else required to complete the transaction.. When dealing with bank and credit unions it’s also like a private party sale where there’s no commission or sales fee built into the price. This is where you can really capture the savings. Another nice thing is that a lot of buyers don’t know about these vehicles so you oftentimes won’t have as much competition.
Types of Repossessions in Washington DC:
Washington DC’s repo page is a free list of bank and credit union repossession sales featuring items such as cars, trucks, ATV’s, RV’s, boats, motorcycles, real estate, and more.