Repossessed Trucks

It’s not just cars which are sold at knockdown prices after being repossessed. There are other types of repossession vehicles which are also sold to the public, namely repossessed trucks.

Many owners of commercial vehicles suffer from struggling to keep up repayments and as a result, their truck or van will be reposed by the loan company. Lenders attempt to try and recover losses as quickly as possible, and don’t want to add to their costs by wasting further funds on storage. The best way for them to do this is to sell the repossessed truck in the fastest time possible at the most reasonable price they can achieve. This means that repossession trucks can be bought at a price which is significantly lower than the market rate. This is unfortunately, bad news for the person whose truck has been repossessed, as it is they who will pay the difference of the outstanding loan back to the lender once the truck has been sold. But where are these vehicles sold?

The best and safest place to buy repossessed trucks is at an auction. There are many auctions throughout the country which specialize specifically in reposed trucks and other repossession commercial vehicles. One of the most well known is Manheim Commercial lorryAuctions. These are located nationwide and give a buyer a safe environment and the security that their purchase transaction will be legitimate.

The advantage of buying at a repossessed auction is that you can make huge savings on the list price of most vehicles, however it’s important to note that vehicles are sold as seen so no comebacks in the case that you end up buying a lemon. Below are some important tips when buying at a repossessed trucks auction.

1) Go on a trial run to a repossessed auction to see how it works and don’t do any bidding.

2) Look out for quieter auctions as there are less people to bid against.

3) Check the truck thoroughly and take a mechanic with you if possible.

4) Have a maximum bidding price in mind when you view the truck and STICK to it.

5) Don’t be drawn into a bidding war.

6) Remember there will be auction fees, find out how much these will be before you start bidding.

7) NO refunds if you buy a lemon so don’t forget this.

View our full list of where you can buy repossessed trucks.