Repossessed cars have been coming into Interstate Auto Auction since we have been open.
With the recent struggles in the economy Interstate Auto Auction is seeing first hand a huge rise in repossessed cars.
"Car repossession occurs when a person falls behind on their car payments and the creditor reclaims the car. The basic idea behind car repossession is that the car has been bought on a hire purchase or loan agreement. This means that the goods you have bought are not legally yours until payment for the goods has been settled in full. Once this has been achieved, you will be classed as the rightful owner of the goods.
If you fail to keep up the payments as stated in the agreement, then you can face repossession of the goods. If this happens, then a lender can take legal action against you for the money owed to him. Unless you have a grace period set out in the agreement, a creditor can take your car back if you are only a day late with payments."wisegeek.com
If your car has been repossessed or if you are struggling with credit and loan payments then you have stumblled onto the right place. Our Auction offers the public a Second Chance on repossessions and other cars for Wholesale Prices. If you have bad credit it does not matter at our auction. We can help you.
