[custom_frame_left][/custom_frame_left]Purchasing a car can be stressful, especially if you have a strict budget and want something reliable. There doesn’t seem to be many car-buying alternatives other than visiting a car dealership and haggling with a salesman to get the car you want at a reduced price. But State Employees Credit Union’s Repossessed Auto Sales program offers an alternative to purchasing a car at a dealership or from an individual.
When a car owner fails to make payments on their vehicle, the bank has the right to reclaim possession of the car. The owner is usually given a chance to catch up on payments, but if they are unable to do so, banks or credit unions will frequently attempt to sell the cars in an effort to make up for the money they’ve lost.
SECU’s Repossessed Auto Sales program offers repossessed cars for purchase at a very low cost. In fact, the cars are priced below wholesale.
The process is simple. You can visit the program site here. From there you can check the current inventory of repossessed vehicles. If there is a vehicle you think you would like to buy, you can then make a bid on that vehicle. If your bid is the winning bid, you will have about 24 hours to provide payment.
There are three ways to make payment on the vehicle. You can contact a SECU representative and apply for financing through SECU. The approval of an application is dependent upon criteria such as ability to pay, credit history, collateral, and purpose. Loan decisions are usually made the same day you submit an application.
You can also pay for the vehicle in cash or obtain outside financing. If you choose to pay in cash or with outside financing, you will need to contact SECU’s Collection Department and they will help guide you through the process.
SECU’s Repossessed Auto Sales program is a great way to get quality vehicles at great prices. If you have any questions, contact an SECU representative at your local branch or call (800) 983-7328.