How to buy and sell a confiscated car
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When drivers are caught violating certain traffic rules and are not deemed fit enough to leave the scene, the police have the option to confiscate the car. While most owners end up paying forfeiture to get…
When drivers are caught violating certain traffic rules and are not deemed fit enough to leave the scene, the police have the option to confiscate the vehicle. Although most owners end up paying a confiscation fine to return their vehicles later, sometimes they are unable or unwilling to do so and the vehicle becomes the property of the police.
Since it is simply impossible to keep every confiscated car in the possession of the police, police departments periodically clear their car warehouses by selling them at auctions. This gives the public the opportunity to buy a used car cheaply and increases the treasury of the police to continue to protect and serve their communities. These previously confiscated vehicles are not always bought to drive; sometimes they are bought to be sold at a profit.
There are two ways to buy a car confiscated by the police: at a live auction or at an online auction. While there are similarities between the two, such as the fact that the highest bidder is rewarded, there are some inherent differences between each format.
Part 1 of 3. Buying a confiscated car at a live auction
Step 1. Find out about upcoming auctions. The easiest way to find out if a live auction is scheduled for your area soon is to call the police department and ask. Make a note of all upcoming auctions of confiscated property and mark them on your calendar for future reference.
- Functions: When the day comes, be prepared to spend the whole day at the auction, as they tend to be time-consuming. Have someone drive your vehicle, or any other vehicle you have purchased, to your home.
Step 2: Inspect the cars before the auction.. Arrive early at the auction to carefully inspect the available vehicles and register your bid number, which will identify you if and when you bid.
Step 3: Bet on the car. Later, when the vehicle you are interested in appears at the auction, raise your number so that the auctioneer can see when you want to bid, remembering that you are responsible for paying this amount.
If your bid is outbid by another bidder, you have the option to hold your number again and submit a higher bid. In the end, the highest bid wins.
Step 4: Fill out the forms if you win. If you win a confiscated vehicle in a live auction, follow the protocol the auction uses to verify, which is likely to be found where you registered.
After you pay for the car and complete all the paperwork, the car will be yours and you can do whatever you want with it, including selling it for profit.
Part 2 of 3. Buying a confiscated car from an online auction
Buying a confiscated car from an online auction is very similar to buying from a real auction; the main difference is that you won't physically see it until you buy it. Read the description of the car carefully and look at all the photos attached to the ad. Many online auctions will also give you the opportunity to ask questions, so take advantage of this if you have any.
Step 1: Register on the online auction site. If you choose to bid, please register with the online auction site so that you can be identified if you win the auction.
Again, the easiest way to find out about any upcoming auctions that involve impounded vehicles is to call your local police departments and inquire about any vehicles they are offloading.
Step 2. Place the highest bid. Enter the highest dollar amount you are willing to pay.
It is possible that the highest bid will be less than the amount you entered and you will win a car for less. It is also possible that another registered user will outbid you.
- Functions: Keep an eye on the auction page as the end time approaches to see if your bid has been outbid and you will have the option to enter a higher bid. Just try to resist the urge to seize the moment and pay more than you actually want to pay.
Step 3: Pay for the vehicle and get the car. If you win the tender, you must pay for your car by bank transfer, credit card or other method accepted on the site. You then have to decide if you are going to pick up your vehicle or have it delivered, which will include additional fees.
Part 3 of 3: Selling a previously impounded car
Step 1: Decide how much the car is worth to sell. The amount should be higher than what you paid for it, as well as a few dollars higher than what you will eventually accept from the buyer. Usually buyers and sellers agree on the final price. Consult a website such as Kelley Blue Book or NADA to find out the true value of your car and use it as a guide.
- Functions: For more information on selling a car, read our article How to Succeed When Selling a Car.
Step 2: Advertise your car. Choose how you want the public to know your car is for sale.
You can place a "For Sale" sign with your phone number on your windshield and park it where it will be visible to others passing by your house.
You can also place an ad in your local newspaper or online classifieds site like Craigslist.
Step 3. Place potential buyers. When potential buyers ask questions about your car for sale, answer their questions to the best of your ability and schedule a time for them to inspect and test the car.
As mentioned earlier, expect interested parties to offer to pay less than your asking price. You can match this offer with a higher amount than theirs, but lower than your original price, but do not accept any offer that is less than what you paid for the car.
Step 4: Complete the Transfer of Ownership. If you and the buyer have agreed on a price, collect the money for the car in full.
Then fill in the back of your car's name with your name, address, odometer reading on the car, and the amount the buyer paid. Sign the title and write the bill of sale.
This can be on plain paper and should simply state that you sold the car to the buyer, with your full names, the date of sale, and the amount of the sale.
Step 5: Give the buyer the car keys. After the sales contract is drawn up and signed by both parties, and payment is made in full, you can officially transfer the keys to the new owner and enjoy your profits.
Buying a repossessed car is a great way to get a car for a decent price or even make a profit (with some extra effort). If you want to make sure that the seized vehicle you receive is in excellent condition, you can have one of our mechanics perform a comprehensive vehicle inspection so that any necessary repairs can be made.
