With so many advertisements claiming to offer 
the latest luxury cars for just a fraction of their price, people can get quite sceptical when they come across genuine opportunities like government and private car auctions.
The truth is that there are some expensive luxury cars available for a fraction of their price, but one has to go through a lot of Bucks to get to the luxury cars. One of the most cost effective ways of acquiring vehicles is through government and private car auctions (the cars available are essentially repossessed, seized or surplus vehicles).
To better understand the legalities involved, it is important to understand the difference between repossessed and seized cars.
Repossessed Cars (repo cars)
Repo cars are cars that were offered as collateral against a defaulted loan, or have been repossessed by government organizations or banks due to non payment of instalments. Repo cars are more often than not well used, and should be treated as second hand cars. In fact, the reason why repossessed cars are so competitively priced at government car auctions is because they have been used by the owner (in some cases for a few years).
Seized Cars
Whenever a person is imprisoned for a financial crime (like tax evasion or fraud), all his assets (like cars and properties) are seized. In addition, cars that are part of federal evidence or have been used in a crime are also seized and auctioned off at government car auctions. Seized cars should not be confused with repo cars as there is no defaulting of payments or collateral involved.
the latest luxury cars for just a fraction of their price, people can get quite sceptical when they come across genuine opportunities like government and private car auctions.The truth is that there are some expensive luxury cars available for a fraction of their price, but one has to go through a lot of Bucks to get to the luxury cars. One of the most cost effective ways of acquiring vehicles is through government and private car auctions (the cars available are essentially repossessed, seized or surplus vehicles).
To better understand the legalities involved, it is important to understand the difference between repossessed and seized cars.
Repossessed Cars (repo cars)
Repo cars are cars that were offered as collateral against a defaulted loan, or have been repossessed by government organizations or banks due to non payment of instalments. Repo cars are more often than not well used, and should be treated as second hand cars. In fact, the reason why repossessed cars are so competitively priced at government car auctions is because they have been used by the owner (in some cases for a few years).
Seized Cars
Whenever a person is imprisoned for a financial crime (like tax evasion or fraud), all his assets (like cars and properties) are seized. In addition, cars that are part of federal evidence or have been used in a crime are also seized and auctioned off at government car auctions. Seized cars should not be confused with repo cars as there is no defaulting of payments or collateral involved.
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