Auction of cars returned to the bank: understand how it works!

One auction of cars returned to the bank It's a great way to save when buying a vehicle, after all, the market prices for these goods are well below what the FIPE table shows. But how do these auctions work? Is it still worth participating in them? How can we participate?

Buying a car is never an easy task, whether to buy a good quality vehicle or from an economic point of view. This has intensified even more in the last two years, as, due to the pandemic, values in the automobile sector increased considerably.

New cars are rarely bought for less than 60 thousand reais (a few models still cost around 50 thousand reais), while used cars that cost 10 thousand reais (Corsa, Celta, Gol, etc.) do not go below 20 thousand reais. How to save in a scenario like this? Auctions are the way out of absurd prices.

That's why, in today's article, we're going to talk a little more about auctions held by financial institutions. We are talking about a auction of cars returned to the bank. So, if you want to know more about the subject, follow us to the end of the article to see more details. Come on, read with us!

What is a bank-returned car auction?

But after all, what is an auction about where cars are returned to the banking institution? Without beating around the bush, we are talking about one of the most common events you can find when it comes to car auctions. In fact, it is more common for these cars to be impounded rather than returned.

But, still, there are some people who prefer not to tarnish their own name, and, therefore, hand over their vehicles as a way of paying the debt. If the financing is still in its infancy, it is common for the amount deducted to be small, with some installments still remaining to be paid.

However, in short, a bank-returned car auction is just that: a car event where owners who are no longer able to pay their financing offer the vehicle in exchange for paying the debt. That's why this is one of the most popular car auction types.

Auction of cars returned to the bank: Why is it a good auction?

As stated above, this is one of the types of auction of most searched cars. And why does this happen? Well, because of the prices of the vehicles, of course, but above all, because of the condition of the car in question. These are generally great cars, given that they just stopped being paid for.

It is different from a scrap metal auction, as there are many of its kind on the internet. Here, the vehicles are “whole”. Of course, there will always be something to do, after all, everyone has something to fix in their own car. But, it's very different from auctions for wrecked cars, for example, where it's often not even worth paying a low price for the car.

Auction of cars returned to the bank: How to find these auctions?

But, and how to find these auction of cars returned to the bank? This is simple. Just go to the official websites of the automakers and look for information about the next auctions that will be held. Generally, this type of information is in the “News” bar or something like that.

Once you find the information you are looking for, write down the date and time of the auction, as well as the location, if it is physical. There is a good chance that it will be online, that is, with bidding and auctions happening digitally. This way, everything happens in a more practical way, and, instead of writing down the location, you must copy the video conference link.

Okay, now just show up on the date and time specified in the auction “Notice”, which you found on the finance company’s website. Place your bids, your bids and regularize your vehicle: pay the bid amount, pass it into your name at a notary's office, have it inspected, pay possible fines and complete the transfer with a customs broker.

This was our guide to auctioning cars returned to the bank. They really are great options for vehicle purchasing events for those who want to save money, but still buy something of good quality.

If you still have questions, comment below and we will answer you as soon as possible. Do the same if you have a contribution to make. To the next!