Documents Involved in Buying Foreclosed Trucks for Sale

English: Foreclosure auction 2007

English: Foreclosure auction 2007 (Photo credit: Wikipedia)

Before purchasing a repossessed or foreclosed trucks for sale, know what kind of documents are involved in the process. If you don’t know what these documents are, here are some guidelines.

What are Foreclosed Vehicles?

Most people use the term “foreclosure” and “repossession” interchangeably. Though they may have subtle differences, they are similar in that both involve taking away a collateral property when a borrower cannot meet his payment deadlines for a loan he took out. When the collateral property is a vehicle, the better term to use is “repossessed” or “repo cars.”

Although foreclosure is usually used in the real estate industry, many car dealers have extended its usage to involve cars. These foreclosed vehicles are usually sold by lenders through auction.

Documents Involved in the Purchase of Foreclosed Trucks for Sale

There are several advantages of buying foreclosed trucks for sale. For one, they are much lower in price because lenders would want to find buyers for these vehicles as soon as possible. Also, these cars don’t require much paperwork, so buying a repo car is hassle-free.

If you’re planning to buy a foreclosed vehicle, take note of these documents. You will be asked to sign them, or you will demand to see them.

1. Vehicle report

Aside from making a thorough inspection of the car, you may want to check the history of the car. Through a vehicle report, you will know if the car has been in an accident, or if any of the parts have been changed. This will give you an idea of how much is the actual worth of the car.

2. Official receipt and certificate of registration

You want the car to be duly registered so that you won’t run into problems in the future. You also want to inspect if the details included in these documents correspond with the most important information about the car such as the engine number and plate number.

3. Deed of sale

To complete the sale of the car, you will be asked to sign a deed / bill of sale. Before you sign on anything, go over the details of the contract. The terms are usually on an “as-is” basis, but make sure that you understood everything that’s written on the paper. If you feel you need more clarifications on a certain clause, never hold back in asking questions.

4. Other certificates

You may want to demand other types of documents for added proof that the car is in good condition. Some of these certificates include emission testing and car repair certification.

Once you have all these documents, keep them in a safe place. A vault is preferred, but if you have a better storage place in mind, just make sure that the documents are free from insect infestation and other events that can lead to them getting damaged.


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Posted under Foreclosures

This post was written by admin on February 16, 2014

2 Comments so far

  1. Carol Lewis August 20, 2012 6:03 pm

    Hi my name is Carol Lewis, and I am a proudly owner of an Acura NSX, however, I want to ship my car and looking in the web I found this two sites: http://www.ehaulers.com and http://www.shipmyride.com, both of them Canadian pages. Have you tried them? Thank you for your support. Carol

  2. admin August 26, 2012 12:14 pm

    Hi Carol, thanks for visiting. I haven’t personally been involved with these companies, but I would suggest do a little homework first. Perhaps visit some of the forums for these two companies, you should get some interesting feedback from them.

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