Generac RTS Transfer Switch - 200 Amp, 120/208 Volts, 3 Phase, Type N, Model# RTS-N-200G3

Designed for a wide variety of applications that require up to 200 Amps. Type N (Normal Standard Switch) is for use in custom installations and installations with a subpanel. For use with Generac standby generators. U.S.A. Amps: 200, Volts: 120/208

Like many things in life, repossessed cars come in all forms ... the good, the bad and the ugly. What? There are actually nice repos in good condition?

Of course there are. True, there are many to be avoided as well. In fact, many people are frightened off from purchasing a repo because of the long standing public perception that all these vehicles are "beat-up clunkers". But the fact remains that there are many "almost new" cars available that have also been repossessed.

It's simply in the law of numbers. For whatever unfortunate reason, a certain percentage of car buyers will be unable to make their payments soon after purchase.

How do I know this? Well, our company has bought and then resold literally hundreds of vehicles that had been taken back by their lenders. We once purchased a repo with less than 400 miles on it ... and have purchased many, many more with less than 5,000 miles. Every one of them had an absolutely clean CarFax Report and were under full Factory Warranty. But the prices we paid were fairly extraordinary.

Why the bargains? First of all, the car value depreciation factor is eliminated. A new car usually depreciates by somewhere in the range of 20% as soon as it's driven off the lot. So, this is immediately deducted from the price. But more importantly, lenders such as banks and credit unions are not in the car selling business. They want a quick sale to reduce their loan loss (the original car buyer is still responsible for the difference). This typically leads to pricing that is difficult to match anywhere else. But don't expect to pay $100 as is so often hyped on the internet. Excellent, money-saving buys in the thousands of dollars? Yes. Nearly free? Just plain silly.

The problem with saving thousands for consumers, however, is actually locating these vehicles. Vehicles that have been taken back by a car Dealership are simply resold on a lot at normal secondhand prices. But cars that have been financed by local banks and credit unions present the best opportunities. Again, they are not in the business of selling cars. And in many jurisdictions, there are legal obstacles to their reselling cars because of licensing and zoning issues.

Many of these lenders use outside companies that specialize in reselling these cars at car auctions. And because they are often sold well below their trade-in values, this is where the real money-saving opportunity lies.

Josh writes about how to locate car auctions (many can be difficult to find), making sure any vehicle you're interested in is, in fact, in good mechanical condition (even for the non-mechanic), what to expect from car auction websites, and more at Bank Repo Car Opportunities.

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