Bid Process

Or how to save cash by purchasing a repossessed vehicle

Purchasing a vehicle from a Recovery Service Company can be a cost saving process for anyone looking to buy a car on the Used Car Market.

Best Recovery Services of Saginaw Michigan is the largest repossession company in the Area. Some of the financial institutions we work for ask us to display the vehicles for them rather than take them to an Auction.

In response, we have installed a fenced in, secure area on the premises for this purpose. In addition we have created a space inside our garages to contain smaller vehicles such as Motor Cycles, ATVs, and Riding Lawn Mowers. The Lending Institutions instruct us to acquire “Bids”, like at the auctions, to be submitted to them for approval and acceptance.

These vehicles are available for your inspection. We have a man (Dick Compau) here from 10:00 to 4:30 5 days a week to show the vehicles and assist you with a “Bid”. The bidding process is very simple.

Once we have the car in our hands and the Bank or Credit Union asks us to sell it for them, the vehicle is appraised using the NADA manual. Based on the "Loan Value" of the car, the cost of anything that needs to be repaired or replaced on it, such as tires, a broken mirror, body damage, etc, is deducted from the “Loan Value” and that dollar amount is sent to the lending institution as an “Estimated Value”. That information is also available to you as the "Bidder", something you don’t get at a used car lot.

Keep in mind that the final estimate they get is not "Carved in Stone" but is there as a guide line for someone interested in the vehicle and for the lending institution to base it’s acceptance of “bids”. Some times a vehicle is sold for less than the “Estimated Value” and some times is sold for more. The bank or credit union will want 3 to 5 "Bids" on the vehicle and will consider the highest of the bids.

For your part, if Dick shows you something you like, he will prepare the paper work, including the Bid Form to submit your “Bid” to the Lending Institution that owns the Vehicle and ask for a $100 deposit from you. The lending institutions usually take 3 days to a week to do their part. Once they get back to us Dick will contact you with the results.

IF...your bid is NOT accepted,

your $100 is returned to you.

IF...Your bid IS accepted

the $100 is applied to the purchase price.

The only way the $100 is forfeited is if the “Bid” is accepted by the bank and the purchaser declines to follow through with the purchase. I hope this helps, and convinces you to stop by occasionally to take a look at what is out there. The inventory changes constantly and Dick is always eager to help you. He can be called here at 989-792- 8100 extension 23.

Hope to see you soon, as do the rest of the friendly folks here at Best Recovery Services