Author Archives: repofinder

BMO Harris car repo

Purchasing a Repo Car from BMO Harris

BMO Harris has more than 12 million customers that count on them for personal and commercial banking, wealth management and investment services. They are the 8th largest bank in North America, based on assets. The bank takes great pride in helping customers make the most of their money. 

With millions of customers, there will always be some who default on their loans. This sometimes happens with auto loans. 

BMO Harris Auto Loans 

When purchasing a car, a buyer may have to put some money down to cover the down payment and title fees, but they can finance the rest of their purchase. What some people don’t realize is how expensive car payments can be, especially once the interest rates are added on. 

Here is some basic information on BMO Harris auto loans. 

  • BMO Harris will finance cars, motorcycles, boats and RVs. 
  • Auto loan amounts start at $5,000 and go up to $30,000.
  • All loan products have fixed APRs that range from 4.8% to 7.11%.
  • Maximum loan terms are 72 months.
  • Loan origination fees are up to 1% of the loan amount.
  • Borrowers are charged late fees. 

When Auto Loan Borrowers Default 

When taking out a loan, the borrower agrees to pay it back according to the loan agreement. If, at any time, they can’t make the loan payments, the loan will go into default and the car can be repossessed. Usually, it only takes a few months for this to happen, as the bank isn’t going to continue losing money every month. 

Once the vehicle is repossessed, it is usually sold at an auction. Everyday people can bid on the vehicle, though dealerships are good at picking up decent cars and reselling them at a higher price. This is why it’s best to buy repossessions directly from the bank, as you don’t want to buy a repo with a price markup. 

Where to Find BMO Harris Repo Cars 

The best way to find repossessions from BMO Harris is by visiting their site directly. Being a large bank, their inventory changes often. Visit RepoFinder.com and click on the state you live in. You can then search for BMO Harris’ inventory of repo vehicles. Also, because BMO Harris provides financing for motorcycles, boats and RVs, you can also find these vehicles for auction. 

Currently, BMO Harris is only in ten states: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada, Washington and Wisconsin, so do keep this in mind. You always want to be able to see the car before buying, so shop only as far as you’re willing to drive. 

cheap repo truck

The Best Way to Get Cheap Trucks for Sale

There is no such thing as an affordable pickup anymore. Truck prices are skyrocketing, and it has forced some people to leave their favorite vehicles behind. Pickups are steadily getting bigger and more expensive, pushing them out of reach for average consumers. Some trucks sell for over $100,000! 

If you love trucks but have a limited budget, you don’t have to give up your passion. Repossessed trucks offer the best of both worlds – a great selection of pickups at affordable prices. 

Benefits of Repo Trucks 

Repossessions happen all the time, especially when it comes to trucks. Many truck owners pay $40K or more for their vehicle, and it ends up being too much to afford. Their payments might be too high or their loan too long. Once they stop making payments, it takes just a couple months for the truck to be repossessed. When the vehicle is in the hands of its bank or lender, it’s sold at a discounted rate. In other words, their loss is your gain. 

Some people assume that repo trucks are in poor condition and need a lot of work. Sometimes, this is true. But many times, it is not. Consider that someone who has almost paid off their loan wants to make the truck theirs. On the other hand, a person who has just purchased a truck but can’t afford it will cut their losses and stop paying. After all, they’d still owe on their loan. 

Do be aware that many repossessions require light maintenance, such as cleaning, oil changes, new tires, etc. If the person wasn’t paying their loan, they probably weren’t keeping up with the maintenance. To ensure you are buying a reliable repo truck, always inspect the vehicle before placing a bid. 

How to Find Repossessed Trucks 

The best way to find repossessed trucks is through a lender, bank or credit union. You always want to go straight to the source, otherwise other people get involved and put their markup on the vehicle. 

If you do a Google search, you’ll probably find car dealerships and auction sites selling trucks, so visit lender sites directly. By using RepoFinder.com, you can get a breakdown of the banks and credit unions in your area that are selling repo trucks. Be sure to check back often, as inventory changes regularly. 

Bottom line: Repossessed trucks are a great option when you’re looking for a cheap truck. Be patient, as it can take time to find the right fit, and always inspect the vehicle before buying. Other than that, have fun!

repo car bought direct from a lender

Buying a Repo? Make Sure it’s Direct from a Lender

There are different ways to buy a repossession, such as through a physical auction house, an online auction service or a lender. At RepoFinder.com, we always recommend buying repos direct from lenders, banks and credit unions. You can find a better deal this way because lenders are motivated to sell. Also, they rarely put money into repos, so you’re not paying for things you can do yourself, like cleaning the vehicle or making minor repairs. 

It’s not always clear cut who you are buying from when purchasing a repossession. For example, some dealerships advertise repo cars and trucks. They aren’t lying – the vehicles really were repossessed. However, the dealership most likely put money into cleaning up and restoring the vehicle, which means the vehicle has a markup to it. 

So, how can you make sure that you’re buying a repo directly from the lender? Here are a few suggestions to keep in mind.

Go Straight to the Source – Lender Websites 

If you do a general search for repossessions, advertisements and sponsored content will pop up first. This content is dominated by dealerships and auction sites that are trying to sell repos for a profit. They’ve likely taken the repos off the hands of lenders and credit unions, then prepped, repaired and added their markup to it. 

The better option is to look for repossessions directly on the websites of lenders, banks and credit unions. This means that you have to visit each site independently, which will take more time. But at least you know that you’re looking at true repos.  

Not sure which lenders and banks to start with? No worries! RepoFinder.com has taken care of the sorting for you. Visit our site, choose the state you live in and that’s it! You’ll be given a list of the banks and credit unions in your area that sell repos. Their inventory changes often, so be sure to check back frequently for newly added repossessions. 

Be Patient in Your Research 

While some people have landed a great repo car right away, this isn’t the norm. It usually takes time and patience to find a decent car at the right price. This is why we recommend starting early and taking your time finding a repossession. 

In some cases, you might find that a car you really like is going for more than its NADA or Kelley Blue Book value. This usually happens because more is owed to the bank than what the vehicle is worth. You should have some negotiating power in these instances, but it’s also possible that the bank will be firm. So, give yourself time to find the right vehicle. 

RepoFinder.com makes it easy to find repossessions directly from banks and credit unions. Browse our site today to find a repo car or truck that fits your needs and budget. 

buying a repossession from a bank

Buying a Repossession from Bank of America

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Are you interested in buying a repossession from a bank or lender? This is a great option because you can buy directly from the source, saving money and possibly qualifying for a more attractive loan. While there are many banks that sell repos, Bank of America is one of the best options. 

Bank of America Repossessions 

Bank of America is headquartered in Charlotte, North Carolina and has roughly $2.8 trillion in assets. In 2016, Bank of America was named No. 1 in online banking and mobile banking functionality. It also has the No. 1 U.S. retail deposit market share, with over $635.6 billion in consumer banking deposits in 2017. Bank of America is also one of the top mortgage lenders in the U.S.

With so much business happening on Bank of America’s end, there are also more opportunities for the general public to buy repossessed vehicles. Repossessions typically occur when the owner falls behind on their payments. Bank of America starts the repossession process when the owner hasn’t made payments in 60-90 days. 

Some owners give their vehicle back voluntarily. However, it’s more common for repossession to be involuntary, which means the lender takes the car without the owner’s permission. Once the vehicle is in Bank of America’s possession, they can sell the car to a new owner. 

Why Buy Repossessed Vehicles from Bank of America 

Repossessions are a great buy for people who are willing to put in the time and research to find a reliable car. Here are the benefits of buying a repo car through Bank of America.

  • Good selection. Bank of America is a large bank with repossessions in many states. With a bigger selection, you have more repos to choose from. In fact, many repos are in good condition – you might even be able to retain the warranty! 
  • Fair pricing. Unlike dealerships and private sellers, Bank of America does not take on the expense of cleaning and repairing the vehicle. Repos are sold “as-is,” but the cost savings go to you. 
  • Attractive financing. Bank of America offers financing, which means you can buy a repo and get financing for it through the same lender. Financing works in the same way as other transactions. Whatever you don’t pay out of pocket, you must finance through a lender. 

If you’re ready to browse repossessions, visit RepoFinder.com. We have a comprehensive Bank of America repo list that includes repo cars, trucks, ATVs, RVs, campers, homes and more. Find the perfect match for you!

Kelley Blue Book values

How Accurate is Kelley Blue Book?

If you’re considering buying a repossession, it’s a good idea to familiarize yourself with Kelley Blue Book (KBB) values. Given a history of over 90 years and millions of unique visitors logging onto the site each month, KBB is one of the most popular and trusted guides for automotive pricing. It can also be incredibly useful when placing a bid on a repo car. But, how reliable is KBB? 

Let’s go over the basics of how KBB determines used car values, some issues with pricing to think about and solutions when placing a bid on a repo car. 

How KBB Decides Used Car Values 

Kelley Blue Book regularly receives car prices from wholesale auctions, car dealers, rental fleets, auto manufacturers and private party sales. It uses a sophisticated algorithm to analyze pricing data, historical trends, current economic conditions, time of year, location and industry developments to come up with an accurate value for each vehicle.

Here are the different values each car is given. 

  • Private party value. This number tells you how much you can expect to pay for a vehicle through a private seller. 
  • Trade-in value. The trade-in value is the amount you’re likely to get when trading in your vehicle.
  • Suggested retail value. This is the price that car dealerships are usually asking for a vehicle.
  • Certified pre-owned value. Cars covered under certified pre-owned fall into this category.

As you can see, KBB takes many factors into consideration when determining the value of today’s vehicles. However, there is still a lag that must be accounted for, as it takes time to collect and analyze the data. It’s possible that the latest trends and economic conditions aren’t being accounted for in the latest number. Other than this, you can expect Kelley Blue Book to be a good benchmark for your bid. 

Tips for Bidding on a Repossession 

When you find a repossession that you want, the next steps are to inspect the vehicle and place a bid. Here are some tips that will help you place a strong bid.

  • Consider other sources. KBB is great, but there are other options as well. Check out the NADA Guide (the yellow book) and consumer reports. Compare your findings for the most accurate price. 
  • Negotiate. There is usually some room to negotiate when buying a repossession. Banks and lenders want these vehicles off their books and some will go below the KBB value. 
  • Set a limit. Know what you’re willing to pay for the vehicle. When multiple people bid on a repossession, it can drive up the price. Don’t let the excitement of winning a bid cause you to pay more for a car than you need to. 
  • Choose a bank or lender. Although you can bid through an online auction, it’s better to work with a lender or bank. You can get financing through this seller, which gives you more negotiating power and better terms. 

The Bottom Line

Kelley Blue Book is a great resource, but it’s not the only one out there. Be sure to consult other resources, establish a limit and do a thorough inspection. This way, you’ll be confident when it comes time to place a bid. To browse repossessed cars, trucks, RVs, boats, etc. in your area, visit RepoFinder.com. It’s FREE! 

buying a repossessed boat

5 Tips for Buying a Repossessed Boat

If you love the idea of spending your weekends on the water, but you don’t want to spend a fortune on a boat, you should consider repossessed boats for sale. These boats are cheaper than buying from a dealer, and you can get a great boat out of the deal. 

It’s important to know that repossessions are sold “as-is,” which means you are responsible for all repairs. You’ll want to do your research and ensure you’re getting a dependable repossessed boat at a fair price. 

Below are five tips for buying a repo boat that will allow you to spend your free time on the water. 

1. Check out repossessed boats from bank lenders.

You can find repo boats at auctions or through banks, lenders and credit unions. We recommend working with banks and lenders, as they are motivated to sell. They want to get the boats off their books, allowing you to get a great deal on them. Plus, if you need financing, the banks will put together attractive financing for you. The same rules apply – good credit scores lead to lower rates. 

2. Be prepared to act fast – repo boats go quick.

Repossessed boats don’t stay on the market long. These watercraft are in high demand, especially at decreased prices. Don’t be surprised if a boat you’re interested in has multiple bids, which will drive the price up. 

Knowing how competitive repo boats are, it’s important to act fast when you’ve found a boat that you like. Waiting just a few days can cause you to lose the boat to another bidder. If you do miss out, don’t worry. There are plenty of other repo boats in the sea! 

3. Know what the boat is appraised at.

When a boat is listed as a repossession, it sometimes gets more attention because shoppers know it may be open to negotiation. However, it’s hard to know how low banks are willing to go. Before making a bid, know what the NADA Marine Appraisal and BUC boat appraisal guides say. Lenders usually use these guides as a benchmark when pricing boats. 

4. Be ready to clean and tidy up the boat.

Buying a repossession does not mean that you are compromising quality. A lot of repossessed boats are in decent condition – their owners just couldn’t afford them anymore. However, be prepared to give the boat a good cleaning and some basic maintenance. Most owners don’t tidy up their boats before a repossession. It’s also possible the boat hasn’t received maintenance in a while. 

5. Ask to do a survey and sea trial.

It’s strongly recommended to have the boat inspected before placing a bid. Ideally, you’ll want to do a thorough survey and make sure the boat is sea-worthy, though you’ll have to ask the bank. Also, if the boat has diesel engines, consider bringing along a diesel engine specialist who can take a look. You’re inheriting all of the boat’s problems when you purchase it, so you want to do your research. 

Want to own a boat without spending a fortune? Check out RepoFinder.com for a full list of banks, lenders and credit unions in your area that are selling repossessed boats and other vehicles. 

buying an as-is car

Buying a Used Vehicle: What Does “As-is” Mean?

When you purchase a used vehicle that is marked in “as-is” condition, it means you are agreeing to buy the car in its current condition. If there are repairs that need to be made, you will be responsible for them. Repossessed cars are typically sold in “as-is” condition. If you are considering a repo car, it’s important to understand this term in its entirety. Repos can be great purchases as long as you know what you’re getting into. 

Let’s learn more about what “as-is” means and protective steps you can take. 

What You Get with an As-Is Car Purchase

When buying a car “as-is,” you get the vehicle in the condition that it’s currently in. Usually, the seller will sell the car “as-is” with no warranty. This lets the buyer know they are buying the vehicle without any warranty coverage. So, if you are driving home and the transmission fails, the seller is under no obligation to take back the repo or make repairs. 

Not having this peace of mind makes some people uncomfortable with a repo purchase, but “as-is” doesn’t mean that the vehicle is in poor condition. In fact, many repos are high-quality cars in great condition – their owners just couldn’t afford them anymore. As long as you have the vehicle checked out by a mechanic, don’t let “as-is” scare you away. 

Buying an As-Is Repo Car 

In order to buy an “as-is” repossession, you should take a few steps to protect yourself. It may be harder to get a history report on the vehicle, and it’s possible that the lender won’t know anything about it. Still, it doesn’t hurt to ask. Any information about the repo is helpful in knowing what work may be needed. 

Before making an offer, ask the lender if you can see the vehicle. Reputable sellers encourage this. Bring along a mechanic who will inspect the vehicle to uncover unknown problems. If there are issues found, you can either pass on the repo or negotiate a lower price. 

At the end of the day, being open to “as-is” vehicles is a great way to get a good car at a decent price. You just have to be willing to do your homework and bring along a trustworthy mechanic for an inspection. For a full list of lenders, banks and credit unions selling repossessions in your area, visit RepoFinder.com

credit score before buying used car

What Credit Score Do I Need to Buy a Used Car?

Whether you buy a new car, used car or repossessed car, you’ll need to pay for the vehicle before you take it home. Unless you have the cash upfront, you’ll have to take out a car loan. One of the biggest predictors in the type of loan you get and the interest rate you pay is your credit score. Knowing how important this three-digit number is, what do you need to get a decent used-car loan? 

Average Credit Scores for New and Used Cars 

According to a 2017 Experian report, the average credit score for a new-car loan was 713 and 656 for a used-car loan. A repossession is no different than a used car in the eyes of a bank. But, it’s your responsibility to do your homework. A used car from a dealership might have a warranty, but a repossession will not (unless it’s from the manufacturer). If you take out a loan for a repo and it ends up not running, you are still responsible for paying back the loan. 

So, what happens if you don’t have the average 656 credit score? You can still get a loan, but you can expect to pay more in interest rates. Someone in the low 700s might see interest rates of 5%, while someone in the low 500s might see 15%. Also, the state you live in makes a difference, as some states give higher insurance rates to those with poor credit. 

To break things down, here is a chart of credit scores vs average APRs on new and used vehicles, courtesy of Experian. 

Credit score Average APR, new car Average APR, used car
Superprime: 781-850 3.68% 4.34% 
Prime: 661-780 4.56% 5.97%
Non Prime: 601-660 7.52% 10.34%
Subprime: 501-600 11.89% 16.14%
Deep subprime: 300-500 14.41% 19.98%

Before You Start Shopping

One of the benefits you have when buying a repo car is the financing. When you purchase a repo directly from a lender or credit union, they are willing to work with you on the financing. They are banks, after all, and they make money by lending money.

Because it can take time to find the perfect repo car, use this period to check your credit profile and make improvements. You can request a copy of your credit report from the three major credit bureaus – Equifax, Experian and TransUnion – once a year. Visit AnnualCreditReport.com or call 1-877-322-8228. 

Once you know what your score is, you can get a realistic idea of what interest rates you will be paying. If you have to delay your repo car purchase, bring your credit score up by doing the following: 

  • Pay your bills on time
  • Avoid applying for new credit
  • Keep credit card balances low relative to your limits
  • Leave old accounts open 

For a complete list of repossessed cars, trucks, ATVs, RVs, boats, etc., visit RepoFinder.com today. Our list includes banks, lenders and credit unions that have repossessed vehicles and are willing to work with the public to sell cars and provide financing.

repossessed cars

Buying a Repo Car that Hasn’t Been Driven in a Long Time

It doesn’t take much for a car to be repossessed. In most states, one default can kickstart the repossession process. After default, the creditor can repossess the car at any time and without notice. This is why there are many great repossessions on the market, you just have to be willing to look for them. 

However, not all repossessions go quickly. Extensions may be granted on the loan – unsuccessfully. Then, when the car is finally repossessed, it goes to an impound lot where it’s held for 30 days. If the owner can’t catch up on payments, the lender gets the title and can sell the repo. 

It’s possible that the car you’re looking at has been sitting for a long time. The previous owner didn’t make their payments on time, so it’s almost guaranteed that the vehicle hasn’t received maintenance. How can you safely buy a repo car that hasn’t been driven? 

Here are a few tips to help you make a smart used car purchase. 

Bring Along a Mechanic 

Before bidding on a repo, ask to inspect the vehicle. Reputable lenders will allow you to do this. If you don’t know a lot about cars, bring along someone who does, preferably a mechanic. For a couple hundred dollars, you can get the answers you need. 

Below are a couple ways a mechanic can help: 

  • Check for corrosion and frame rot. If the car was parked outside for an extended period, it will probably show frame corrosion. Repairing this will be very expensive, so it’s best to move onto a different vehicle. 
  • Make sure it runs. If the car ran fine before, it won’t need much to restart. However, if it had problems in the past, think twice about the repo. It could be an easy fix (e.g., dead battery), but it’s more likely to be something major. 

Ask Why the Car Hasn’t Been Driven

The lender may or may not have information on the vehicle. It depends on how they acquired the repo in the first place. However, it doesn’t hurt to ask questions. Sometimes, lenders can shed light on why a particular vehicle was taken away from its owners. 

Pay Attention to Signs of “Lot Rot” 

“Lot rot” is a term that describes cars that sit too long on a dealership’s lot. The same rules apply for repossessed vehicles that haven’t been driven in a long time. It’s possible that they sat on the street for months without any maintenance. 

Be familiar with the signs of lot rot such as: 

  • Rust
  • Damaged paint 
  • Brake issues
  • Battery that won’t hold a charge
  • Flat spots on tires 
  • Screeching tires 

Even though repos are far cheaper than buying new or used from a dealership, you’re still making an investment that you will be responsible for. If you can’t drive the car off the lot, it’s your problem. This is why it’s important to do your research, ask the questions you can and bring along an expert to look at the vehicle. Fortunately, plenty of repos sit for a long time and manage to start up with no problems! 

To find a repossessed car that fits your needs and budget, browse RepoFinder.com for FREE! 

buying repo from a bank

Why You Should Buy Repo Cars Directly from a Lender

When buying repossessed vehicles, you have a number of ways to purchase them, such as from a lender auction, used car dealer or reseller service. However, the best way to buy repo cars is directly from a bank or credit union. Lenders just want to recoup their losses, so they’re willing to work with buyers and give them a great deal. 

Below are a few reasons why it’s best to purchase repossessions from a bank or credit union

Banks are Motivated Sellers 

A car owner only needs to miss a few payments before their car is repossessed. Lenders rely on interest to make profits, so a car payment that isn’t being made is an immediate loss. If the bank can’t work with the owner to get paid, they will repossess the vehicle and recoup their losses. 

With this in mind, banks are very motivated sellers. Some will allow you to look at their repo file, which lists repo cars, trucks, ATVs, RVs and more. The lists are free, unlike resellers that often charge for this service. Also, the lender will not clean up the vehicle as the dealerships do, so you can keep your price tag to a minimum.

Financing is Easier (and Cheaper!) 

Another perk to buying a repossessed car or truck from a lender is that you can get quick financing, especially if you already have a relationship with the bank. Remember, the banks aren’t looking to make a profit. They just want to recoup their loss and move on. Banks make money by lending money, and this puts you in a great position. 

For example, banks often incentivize repo sales with longer loan terms and reduced interest rates. Additionally, there are no commissions or fees when buying directly from the bank. The transaction takes place between you and the bank – no middleman. 

The Selection is Higher Quality 

Trashed repossessions typically go straight to auction. The banks won’t waste their time with them. This means that the lender’s list of repos should be decent. In fact, it’s not uncommon to find nearly new repossessions on the list. Sometimes, brand-new car owners can’t afford their payments, and their shiny new car gets repossessed. 

Also, repossessions are not limited to cars and trucks only. You can also find a great selection of boats, airplanes, yachts, ATVs, RVs, farm equipment, airplanes and even homes! 

Are you ready to buy a repossession from a local bank or credit union? There’s no need to spend hours on the internet looking for repo lists. RepoFinder.com offers a directory of banks selling repossessions in all 50 states. The service is completely free for you to use – no fees, no commissions and no transaction costs. Check us out today and find a repossession that fits your needs and budget.