Author Archives: repofinder

online car shopping for repos

Your Top 5 Questions On Buying a Repo Car…Answered!

Thinking about buying a repossessed vehicle? This is a great way to save money while getting a reliable car with all the latest features. But chances are, you probably have a few questions about what the process entails and how to find the best deals. We’re here to help! 

Shopping for repo cars is easy, but it helps to be an informed buyer. This is the best way to ensure you bid on the right vehicles and walk away with something safe, reliable and reasonably priced. 

Below are the top five questions we hear from people interested in buying repos, along with our responses.

1. What are repossessed cars, exactly? 

When people can’t afford to make their car payments, the bank that gave them the loan can take the car back. Some cars are returned voluntarily while others are taken by the repo man. Based on 2021 data, there are over 2 million repossessions every year. While there are many repos out there, not all are available to the public. Many repos are sold at dealer-only auctions. 

2. Should I buy a repossessed vehicle? 

Only you can make the decision as to whether or not you should buy a repossessed vehicle. However, we can tell you that there are many reasons to consider this avenue such as: 

  • Cheaper than used vehicles sold at a dealership 
  • Able to negotiate the price – repo sellers are highly motivated 
  • Quick turnaround times, especially in today’s market 
  • Save money on insurance and interest  

3. How do I know I’m getting a repo car? 

The only way to know that you’re getting a true repo is by buying directly from a bank or credit union. Dealerships sometimes advertise repos, but this isn’t really true. Usually in these cases, the dealer purchased the car at a discount, cleaned it up and is now selling it for a profit. 

You can research repos in your local area or use a site like RepoFinder to find repossessed cars, pickup trucks, SUVs and motorcycles. RepoFinder gives you a much better selection and you can feel good knowing that all transactions are between you and the seller – no middleman. 

4. What concerns should I have when buying a repo? 

The hard thing about repo cars is that you don’t know how well the previous owner took care of them. Some repos are in great condition while others need some work. The key is to place a smart bid that leaves room to afford necessary repairs. 

We always recommend that buyers do their research, ask questions and schedule an inspection before signing the paperwork. Avoid overbidding as well. Even though we’re experiencing a car shortage, you shouldn’t pay more than you need to. Patience goes a long way in this industry! 

5. Why should I shop for repos at RepoFinder? 

RepoFinder lets you buy repossessions directly from local banks and credit unions. Our site is free to use, though you can upgrade to RepoFinder Pro for just $4.95 a month – cancel anytime. We add new repos on a regular basis and make it easy to research and place bids directly on our website. 

Don’t take our word for it – shop at RepoFinder and find affordable repos in your area. 

used repo ATV

Where to Find the Best Deals on ATVs

Looking for great deals on ATVs? You’ve come to the right place! 

RepoFinder has a huge directory of repossessions that are being sold directly from banks, credit unions and public auctions. Aside from the great selection of cars, SUVs and pickup trucks, you’ll also find recreational vehicles like boats, aircraft and ATVs. And, we make the process of buying a repossessed ATV quick and easy, even in today’s competitive market. 

Because ATVs are for recreation, we understand that most people don’t want to spend a fortune on them. Below is everything you need to know about buying an ATV through RepoFinder and scoring the best discounts! 

What are the Benefits of Owning an ATV? 

ATVs, or all-terrain vehicles, are small vehicles that travel on low-pressure tires. The benefits to ATV riding are: 

  • Improve mental health
  • Boost physical fitness 
  • Relieve stress 
  • Encourage time outdoors 
  • Have fun and experience adventure 
  • Accelerate blood flow and endurance
  • Safer than dirt bikes and motorcycles 

No matter your reason for wanting an ATV, one thing is for certain: RepoFinder can help you find a great deal that makes it easy to say yes to ATV riding.

How to Shop on RepoFinder for Cheap ATVs 

Expect to spend anywhere from $3,000 to $15,000 on a brand new ATV, with average prices at $7,000. ATV pricing is highly dependent on two things: the size of the engine and additional features added such as shock absorbers and suspension systems. 

Used ATVs cost less, with average prices at $5,600. Many people choose to go this route because they can negotiate the price and get a higher-end vehicle with upgraded features. But you might still pay close to $6,000 for a used ATV of this sort.

For the best prices and selection, shop with RepoFinder. We have a huge selection of quads and other recreational vehicles for a fraction of the price. These vehicles were previously owned but were taken from their owners due to failure to pay. 

Here are a few tips for using our site to shop for used ATVs:

  • Visit RepoFinder.com. Click on the state you live in (or are willing to drive to). 
  • View the inventory available. If you don’t see anything, check back later. Our inventory is always changing. 
  • Learn more about the ATVs you’re interested in. You can find out basic info like the number of miles, the location and the price. 
  • Place your bid. Most of the time, sellers are accepting bids. Do your research first so that you can place a fair and effective bid.
  • Schedule a time for pickup. If you win the bid, you’ll schedule a time to pick up the ATV. Always do an inspection before signing anything. 

That’s all there is to it! To shop for cheap, used ATVs in great condition, visit RepoFinder.com. And for just $4.95 a month, you can upgrade your account to RepoFinder Pro and have full access to our directory. 

retail vs whole prices on ford truck

Retail Price vs Wholesale Price: How Much is a Used Car Really Worth?

Whether you’re buying a car online, from a dealership or from a private party, it’s important to know what the car is worth. A car’s value depends on a number of factors like its age, mileage, condition, trim level and the location where it’s being sold. For every vehicle, there are two prices: retail and wholesale.

To get the best deal on a used car, it’s important to know the difference between these two numbers. Later in this post, we’ll also cover what “asking price” means so that you can be an effective negotiator.

Retail Price

The retail price is always higher than the wholesale price and what you would expect to pay for the car if it was being sold at a dealership. If you are buying the car from a private seller, you’ll probably pay a bit less. Retail prices are also higher because the dealerships are banking on you getting less from the trade-in, giving them a profit margin.

Wholesale Price 

Wholesale pricing is essentially a car’s trade-in value at the dealership. The dealer will then turn around and sell it to someone else for a profit. Understandably, trade-in prices are a lot lower than retail prices. You’re not likely to find a car being sold at a wholesale price, unless you shop for a repossessed vehicle through RepoFinder. 

In the wholesale end of business, there are different figures to be aware of. Every step of the way, there’s a middleman that takes their cut, which ends up giving the car a new value.

  • Trade-in. This is what the dealer is offering the customer. What they get for trading in their car can be used toward their next vehicle purchase.
  • Dealer-to-dealer. This pricing happens when one dealer sells the car to another. 
  • Auction. If the car goes to auction, which many do, it will have an auction price. Dealers and brokers often buy cars at auction for resale. 

Asking Price 

When shopping for used cars, you’ll definitely come across the term “asking price.” This is different from retail and wholesale prices – and it’s negotiable. The asking price refers to the amount the seller is asking for the vehicle. But, dealers and private sellers know the customer will probably come back with another offer, which is why this price is not set in stone. 

Shop for Cars at Wholesale Prices 

Now that you are aware of this car shopping lingo, you can be a more effective shopper. RepoFinder is a directory of banks, credit unions and public auctions that sell repossessed cars directly to the public. There are no middlemen, allowing you to work out a deal between you and the seller. To start shopping for an affordable vehicle that rivals wholesale prices, shop with RepoFinder today. 

car with over 100k miles

Should I Buy a Car with Over 100,000 Miles?

This entry was posted in Used Cars and tagged , , on by .

Buying a high-mileage car might seem like a risky purchase to some, but if you’re on a strict budget, it’s worth considering. In general, buying a car with a lot of miles is not a bad idea. Cars are a lot more reliable these days, so a car with over 100,000 miles is likely capable of traveling another 100,000 miles! 

With that said, cars do start to experience more problems once they reach the 100k mile mark. The car is technically past its prime, so you’ll need to be prepared to put some work into it. The good news is that the cost of the vehicle should offset repairs and maintenance.

Let’s learn more about the benefits of purchasing a car with over 100,000 miles and why you may very well come out on top! 

Lower Purchase Price

If you don’t have a lot to spend on a vehicle, you’ll have to compromise on a few things. Fortunately, when you do make these decisions, you’ll decrease the purchase price significantly. According to Kelley Blue Book, the average price for a new vehicle is $40,472

With these prices, you’re almost forced to go into debt just to afford a new car. That’s why a car with 100,000 miles can be so appealing. You can still get a great car with all the latest features and technologies at a fair price. In fact, you might even be able to save up and pay cash for a vehicle. Without a car payment, you can save on interest and instead put this money into repairs. 

Minimal Depreciation 

If you do purchase a new car, did you know that it will depreciate by 20 to 30 percent in the first year?! This means that if you purchase a vehicle for $40,000, it might only be worth $28,000 a year later. A car with over 100,000 miles will not depreciate this much – maybe $1,000 or so depending on how much you paid for it. This sounds like a much better deal, doesn’t it? 

Cheaper Insurance 

Auto insurance isn’t getting any cheaper, either. And the more expensive the car, the more expensive the insurance. A newer car is worth more money so insurance companies are going to charge a premium that reflects this risk. They have to protect themselves, too. 

When you buy a high-mileage vehicle, your insurance will be a lot lower because your car isn’t worth as much. And, if you pay in cash, you don’t need to carry full coverage. 

Lower Registration Fees 

Registration fees are lower with a high-mileage car. States do vary on this, however, so you’ll need to check with your state to find out how much you can save by choosing an economic vehicle. Add these savings to a lower purchase price, cheaper insurance and minimal depreciation and now you’re really starting to see the difference! 

Don’t be afraid to purchase a car with 100,000 miles or more on it. Cars have become a lot more reliable these days, so you can still get many years from this vehicle while saving significant money. To find an affordable vehicle that meets your needs, shop with Repofinder today

auction hammer

What’s the Difference Between a Closed and Open Bid?

If you’re looking for the best deal on a vehicle, an auction can be a great place to shop. Car auctions are often cheaper than private sellers and dealers, but you’ll need to know how to place an effective bid. 

Most of the time, you’ll need to register with the auctioneer to place a bid. If you win, you’ll have to put down a deposit and return later for the full payment. However, each auction is different from the next, so it’s important to ask about their specific protocols. 

Today we’re going to talk about the two types of bids you can place: an open bid and a closed bid. Understanding their similarities and differences will help you find the best auctions to work with. 

How Car Auctions Work 

An auction refers to a sale in which buyers compete for an asset – in this case a car – by placing bids. Auctions are done in a variety of formats, including online or in-person. There are many types of cars sold through auctions, and many are in good condition. For example, repossessed cars are often sold at auctions because banks want to recoup some of their losses. 

There are a number of benefits to enjoy by buying a car through an auction such as fast turnaround times, great deals and a wide selection. And thanks to online auctions that can be done from the convenience of home, many people are finding that it’s safer and easier to buy cars this way instead of through a dealer. 

Open Bids vs Closed Bids 

There are two types of auctions: an open auction and a closed auction. 

  • Open auctions. In an open format, all bidders are aware of the bids submitted. Interested parties will place their bids and continue bidding higher until someone wins. Usually, the car is given to the person with the highest bid. 
  • Closed auctions. In a closed format, people place bids without anyone knowing what they are. Only the sellers know the bids and they may choose to do one round of bids or more depending on the bids they receive. 

We also want to point out that most auctions have fees you’ll have to pay if you do win the bid. This fee is paid on top of the winning bid. We also recommend arranging to inspect the vehicle in person and requesting a car history report. 

Shop for Repossessed Cars at RepoFinder – it’s Easier than an Auction! 

At RepoFinder, you can place bids on vehicles at any time. You do not need to wait for an auction to start. All of our vehicles are sold directly through banks and credit unions, so the transaction is between you and them. By cutting out the middleman, you’re able to significantly reduce time and out-of-pocket costs. Shop with RepoFinder today and find a safe, reliable car at a great price! 

new cars on dealer lot car shortage

Dealerships Continue to Battle Shortages. Are Repos Your Best Option?

Across the country, dealerships are facing an inventory shortage. This shortage is due to a lack of microchips being produced that are needed to run vehicles. On average, there are about 200 of these microchips in a standard vehicle. Manufacturers like to have a 45 to 60 day supply of these chips, but most only have a 10 day supply.

Let’s learn more about why there is a chip shortage, how it has affected the automotive industry and why buying a repo car might be your best option.

What is the Chip Shortage? 

During the COVID-19 pandemic, manufacturers cut back on their orders for microchips with the assumption that the car business was going to tank. Instead, the opposite happened. It took off. A lot of this had to do with the convenience of online car shopping – people were able to buy vehicles without having to leave their homes. 

Not only were people buying cars during the pandemic, but also the demand for personal electronics like cell phones and laptops increased. These same chips are used in these electronics, so production could not keep up with the demand. 

Fast forward to today and now car manufacturers have a bunch of cars fully built and ready to go to the dealerships but they don’t have the necessary microchips. Not only are dealerships low on inventory, but also they’ve had to increase their prices to help deal with the shortages. 

Now is a good time to trade in your vehicle, but buying something won’t be easy. So what do you do if you need something reliable and affordably priced? Buy a repo car! 

Why Repo Cars Might be Your Saving Grace 

Not everyone can wait for a new car. Some people are buying cars before they even hit the lot, but if you need something safe and reliable to get you to work or school, you can’t wait. A better option is to shop for a repossessed car, or a car that has been seized from its owner for failure to pay

Repo cars are often in good condition, though do expect to pay for some light repairs or maintenance. Usually when people aren’t making their car payments, they’re not paying for maintenance either. RepoFinder has a great selection of cars, trucks, SUVs, etc. that you can bid on for free! 

Some of the benefits of buying a repossessed vehicle are: 

  • Incredible savings – pay a fraction of what you would pay through a dealership
  • Fast turnaround times – our cars are available and ready to take home 
  • Motivated sellers that want to move their inventory – work out an even better deal! 

If you’re not finding what you need through a dealership, shop with RepoFinder. We continue to update our inventory with fresh vehicles that are ready for their next owner. 

stoplights

Stoplight System: Use This When Shopping at a Car Auction

When shopping at a car auction, many people use the “stoplight system” to determine if a vehicle is a good purchase or not. This is an important system to know for two reasons. First, using the stoplight system can help you find the best repo car for your needs. Second, when you understand the stoplight system, you’ll know what the sellers are talking about when they use terms like “red and yellow light.” 

Let’s learn more about the stoplight system and how to use it to your advantage during live or online auctions. 

What is the Stoplight System? 

Auctions have a standard light/video display system to describe the condition and/or disclosures related to the vehicle being sold. It’s an easy and straightforward way for sellers to communicate and for buyers to know what they’re bidding on.

Here is how the stoplight system breaks down: 

  • Green light. A green light indicates that a vehicle is ready to “ride and drive.” If you see a car with a green light, it means that the vehicle is free from any known defects. If anything major turns up with the car, arbitration is possible. 
  • Yellow light. A yellow light is more common with repossessed vehicles because it limits arbitration. Vehicles with a yellow light have some acknowledged issues, so arbitration is not an option. 
  • Red light. When it comes to repossessed cars, red lights are most common. This is not to say that the vehicles are in poor condition but rather that they are being sold as-is. Because repo cars are sold in their current condition, they often fall into this category. Arbitration is not an option. 
  • Red and yellow light. It’s possible for a vehicle to have both red and yellow lights. What this means is that the vehicle will only qualify for arbitration under the rules in the policy. Essentially, you’re buying an as-is car with no arbitration. 
  • Blue light. This light is used to tell buyers that the title is not present at the time of sale. 

Know Your Buyer Responsibilities 

As the buyer, it’s important to know what your responsibilities are. Being a smart and savvy shopper ensures you get a good vehicle that is safe and fairly priced. At RepoFinder, we strongly encourage all buyers to schedule a post-sale inspection (PSI). It’s also possible that the vehicle has the original warranty intact. You won’t get any dealer warranties, but if the vehicle is still under warranty, this will be transferred to you. 

Between using the stoplight system and having a post-sale inspection done, your chances of getting a good quality repo are much higher. To start your search for a repo vehicle, click on your state on our homepage and view the banks with repos available! 

pumping gas

5 Gas Saving Tips That Really Work

This entry was posted in Outdoor Vehicles and tagged , , on by .

Looking to save money on gas? It’s a smart decision considering that gas is very expensive right now. The cost to fill up an American’s tank of gas has risen by 40 percent since the turn of the year, with the average gallon of fuel costing $3.13. And sadly, prices aren’t expected to go down for the rest of the summer. 

With the cost of fuel being so high, here are five gas saving tips that are guaranteed to save you money! 

1. Use a Fuel Additive 

Fuel additives are compounds made to enhance the quality and efficiency of fuels. By adding one to your vehicle, you can increase engine power, boost acceleration and prolong engine life. Be careful about the additive you purchase for your car, as not all are created equal. Some of the best brands to look for are Lucas, Red Line and Star Tron. 

2. Be a Relaxed Driver 

If you’re not a relaxed driver, now is the time to become one. It might feel good to press down on the gas pedal, but this also causes you to waste more gas. If you become a relaxed driver, you can boost your fuel efficiency by as much as 37 percent! So what’s a relaxed driver? Someone who accelerates slowly, brakes lightly and drives at a lower speed (say, 75 mph to 65 mph). 

3. Use Cruise Control 

When you do a lot of driving on the expressway, it’s best to use cruise control. Set it at a reasonable speed and relax. Staying at a consistent speed and not changing lanes very often prevents sudden high-speed accelerations. In fact, you can save up to 14 percent over someone who’s changing lanes and accelerating. 

4. Check Your Tire Pressure 

Having under-inflated tires can cause you to go through more gas. On the other hand, properly inflated tires are safer, last longer and have better gas mileage. To find the proper tire pressure for your car, check the owner’s manual. Then take your car to the nearest gas station to make sure your tire’s have adequate pressure. 

5. Use the Right Motor Oil 

When giving your vehicle an oil change, make sure it’s getting the right oil. Using the wrong grade of motor oil can cost you 3 to 6 cents more per gallon, according to the US Department of Energy. Not sure which oil is the best? Refer to your owner’s manual for a recommendation, and look for oils that are branded as “energy conserving” or “energy saving.” 

By following these five tips, you can improve fuel efficiency and put more money back into your pocket. And as gas prices increase, it’s more important than ever to make sure you’re doing your part in preserving fuel. 

RepoFinder is the largest bank repo list in America. Shop our inventory today and find an affordably priced vehicle in good condition! 

test driving a vehicle

Can I Test Drive a Repossessed Car?

A common question repo sellers often hear from customers is whether or not they can test drive the vehicle. It’s a great question to ask, especially when people are used to going to the dealerships and driving around the vehicles they want before buying them.

However, shopping for repossessed cars is a bit different. If you’re planning on buying a repossessed car, here’s everything you need to know about taking the vehicle for a spin. 

Sorry, But Test Drives Usually Aren’t Allowed 

Unfortunately, most sellers won’t allow you to test drive a repo vehicle. All you can do is sit in the car, turn it on and possibly put it into gear. Why is this the case? Are they trying to hide something? 

Actually, no. The main reason why auctions won’t let you drive the vehicle is because it’s a liability. When test driving a car from a dealership, it’s typically the dealer’s responsibility to cover any damages that may occur. Most dealers have a fleet policy that covers all of their vehicles. 

On the other hand, banks, lenders and credit unions don’t have fleet insurance. Remember, they loan money – they don’t sell cars! Not only that, but they don’t know what type of condition the car is really in. That’s why they’re selling it as-is. When you sign the paperwork, you are waiving these rights. But until then, driving it under the seller is a liability. 

You Can (and Should) Inspect the Repo Car 

Even though you can’t test drive the used vehicle, you can have it inspected. You can identify a lot of problems this way. Many sellers also allow bidders to start the car and put it into gear, but not all do, so be sure to ask these questions beforehand. 

We recommend bringing along someone who knows cars if you don’t. This can be a knowledgable friend or professional mechanic. They’ll know what to look for and can prevent you from getting too excited over a car that’s not the right fit. You certainly don’t want to overpay for a car with problems. Beware of sellers who won’t let you come and see the vehicle. 

Find Reputable Repo Sellers at RepoFinder 

RepoFinder has a huge selection of cars, trucks, SUVs and recreational vehicles that are waiting for their new owners. Our sellers are reputable and include trusted banks, lenders and credit unions. When you find a few vehicles that you like, schedule an inspection to see them in person! 

Black Book of Values

Black Book Car Value: What Does this Mean?

There are a number of “book values” out there to help car owners get an accurate price on their vehicle. They were given the name of “book values” because back in the day, car values were printed on paper. Today, they’re available online. In this post, we’re going to cover Black Book values, but don’t forget that there are also red and blue ones just like Kelley Blue Book. 

What is the Black Book? 

The Black Book is a valuation website that provides car values and other information for dealers. It’s used to determine trade-in values, look at wholesale prices for auctions and decide on prices for used vehicles. Everyday consumers aren’t usually able to get Black Book prices, though there are similar resources online such as Edmunds

The difference between the Black Book and Blue Book is that the Black Book is designed for dealerships and the Blue Book is designed for consumers. For example, a consumer would use Kelley’s Blue Book to determine their trade-in value, while a dealership would use the Black Book to establish the value of a trade-in. 

Both the Blue Book and the Black Book evaluate millions of data points from dealerships and auctions to determine pricing. 

How Accurate is the Black Book? 

Generally speaking, the valuations are more specific in the Black Book. It’s updated more often and it collects data from wholesale auctions both in person and online. These numbers are then compared to the dealer advertised prices. Subscriptions are required to access Black Book access, though the public does have access to the price search features through third party sites. 

Do I Need to Know Black Book Values to Find the Best Prices? 

When shopping for used cars, you do not need to know any Black Book values. However, we do recommend knowing Blue Book numbers. These values are meant for consumers who are shopping for used vehicles. They can determine how much they should be paying for the vehicles they’re interested in, as well as what their trade-in is worth. 

Overall, the Blue Book is a trusted resource for consumers. It pulls information from a wide variety of sources, including weekly auto auctions and car selling sites. An algorithm then sorts through this information to make sense of it. The prices are posted and then shared with consumers. 

However, Kelley Blue Book is still just a guide – not an end-all-be-all. Many people think Kelley Blue Book sets its prices but it actually tracks prices. And sometimes, the information is outdated because it takes time to collect, organize and report. As long as you’re aware of this, you can use the Blue Book to your advantage. 

RepoFinder Has the Best Prices on Repo Cars

RepoFinder has a huge selection of used vehicles. These vehicles are mostly owned by banks and credit unions because their previous owner defaulted on their payments. With so many repo cars to choose from, you can find the perfect vehicle at an affordable price. Shop with us today and find a vehicle that meets your needs and budget.