Author Archives: repofinder

paying car insurance

Car Buying Mistakes that Can Make Your Insurance More Expensive

When buying a new or used vehicle, most people are looking at the car itself and its features. They generally aren’t thinking about how much the vehicle will cost to insure, that is, until they call their insurance company. Some cars are more expensive to insure than others, so it’s smart to consider insurance costs before buying a car, not after. 

Let’s check out some car buying mistakes that can raise the rates of your auto insurance for the duration of time you own your vehicle. 

Buying a Car Lacking Safety Features 

When insurance carriers set their premiums, one of the things they look at is the risk of collision. If a vehicle has good safety features, such as collision avoidance technologies and plenty of air bags, the chances of having to pay out a large claim are lower. Therefore, the cost of insurance is lower, too. 

On the other hand, if a car is lacking essential safety features, the chances of something going wrong is greater. As a result, insurance rates are higher. As you shop for vehicles, pay attention to the safety features that are included. They can lower your auto insurance – and save a life. 

Purchasing a Car with an Accident History 

Another thing that insurers track is the accident history. A car that has a history of being involved in accidents is going to cost more. 

For the buyer, it’s not exactly easy to know the accident history on every vehicle unless you pull a report. But we do recommend checking the accident history on a car before you buy it, as well as obtain several different quotes for auto insurance. 

Buying a Car that’s More Likely to be Stolen 

Some cars are more likely to be stolen by thieves than others. If you own one of these cars, your insurance will be more expensive. Insurers have to charge more because they typically provide coverage for stolen cars as long as the buyer has comprehensive coverage. 

And, if you think that the chances for your car being stolen are slim, think again. In 2020, there were over 810,000 vehicles stolen. One of the main ways that cars are stolen is from drivers who leave their keys in the car. 

Not Comparing Auto Insurance Quotes 

A lot of buyers aren’t aware that they can compare auto insurance quotes on different vehicles before making a selection. If you’ve narrowed down your options, ask your insurance provider to run a quote for each vehicle. This way, you can determine how much you’ll be paying each month for insurance. If one car is a lot cheaper to insure, this can be your deciding factor. 

If you’re on a tight budget, keeping these four factors in mind will help you trim your auto insurance rates. To shop for affordable vehicles, visit RepoFinder.com today. Once you’ve narrowed down your search, reach out to your insurance company and have them run a few quotes for you! 

car buying during shortages

3 Car Buying Tips in Today’s Market

If you need to buy a used car in today’s market, it’s probably going to look a lot different than it did the last time you shopped around. Between vehicle shortages, high prices and a booming demand, it’s important to know how to navigate a car purchase in these unprecedented times. 

Let’s check out three tips from the experts that will help you make a smart car purchase in 2022. 

1. Realize What You’re Up Against – and Adjust Your Expectations 

First thing’s first – you need to realize what type of market you’re buying a car in. There’s a computer chip shortage, which means new vehicles aren’t getting made. Plus, car manufacturers are still catching up from other pandemic-related factors such as shutdowns and quarantines. 

The cost of materials is also high. Steel, for example, increased by 200% last summer. Despite these challenges, there’s a booming demand for cars. A strong economic recovery, low interest rates and government stimulus checks have boosted much of this demand. However, automakers can’t keep up. 

2. Be Flexible – Don’t Limit Your Options 

Right now, flexibility is key. There’s a good chance that you won’t find exactly what you’re looking for at the price point you’re used to, so it’s important to keep an open mind. Chances are, there are a variety of brands, models and options that will fit your needs. 

It’s also worth considering older models, as many haven’t changed that much in terms of design and features. You can also expand your search by browsing less popular car types such as sedans, hatchbacks and smaller SUVs. 

3. Prepare to Pay Up – Vehicles Cost More Than They Used To 

Even if you’re able to find everything that you want, be prepared to pay more than what you’re used to. New cars are selling at or above MSRP. Used cars are worth thousands more than they were before the pandemic. This is supply and demand at its finest. 

And remember, dealers and private sellers are aware of the shortages and high demand. They likely won’t be interested in negotiating much, if at all. Expect to pay at least sticker price for the car you want. If you don’t want to pay this price, someone else will. 

If you need to buy a car in these unprecedented times, browse the inventory at RepoFinder.com. We have repossessed cars, trucks, SUVs and recreational vehicles at affordable prices – and they’re available to buy today! 

holiday car shopping

Tips for Buying a Car During the Holidays

If you’re looking to splurge on yourself this holiday season, a car might be just the thing! After all, you need a vehicle to get you to and from work, so it makes a practical gift. It may also be time for an update, especially if your current vehicle is lacking the latest safety features. 

But is the holiday season really the best time to buy a new or used car? Or should you wait until after the holidays? Actually, you can’t go wrong with either one! Savvy car buyers know that December and January are great times to buy because dealers are hoping to unload old inventory.

Keep in mind that with car shortages, this year may look a little different in terms of prices and inventory. But we still have some useful tips that will help you make a smart car purchase during the holidays. 

Shop on Christmas Eve and New Year’s Eve 

Christmas Eve and New Year’s Eve are some of the best days to shop for a car. Dealers are eager to get old inventory off the lot, and they know that buyers are motivated to make a purchase. 

Research shows that you can get an average of 8.12% off the Manufacturer’s Suggested Retail Price (MSRP), which adds up to thousands of dollars in savings. If you can, it’s also better to shop in the mornings when the crowds are smaller and you can get more attention. 

Be Ready to Act Quickly 

Even though car inventory is low this year, people still need cars. Therefore, if you find a good deal, you must be ready to act quickly. This is why we recommend doing your research at home so that you can compare your options without pressure. 

At RepoFinder, you can browse our inventory of repossessed vehicles at your leisure. Find cars that meet your needs, take time to review their features and ask the sellers questions. When you’re ready, you can place a strong bid. 

Consider Last Year’s Model 

Even though you might be drawn to the 2022 models, you can save big bucks by going to a 2020 or 2021 model. The car is still new and probably has similar styling and features as the latest models, but they’ll be thousands of dollars cheaper because the dealers consider them dated. 

Bring Your Own Financing 

Another helpful tip for purchasing a new or used car over the holidays is to come with your financing in place. Dealerships make part of their earnings through interest rates, which means they’re often higher than they need to be. 

You can save money by going to your own bank and acquiring a pre-approved loan. For an even better deal, shop for a car at RepoFinder.com where banks and credit unions sell their repo inventory. You can get financing straight through them, and they’re often willing to negotiate even better deals. 

Shop at RepoFinder this Holiday Season

Hopefully these tips have given you the direction you need to start shopping for a new or used vehicle over the holidays. If you miss the month of December, you can expect some great deals in January, too! But for the very best deals every day of the year, be sure to check out the repo inventory on RepoFinder.com

buying a car in 2022

Three Reasons to Wait Until 2022 to Buy a Car

Are you thinking about buying a new or used vehicle before the end of the year? You might be better off waiting until 2022, if you’re able to. Why? A number of negative factors have come together to make 2021 one of the worst years to buy a car. Between supply shortages, few incentives and a lack of choice, many people have delayed online car shopping. 

Below are the top three reasons why it’s best to wait until 2022 to buy a new or used car. Thankfully, it’s just around the corner, so you can start preparing for your car purchase today! 

1. Inventory is Low 

Inventory for vehicles is low right now. The computer chip shortage is largely to blame, as some electronic parts use 500 to 1,500 chips depending on their complexity. As this article points out, car manufacturers like Toyota only have an 18-day supply of new cars. 

But what if you can’t wait and need a new car right now? Rest assured you can find a used vehicle through RepoFinder. We continue to maintain a strong inventory of repo cars, trucks, vans and SUVs that are available to purchase. 

2. Few Incentives are Available 

With high demand and low inventory, there are few incentives available. Normally, both car manufacturers and dealerships offer incentives so they can sell more cars. But since there aren’t many vehicles available to buy, you won’t find many good incentives. 

This also means that negotiations probably won’t get you far, either. Car dealers know that if you don’t want to buy the car for the price it’s listed for, the next person will. Again, if you want a good car at a decent price, it’s best to open up your options and consider repo cars. 

3. Dealers Prices are High 

The Manufacturer’s Suggested Retail Price (MSRP) is the price the manufacturer suggests selling the car for. To be competitive, dealers usually stick to this price range, but this is not the case today. Many dealers are charging $10,000-$20,000 over sticker price. 

Cars are already expensive, so you have to ask yourself how much you are willing to spend on a car. Keep in mind that you must be able to afford your monthly payments, too. Also, since dealers are raising the prices of new cars, the banks are valuing them higher and this can make it harder to get approved for an auto loan. 

Need a Car Now? RepoFinder Has Inventory Available! 

RepoFinder maintains a steady inventory of vehicles. Even though there is a car shortage, we’ve been able to turn over our inventory because the banks are repossessing vehicles due to outstanding loan balances. If you can’t wait until 2022 for prices to decrease and inventory to increase, you can find what you need through RepoFinder. 

car accident

What Happens When the Car You Want Has Been in an Accident?

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

When you start shopping for a used car, you know that you have to be willing to give up certain features. But the hope is that you will get a great car in the end. However, what happens when you find the perfect car and you discover it has been in an accident? Should you move forward with the sale or pick a different vehicle? 

Believe it or not, 40 percent of cars on the road today have suffered some type of damage. So the chances of finding a used car with a history of damage is not uncommon. If you’re looking for a great deal, it’s important not to discount these types of vehicles. 

Below is more information on buying a car that has been in an accident. 

Determine How Bad the Accident Was 

The first thing to do is find out how bad the accident was. You can get this information from a Carfax report. Minor damage might only be a dent or scrape. But a major accident is a red flag. However, it’s possible for the Carfax report to be inaccurate at times.  

For instance, if there were four cars involved in the crash and three had severe damage, the undamaged car might also get noted as having major damage. This is why it’s important to have the car inspected so that you know what you’re buying. 

Inspect the Vehicle 

Here at RepoFinder, we always recommend having used and repo cars inspected regardless of what the Carfax report says. Most mechanics can quickly identify a car that’s had paintwork. But remember, even if the vehicle was in an accident, it’s not the end of the world. Millions of cars are involved in crashes each year, and with proper work, are perfectly fine to drive again. Which brings us to our next point. 

Find Out Who Did the Repairs 

A major point to consider is who fixed the vehicle, as this will determine the quality of the repair. Your mechanic should be able to tell you how the job looks by evaluating how the paint colors match, how the panels fit together and so forth. If there’s any indication that corners were cut, it’s best to stay away from the vehicle. 

Know the Title Status 

Another important element is the title status. In many states, a salvage title is issued when the damage exceeds the current value of the car. A rebuilt title is issued when a car has been inspected by the state and has met certain safety criteria. These types of titles can never be changed so the next buyer will know that the car has been in an accident. 

Final Thoughts 

So should you purchase a used or repo vehicle that has been in an accident? Maybe. With so many cars being involved in accidents each year, it’s difficult to omit them all from your search. And many of these accidents are minor, with only light dings and scratches, so they won’t affect the safety and reliability of the vehicle. 

As always, the key is to do your research, have a mechanic or someone who knows a lot about cars inspect the vehicle and do a title and vehicle history search. To start browsing for safe, dependable cars at affordable prices, count on RepoFinder

car with rust

Should I Buy a Car that Has Rust?

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

Are you thinking about buying a car that has rust on its body? Perhaps it’s a great deal and you’re not looking to spend a lot, but you’re worried that the rust could indicate a bigger problem. So should you buy a vehicle that has rust or should you make a hard pass? 

Rust happens when the metal in your car mixes with oxygen or water. Even if it doesn’t look that bad, rust can spread quickly and become a big problem. Not to mention, it’s a pretty bad eyesore. So the short answer to whether or not you should purchase a vehicle that has rust is ‘no.’

That said, there are different types of rust, and sometimes, there are spots that can be repaired. Let’s look closer at the variations in rust and which ones to steer clear of. 

Stages of Rust Explained 

Rust formation happens in four stages. The stage of the rust matters because there are different corrective actions to take.

  • Stage 0. This stage is ideal because it means there are no signs of rust such as paint bubbling or cracking. You can keep your car in this stage by keeping it clean and removing contaminate agents. 
  • Stage 1. This stage is called ‘surface rust’ and it happens when rust forms on the top layer of the car’s surface. You may notice signs like brown, black or white patches. Thankfully, this type of rust is easy to fix. However, if you ignore the rust, it will grow into a bigger problem.
  • Stage 2. At this stage, degradation has begun. This ‘scale rust’ phase is characterized by visible bubbling on the painted area of the car. This is caused from a reaction between the iron and oxygen.
  • Stage 3. The most advanced stage is the ‘penetrating rust’ stage where the rust has penetrated through the metallic components. In order to fix this problem, the whole entire body panel will need to be replaced. This isn’t an easy or cost-effective repair. 

Your Best Bet…Look for Cars with Rust-Free Body Panels

If you’re looking for a used or repossessed car and one pops up in your price range but has some rust, proceed with caution. It’s possible that the rust is only in Stage 1 and can be fixed. Ask a mechanic to look over the vehicle and provide you with their professional opinion. 

If the rust is any further than a Stage 1, it’s best to look into a different car. Once rust gets beneath the car’s surface, it’s going to spread like wildfire. Fortunately, there are plenty of places to shop for cars! For a great selection of used and repossessed vehicles at affordable prices, shop with RepoFinder

car repo'd during COVID

Can Cars Be Repossessed During COVID?

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

COVID-19 has disrupted the economy, leaving millions of Americans struggling to pay their bills. The economy is slowly improving, but this doesn’t mean that all families have bounced back. It can take months, if not years, to recover from an income loss. 

One of the biggest monthly bills for Americans is their car payment. The average monthly car payment in the U.S. is $563 for new vehicles, $397 for used vehicles and $450 for leased vehicles. With payments this high, some people have stopped paying them due to pandemic-related hardships. 

If you’re in this boat, you might be wondering if your car can be repossessed. Below is everything you need to know about car repossessions during COVID-19. 

Are Cars Still Being Repo’d in 2021? 

In difficult times, repossessions go up. Due to the coronavirus recession and high levels of unemployment, over 7 percent of all car loans in the U.S. are in some type of deferment program. Missing car payments damage credit scores and can result in a visit from the repo man. 

While some lenders have declined repossessions during COVID-19, not all have. And unlike mortgages, utilities and rent payments, there hasn’t been much relief for auto loans. So, while many lenders have tried to be more flexible with auto repossessions, they are still happening every day during the pandemic. 

Where Do Repossessed Cars End Up? 

While it’s always in the consumer’s best interests to speak with their lender and try to work something out, it doesn’t mean they’ll get to keep the car. Lenders can still repossess vehicles without warning. 

When a car is repossessed, the lender usually tries to work something out with the owner. If they can’t catch up on their payments, the car will usually go to an auction. Most commonly, repos go to dealer-only auctions where you’ll need a dealer’s license to place a bid. This is why dealerships get their hands on repos first. 

But there are options for the general public. On RepoFinder.com, banks, lenders and credit unions sell their vehicles directly to the public – no dealer’s license required. You can browse our selection of vehicles for free and place a bid at your convenience. 

What are the Benefits of Buying a Repossessed Car? 

Due to pandemic-related hardships, car repossessions are up in many areas. While it’s not fun to be on the giving side of this relationship, people who are shopping for affordable, accessible cars can benefit. 

Here are some of the advantages to buying a repo car:  

  • Cheaper than new and used cars from the dealership – pay a fraction of the price! 
  • Work directly with the banks and lenders – no middleman to drive up prices or complicate the process 
  • Highly motivated sellers that are open to negotiations 
  • All-in-one shopping experience as you can get financing directly from the seller 
  • Wide selection of vehicles available for purchase NOW – unlike the dealerships that are facing a chip shortage 

While it’s unfortunate that cars are still being repossessed, it does allow for a strong repo inventory for those searching for cheap, readily available vehicles. Find a car that suits your needs and budget today on RepoFinder.com

leasing a car

4 Biggest Disadvantages to Leasing a Car

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

Leasing a car might sound like a good idea, especially when comparing prices. Generally speaking, a leased vehicle has lower monthly payments than a new vehicle. Plus, you don’t have to worry about most repairs because they’ll be covered by the manufacturer’s bumper-to-bumper warranty. And when it comes time for a new vehicle, you can trade your lease in – no selling required – and move onto your next car.

But leasing is not for everyone. Below are four major pitfalls of leasing a vehicle that you’ll want to be aware of. 

1. You’ll always have a car payment. 

Most lease contracts are between two and three years. This means that every couple of years, you’ll have to trade in your lease and look for a new vehicle. On top of that, you’ll have a car payment until you buy a vehicle and pay it off. 

While leased car payments are generally lower than financing a new car, you won’t save money over the long term because you’ll always be making payments. On the flip side, you can purchase a vehicle and get rid of the payments once you pay it off. 

2. It’s hard to get out of a lease.

Leasing contracts are difficult to get out of. You’re usually stuck with the vehicle until you pay off everything you owe or wait until the end of the term. Ending your lease early often results in early termination fees. 

If you buy your own vehicle, you can sell your car when you’re ready for something else. And you don’t have to pay any extra fees to the lender – all you have to do is pay off the loan amount from the sale. 

3. There are mileage limits.

Leased cars usually have annual mileage limits of 10,000, 12,000 or 15,000 miles. This helps leasing companies prevent unnecessary wear and tear on their vehicles. If you drive more than this in a year, leasing probably isn’t for you. Otherwise, you’ll be responsible for paying extra mileage fees.

When you buy a vehicle, you don’t have to worry about any mile restrictions. You can drive where you want, when you want. Having high mileage will affect your resale value, but you don’t have to pay any more for it while you own the vehicle. 

4. Fewer options for borrowers with poor credit. 

If you have poor credit, you may not be eligible to lease a car. However, you have more options if you want to finance a vehicle, especially when you choose a repossessed vehicle. Repo sellers like banks and credit unions are highly motivated and usually able to negotiate a deal. 

Additionally, because there are different lenders with varying credit types, you can find more options in terms of financing. While you can expect your payments to be higher than someone with good credit, you can at least get your payments to an affordable amount each month.

Shop for Repossessed Cars 

These are just some of the reasons why leasing is not for everyone. It’s important to be informed, as this will help you make the best decision for your next car purchase. RepoFinder has a huge database of repossessed cars, trucks, luxury vehicles, SUVs and more. Browse our selection today and see how affordable a new vehicle can be! 

car shopping during chip shortage

How Long Will the Car Chip Shortage Last?

If you’ve gone shopping for a new or used car lately, you’re probably very familiar with the chip shortage. Since the COVID-19 pandemic hit, car shopping has been a rollercoaster ride. First, the pandemic prompted many dealership showrooms to shut down, and both demand and production plummeted as a result. 

To bring in sales, automakers quickly responded with incentives and financing. The plan worked – probably too well. Consumers snatched up vehicles faster than automakers could produce them. Combine that with a global chip shortage and now inventory for new vehicles has significantly decreased. 

So how long is the car chip shortage expected to last? And when can you expect car shopping to return to normal? We answer your questions below. 

How Long is the Chip Shortage Expected to Last? 

Reports are saying that the chip shortage will last until 2022 or 2023. To try and work around the shortage, dealers are encouraging customers to order the cars they want in advance. With a hefty deposit and a bit of patience, shoppers can have their vehicle delivered rather than buying it straight out of inventory. 

If you need a car right away, it’s recommended to shop outside of your local area and be flexible on the features you want. Unfortunately there are not enough vehicles to meet consumer demand, leading to high prices and a low selection. And it’s not expected to get better for a long time. Flexibility is key!

What Other Alternatives Do Car Buyers Have? 

If you need a reliable vehicle sooner than later, a better option is to shop for a repossessed vehicle. RepoFinder has the largest database of repo vehicles, including SUVs, pickup trucks, luxury cars, sedans and recreational vehicles like boats and RVs. 

Banks, lenders and credit units sell their vehicles directly on our site, which means the transaction is between you and the seller – no middleman. These sellers are highly motivated, so you can usually work out a deal with them. 

While a repo car purchase is not for everyone, it’s definitely worth considering if you need a quick, reliable vehicle to get you to and from work. And you don’t have to worry about chip shortages, putting down a deposit for a vehicle you won’t see for months and so forth. You can pick out the car you want and take it home right away!

vehicle trim level

What is a Vehicle Trim Level?

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

When shopping online for a new or used vehicle, you might come across the term “trim level.” Some car shoppers are aware of the auto industry lingo but many aren’t. No judgment here – we’ll teach you everything you need to know about trim levels to ensure you’re getting the right features in your vehicle. 

What is a Vehicle Trim Level? 

A trim level (sometimes called a trim package) is a version of a vehicle model that comes with a combination of features pre-selected by the manufacturer. 

Cars with higher trim levels come with better features and a higher price, whereas cars with lower trim levels are more basic and have a cheaper price tag. To differentiate trim levels, you’ll see lingo like Chevrolet Corvette 3LT or BMW 320i. 

Every vehicle has a trim level, even if it’s basic with no extra features. However, the features used to determine trim levels have changed. In the past, trim levels were based on aesthetic features like chrome accents and leather upholstery. 

Today, trim levels include functional updates like high-end technology and performance upgrades. Some vehicles have up to 6-10 different trim levels due to the variety of upgrades included in the model! 

How Does a Trim Level Differ from an Accessory Package 

At first glance, it might seem like a trim level rivals an accessory package. But there are clear differences. First, accessory packages are often a la carte, meaning that you can pick and choose what you want. Trim levels cannot be modified. 

Second, accessory packages can be added onto most car models. Again, trim levels are already set by the manufacturer and cannot be changed or added. Whether you’re buying a car from a dealership, a private seller or an online repo directory like RepoFinder, the trim level you see is what you get. 

Hopefully this information has helped you understand what a trim level means when shopping for new or used vehicles. The more you know, the easier time you’ll have looking for cars that fit your needs and budget. To shop a wide selection of vehicles at affordable prices, shop at RepoFinder today.