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!