Category Archives: Repo Cars

buy car with tax refund

Put Your Tax Refund Toward a Used Car

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Not everyone gets a tax refund at the end of the year, but if you’re one of the lucky ones who does, you might be wondering what you should do with it! While there are many fun things you can spend your money on, a lot of people like to put their tax refund to good use, such as paying down debt or making improvements around the home. Another smart idea is to put your tax refund toward the new vehicle you’ve been saving up for. 

According to the IRS, the average refund amount in 2023 is $3,079. Having a few extra thousand dollars to put toward a car can be extremely helpful, especially when you’re looking to buy a used vehicle! Here are the different ways you can put your tax refund toward a used car.

Apply Toward the Purchase Price 

RepoFinder provides a directory of banks and credit unions that are selling their repo inventory. They are highly motivated and eager to sell, which is why the vehicles already include a steep discount. You can find plenty of cars for under $10K and $15K. 

Having a few thousand dollars to put down can reduce the purchase price significantly. You can then finance the rest of the amount, and your payments will be lower. You can also put yourself in a better position to negotiate when you come with a pre-approval for a car loan.

Cover Maintenance and Repairs 

Another way you can use your tax refund is to pay for the maintenance and repairs your vehicle might need. For instance, when you purchase a repo car, it does not come with a warranty, unless the original manufacturer warranty is still intact. In this case, the warranty would transfer for you.

However, most repos do not have a warranty, which is why you buy them in as-is condition. You get a nice discount in return, but you’re also responsible for whatever problems come up. It might make more sense to save your tax refund and use it to cover the cost of maintenance and repairs, such as new tires or a professional detailing. 

Pay Leasing Fees Upfront 

RepoFinder does not offer cars to lease – only to buy. But leasing is still an option you may want to consider if you want a nice car without all the maintenance. A decent sized tax refund should be enough to cover a lease’s upfront costs. After this, you’ll be responsible for making your monthly payments. 

Do keep in mind that leasing has some pitfalls. You can face bills for extra mileage and wear and tear when you turn the car in. You’ll also be responsible for paying these fees every time you trade in the car, otherwise they are rolled into your loan. 

Use Your Tax Refund on a Repo Car! 

These are some of the ways you can put your tax refund toward a used car. When you buy a car on RepoFinder, you’ll have access to many banks and credit unions in your area. We include photos and contact information so that you can negotiate directly with the seller. If you have been in need of a car and received a tax refund, this could be the way to get what you need quickly and inexpensively! 

great car deal

The Anatomy of a Great Used Car Deal

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Car shopping isn’t always the most enjoyable experience. It can be stressful, disappointing and even confusing. For example, how do you know when you’re getting a great deal on a car? Unlike brand new vehicles that cost a premium, used vehicles include a discount. How much of a discount they get depends on various factors such as their age, model and condition. 

Most people who purchase used cars are doing so to save money. If we’re being honest, most of us would love to drive off the lot with a brand new car. So it only makes sense that when shopping for a new or repo car, you want to make sure you’re getting the best deal possible. Below are the elements that go into a great used car deal. 

Good Purchase Price 

It’s fairly easy to tell if the car is marked right by looking up its value in Kelley Blue Book or Edmunds’ True Market Value. Keep in mind that you’ll get an average price for the vehicle based on what people in your area have paid. It will not be exact. Some people will have paid more, and others less. But at least you’ll have an idea of what the car is worth. 

Possible Incentives 

It’s possible that a used vehicle might include some incentives, such as low-interest financing, to make it look more attractive. If the car you’re interested in is eligible for incentives, make sure they are applied correctly. Many people prefer the ease of shopping for a repo car because they can place a bid they feel is fair – there are no incentives, rebates or other offers to mess with. 

Low-Interest Financing 

Ideally, you’ll want to shop around for the best auto loan rates. Dealerships do offer financing, but the interest rates are often higher, which means you’ll pay more over the life of your loan. Shop ahead and use this to negotiate at the dealership if need be. If you plan to buy a repo car, you can obtain financing from the seller, as most are credit unions and banks who are open to negotiating. 

Minimal Fees and Taxes 

You should always know what you’re paying for your vehicle – including taxes and fees. Often, people ignore these hidden fees because everything is lumped into one payment. But it pays to ask questions and be informed. In a good car deal, you should only have to pay three fees: state and local sales tax, motor vehicle registration fees and a reasonable documentation fee. In some states, state law controls the fees. What you want to watch out for is dealers creating their own fees. 

No Additional Add-Ons 

As mentioned above, people appreciate the simplicity of buying a repo car because they don’t have to worry about overpriced add-ons. Everything is straightforward. Find a car you like, place a bid, and if your offer is accepted, move forward with an inspection and paperwork. If you purchased a used car from a dealer, watch out for unnecessary add-ons like paint protection packages and extended warranties. 

Find the Whole Package at RepoFinder.com 

RepoFinder.com has a list of banks, lenders and credit unions in every state that are selling repo inventory, including cars, trucks, SUVs, recreation equipment and more. They are highly motivated sellers that are looking to clear out their inventory and recoup their losses. You can also negotiate good deals with them, sometimes with zero-interest financing. Browse our vehicles today and see if you find something you like! 

fixing a car scratch

3 Types of Car Scratches and How to Repair Them

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When you shop for a used or repossessed car, it’s normal to see vehicles that have some scratches on them. But don’t let this deter you from making an offer! Most nicks and scuffs are repairable, which means you can improve the appearance of your new vehicle with little effort. Not only that, but repairing scratches also protects the paint and metal underneath so that you can avoid more problems down the road. 

Below are three types of car scratches and how to repair them. 

1. Clear Coat Scratches 

Clear coat scratches are the most superficial types of scratches, which means they are also the easiest to fix. The clear coat is a layer of transparent paint that protects the color coat and primer coat of paint from UV rays, oxidation and other types of contaminants, including acid rain and road salt. If this layer gets damaged, it can cause the paint to fade. 

Fortunately, most light clear coat scratches can be fixed by polishing the clear coat with a rubbing compound. This removes the damaged layer and protects the paint. If the scratch is deep, you may need to sand the area first. This will remove any rough edges and make it easier to apply the compound. 

2. Paint Scratches 

Paint scratches are not uncommon, but they can certainly change the appearance of your vehicle. They are slightly more invasive than clear coat scratches because they extend down into the enamel color layer of your vehicle’s finish, but they can typically be repaired on your own. 

You can purchase a car scratch repair kit that includes all the items needed to repair the paint scratch, such as a scratch remover, microfiber cloth and a paste or wax to restore the car’s shine. Make sure to follow all the instructions, and choose a higher quality paint kit to ensure the best results. 

3. Primer Scratches 

Primer is an undercoat used to prepare a car for painting. Typically, primers are used when refinishing car bodies because they build up and level rough surfaces. Primer can also prevent rust and corrosion from damaging the vehicle. 

If a scratch goes into the primer, you’ll want to address it right away so that it doesn’t have the opportunity to create rust. We recommend speaking with a professional because these are deep scratches that go through all paint layers. Usually, the repair process will start with a new primer application, buffing and polishing. 

Some scratches are more invasive than others, requiring immediate attention. But the important thing to remember is that most car scratches are minor and can be repaired at home or by an auto body shop. In other words, don’t let a scratch stop you from buying an otherwise perfectly good repo car! Find a vehicle that you love today at Repofinder.com

buying a repo car

4 Things to Know About Buying a Repossessed Vehicle

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Interested in buying a repossessed car, truck or SUV? You’ve come to the right place! RepoFinder.com provides a directory of links to banks and credit unions throughout the U.S. that are selling their repo inventory. You can find great deals on all types of vehicles – even new ones! 

If you’ve never bought a repossessed vehicle before, you likely have questions about what the process entails and what you can expect from your purchase. Below are four important things to know about buying a repo car. 

1. Repossessed vehicles are often in great condition. 

Repo vehicles can be just as safe as buying any other car. The exception is that you have to take on more responsibility, as the car hasn’t been inspected. You are purchasing the vehicle as-is, so it’s important to do your research and inspect the vehicle. If you’re not comfortable doing that, you can hire a mechanic.

Another thing you can do to ensure a quality repo includes obtaining a vehicle history report. This report gives you all the information you need to decide whether or not you want to buy the vehicle, such as the number of owners, serious accidents, odometer rollbacks and recall information. 

2. The seller should always give the option to check out the vehicle. 

Ideally, you’ll want to look at repos nearby where you live so that you can easily travel to them. The seller should always give you the opportunity to inspect the vehicle. If they don’t, this is a red flag. 

However, you may not have the option to test drive the vehicle due to liability reasons, or you may only be allowed to drive in a small parking lot. Either way, you have the right to look at the vehicle and assess its condition before signing anything.

3. A repossession does not affect the car’s title or warranty. 

A car is repossessed when the owner can no longer afford to make the payments they agreed to. The lender then has the right to take back the vehicle and sell it to recoup their losses. Car payments are at all-time highs, so repossessions are not uncommon. 

The good news about repossessions is that they do not affect the warranty or title of the vehicle. In fact, if the car is relatively new, it may still have the manufacturer warranty intact, and that will transfer to you. 

4. To be competitive, know how to make a strong bid. 

There’s a lot of competition among repo cars, so you’ll want to know the anatomy of a strong bid. This includes offering a fair price for the vehicle you’re getting, as it may need some work. Some people say that offering 20 percent more than the minimum bid is a good place to start. 

Keep an eye on the bidding so that you know when it ends. Even if you didn’t get the highest bid, it’s possible that you can still win. If the highest bidder doesn’t accept the repossessed car, it will go to the next highest bidder and so on. This could be you, and you’ll want to respond promptly. 

RepoFinder.com makes it easy to find repo cars in your area. Simply click on your state and you’ll get a list of banks, lenders and credit unions in your area that have repo inventory available! 

buying a repo car

Does a Repossession Change the Title or Warranty Terms on a Car?

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Buying a repossessed car is a great way to save money. There’s a misconception that repossessions are old and in terrible shape, but this isn’t necessarily the case. While there will always be fixer uppers on the market, many of the cars that are repossessed by banks and lenders are newer. It’s just that their owners could no longer afford the high payments. 

When you consider that the average monthly payment for a new car is $700, you can quickly see how cars end up in repossession. Most repo cars are picked up by dealerships and then resold as used vehicles. However, at this point, they’re also getting a markup from the dealership. This means that you’re not paying true repo prices. 

RepoFinder.com works differently. We offer a directory with links to banks, lenders and credit unions all over the United States. They have repo inventory they want to sell, and they sell it to the public – not to dealers. Therefore, you do not need a dealer’s license. You can simply browse the available vehicles in your area and place a bid when you find one you like. 

Do Repo Cars Have a Clean Title? 

A common question that people ask is whether or not repossessions have clean titles. The answer: Yes. At least, they should. We do not recommend buying vehicles without a title, as this can lead to problems down the line. You could be paying for the vehicle, driving it around and maintaining it, and the ‘true’ owner can come back with the title. 

The car you buy should have a title. A ‘clean’ title means that the car was never determined to be a total loss. Other types of titles you might come across are a salvage title and a rebuilt title. It’s best to avoid salvage titles. Rebuilt titles may be okay. 

Titles show who owns the vehicle, and ideally, you want them to be clean. But a vehicle being a repossession has no bearing on the title. 

Do Repos Include a Warranty? 

As for the warranty, it’s well-known that repossessions don’t include a warranty like you would get from a dealership. You are buying the vehicle as-is, which is why you get a steep discount. In exchange for this discount, you are agreeing to take care of whatever problems the car has. It could be minimal maintenance and repairs, or it could be major issues. That’s why we always recommend having a full inspection done.

But, if the vehicle still has its original manufacturer warranty intact, a repossession will have no bearing on it. The warranty will roll over to the new owner, and you are free to use the warranty as you need it. You can also consider purchasing an extended warranty on your own. Extended car warranties aren’t always worth the money, though, so do your research. 

Bottom line: Repossession doesn’t change the title or warranty on a vehicle. If the car you’re interested in has a clean title and manufacturer warranty, this will be passed down to you. To browse the repo cars in your area, visit RepoFinder.com today

college students

Why Repo Cars a Great Choice for College Students

If your college kid could benefit from having their own car, this article is for you! College students don’t typically have a ton of money. They’re focused on going to school, getting good grades and building their resume. Except for maybe a part-time job or two, most college kids can’t afford to buy a new car and make the payments on it. 

At the same time, the parents of college students are also often strapped for cash! They’re likely helping out with the cost of tuition, as well as room and board, food, books and other things. Affording a car payment on top of it might be too much. Fortunately, there is an option for college students and their families: repossessed cars. 

What are Repo Cars? 

Repo cars are vehicles that have been taken from their owner because they didn’t make their payments. When you take out a loan to buy a new car, you’re agreeing to make the monthly payments on time. If you don’t, the lender has the right to repossess the car. You’ll likely have an opportunity to catch up on payments once the car is repossessed, and if you can’t, it’s sold at an auction.

Lenders don’t like having to deal with repo cars. They’re in the business to make money by lending money. They don’t want cars sitting on their lot, nor do they want to spend time trying to find a buyer. That’s why they often unload repossessed cars quickly by selling them at dealer auctions. 

The trouble with dealer-only auctions is that they are only open to people with a dealer’s license. They are not open to the general public. If you want to get your hands on a true repo from a bank or lender, RepoFinder.com is the way to go. We have a huge list of repo inventory from banks, credit unions and lenders all over the country. 

Why Repo Cars are a Great Choice for College Kids 

Whether you’re shopping for yourself or your college student, here are some reasons why repossessed cars make a great fit for young people:

  • They’re affordable. Repo cars can save you as much as 30 percent compared to what you would pay at a dealership for a new car. You can also negotiate with the seller to get a better price. 
  • They’re cheaper to insure. Because repo cars cost less and are typically a few years old or older, they’re also cheaper to insure. If your college kid is going to be driving back and forth to school and home, you want to be able to save on insurance. 
  • You can pay in cash. Since repo cars are more affordable, some people pay in cash. Paying in cash makes you a stronger negotiator, and you can save money on interest rates. If you and your college student have been saving up for a car, you can put your money together and make this great purchase! 
  • There’s a wide selection. When you look for a repo car on RepoFinder.com, you’ll find a great selection of vehicles. You can shop at your leisure, view the photos, ask questions and more without leaving your home. 

Buying a vehicle for a college student is a big venture, but it’s one that’s often needed. College kids need a way to get to and from school, work, etc., so a car quickly becomes essential. To find an affordable car for your college student, visit RepoFinder.com today

new vehicle

The New Average Monthly Car Payment is Now $700! How to Reduce This and Still Get a Great Car.

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It’s the new reality: the average monthly new-car payment surpassed $700 in May 2022. As a result, many people have decided to wait on buying a new car until the market returns to normal. Unfortunately, this current market looks to be the new normal. Even though car prices are decreasing, interest rates are increasing, making car payments higher than average. 

The Federal Reserve continues to raise the federal funds rates, driving auto loan interest rates to a 20-year high. The average new-car transaction price, according to Cox Automotive, remains above $48,000. In October 2022, the average monthly new-car payment hit another high of $748 a month. Average used-car payments have surpassed $550 based on a 70-month loan term and 10 percent down. 

According to Edmunds, the average car loan APR for new cars is 6.3 percent, and for used cars it’s 9.6 percent. Even if you’re saving a bit on the cost of the car, your monthly car payments can still be out of reach because of the new interest rates. Unfortunately, experts predict that things will stay this way throughout most of 2023. 

So what if you are in the market for a new or used car, but you’re not in a position to pay $700 or more a month? Below are some tips to reduce the cost of your payment and still get a great vehicle. 

Determine What You Can Afford 

First off, determine what you are comfortable paying for a vehicle each month. If you know the average costs for a new car are around $700, and $550 for a used car, you can establish a realistic budget. But it’s also important to assess what you can actually afford

Many people can’t take on a car payment that’s over $500, so if this is the case for you, you’ll need to find creative ways to reduce your payments. For example, you can put more money down and shop for lower interest rates – which brings us to our next point. 

Compare Interest Rates from Different Lenders 

Even though dealership financing is convenient, you’ll also end up paying more for it. That’s because dealerships make money off financing. They might tell you that you qualify for a 9 percent interest rate, when in reality, you qualify for 7 percent and the extra 2 percent goes to the dealership. 

Businesses need to make money, but you also have the right to shop around for the best rates. Before you set out to buy a car, compare interest rates from different lenders. Many lenders offer prequalification, which gives you the rates without affecting your credit score. 

Don’t Be Afraid to Negotiate 

Speaking of leverage, don’t be afraid to negotiate, even in this market. Some inventories are healthy, so you may be able to negotiate a better deal or take advantage of special offers. But negotiations don’t stop there. 

When you shop for a repo car on RepoFinder.com, you can negotiate directly with the banks and lenders that are selling their inventory. They’re in the market to lend money – not sell vehicles – so they’re often open to working out a deal. And, you can get your financing directly from them! 

Consider Other Options Like Repo Cars 

Speaking of repo cars, don’t forget to consider other options like them. Repo cars have been taken from their owners for failure to pay, and they are sold at heavily discounted prices. You can also save money by looking for vehicles from private sellers in your area. Just be sure that you bring someone along for an inspection. 

Get the Most Out of Your Trade-In

Finally, if you have a car to trade-in, make the most of it. You can spend a small amount of money to clean the car, have the oil changed, etc. and get a higher offer on it. You can then use this money to put toward a down payment. Having a bigger down payment is an excellent way to bring down the cost of your payments. 

RepoFinder.com has a free list of repossessed vehicles that are available to the public. View them on our website, place a bid and schedule a time to inspect the car all from our platform. And it’s free! 

car keys

What is the Best Way to Find Repo Cars Near Me?

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Are you looking for repossessed cars for yourself or a new driver in the household? If so, you’re probably wondering where you can find these vehicles quickly, easily and affordably. More people are turning to repo cars due to the price hikes on new and used vehicles. While you’ll have to be patient and do your research, you can find repo cars at great prices – all they may need is a bit of TLC! 

Here are some tips for finding repo cars, trucks, SUVs and recreational vehicles near you. 

Used Car Dealerships 

There is a possibility that you can find a repo with a local dealership. BUT…dealerships often advertise repos to get you in the door and thinking you’re getting a great deal. But really, these repos are no different than used cars. They’ve been bought at an auction, cleaned up and had repairs made, which means they cost more. 

That’s not to say that buying a repo from a dealership is a bad deal, but rather that you’re going to pay a markup. Dealerships generally do not sell true repos. 

Banks and Lenders

Some banks and credit unions sell their repo inventory directly to the public at certain times of the year. You may be able to find these vehicles being advertised in local newspapers or on bank and credit union websites. Lenders list basic details about the vehicles they have so that people can submit their bids. 

While it’s actually advantageous to go through a bank or lender, it can be hard to track down which banks are selling their repo inventory. Wouldn’t it be nice if there was a website that had a list of the banks and credit unions selling repos? (Hint: There is!) 

Public Auctions 

Not all auctions sell vehicles to the public. Many require bidders to have a dealer’s license, which is a license that allows dealers to purchase cars from auto auctions on a large scale. But, if you can find an auction that sells to the public, you can certainly check out their options. However, be prepared for cars that have been poorly maintained, as well as lots of bids. 

RepoFinder 

RepoFinder.com is an online directory that has the links to banks, lenders and credit unions selling repossessed vehicles. You can easily find banks in your area by clicking on your state. Pictures and information about each vehicle are provided for free. This way, you can shop around and place a bid when you’re ready. 

All repos listed on these websites are available to the public. The lender will tell you how to place a bid, and many are willing to negotiate. You may even be able to get financing through the bank itself – this is their business after all, NOT selling cars! To find a repo in your price range, browse RepoFinder today

looking at car title

Do Repossessed Cars Have Clean Titles?

Repossessed cars are vehicles that have been taken from their owners for non-payment. When a person buys a new car, they typically take out a loan and agree to make payments every month. The monthly payment includes the principal and interest on the loan, as well as possible credit insurance charges or other optional add-ons. If the person stops making payments, the lender has the right to take the car away. 

Because no two situations are identical, no two repossessions are the same, either. Some vehicles are relatively new and in good condition – their owners just couldn’t afford the payments any longer. Others are in poor condition and require a lot of work. If the owner couldn’t afford to make the payments, they probably weren’t paying for the upkeep. 

But when it comes to some of the other formalities like car warranties and titles, you can have the same expectations for repo cars as you do used cars. Just because a car separates from its owner doesn’t mean it loses its manufacturer warranty or title. 

What Does it Mean to Have a ‘Clean’ Title? 

A clean title means that the vehicle has never been deemed a total loss. With a clean title, the car might carry the balance of its new car warranty and have a slightly higher resale value. The alternative to a clean title is a salvage title, which means an insurance agency deemed it a loss. 

Keep in mind that a clean title doesn’t mean you’re in the clear. A car with a clean title can still have tons of mechanical problems like engine failure or transmission concerns. It may also hide shoddy repair work, as it’s not uncommon for car owners to handle collision damage, fire damage or electrical issues on their own to save money. 

A salvage title might seem like a more risky purchase, but this isn’t always the case. All it means is that the car was deemed a total loss by an insurance company. In these cases, the car is either restored or sold for parts. A rebuilt title, on the other hand, means that the vehicle has been restored with new parts and is safe to drive. 

What Happens if a Car Has No Title? 

Generally speaking, we don’t recommend buying a car without a title. Sometimes, it ends up working out just fine. You can request a surety bond or bonded title when you register the car with your state, or you can ask the seller to get another copy.

But more often than not, there are many risks associated with buying a car with no title. For example, you won’t be able to get the license plates, a loan or auto insurance. The car’s history is a mystery, and you won’t be able to prove you’re the owner. 

In other words, don’t get too hung up on having a clean title. While you’ll want to look into things deeper with a salvage/rebuilt title, this doesn’t automatically mean the car is not safe. And on the flip side, just because a car has a clean title doesn’t mean it’s perfect. 

RepoFinder has a great selection of cars, trucks, SUVs, etc. at great prices! We have a list of links to banks and lenders across the country that are trying to move their repo inventory. Find something that fits your needs today!

buying a new vehicle

Top 3 Things to Keep in Mind When Buying a Car

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Are you in the market to buy a new-to-you car? If so, be careful about jumping into things too soon! With auto loan interest rates soaring and car prices still high, you want to make a good investment. Fortunately, you don’t have to make your decisions in a high-pressure environment. Car salespeople expect customers to leave their lot with a purchased vehicle, but shopping at the dealership isn’t your only option. You can also shop online or through an online auction. 

Below are three important things to keep in mind when buying a vehicle. 

1. New vs Used Vehicles 

The first decision you’ll have to make is whether you want to buy a new or used vehicle. There are pros and cons to both sides, so take some time to consider what’s best for your personal situation. New cars give you access to the latest technology and safety features, but you’ll pay more. However, you can potentially take advantage of low interest rates – sometimes 0% APR. 

Used cars can save you some money, but you’ll also be getting an older car that might need some repairs or attention. And, you probably won’t get all the latest safety features and technology. The best way to get a newer car with modern features at a reasonable price is by shopping for certified pre-owned vehicles or shopping for repossessions on RepoFinder.com.

2. Leasing vs Buying

Another thing to think about is whether you want to lease a vehicle or buy a vehicle. If you purchase a car, you’ll likely take out a loan and have a fixed number of payments. Once the loan is paid off, the car is yours to keep. It’s a great option if you plan to keep your car for many years and don’t mind paying for maintenance and repairs. 

A lease is also a type of loan, though it only lasts for about three years. Once this time is up, you can either pay the balance and buy the vehicle, or trade it in for something new. You’ll be putting out money every few years to cover taxes and fees, but you don’t have to pay for maintenance and repairs. 

3. Negotiations 

Before you purchase a vehicle, do your research so that you can be an effective negotiator, if need be. Research the fair market value for the vehicle you’re interested in, including its make, model, year and mileage. Do the same for your current vehicle if you plan to trade it in. 

When negotiating, be careful not to give the salesperson too much information about your financial situation and what you’re willing to pay. Focus on the facts – not your emotions. If a car isn’t in your price range, you’ll have other options. And if you’re uncomfortable with negotiating, you can always shop online and look for the best prices. 

Find a New-to-You Car at RepoFinder

RepoFinder has a huge database of lenders who are selling their repossessed inventory. Many of the vehicles are in good condition and require just a bit of TLC. You can make your bids directly online and negotiate with the lenders. They are often willing to work with buyers because they want to recoup their losses and gain new clients through financing. Try us out today and see what cars are available in your area!