Are you shopping around for a used car at a bargain price? With pandemic-related car shortages, even used cars are selling for way more than they’re worth. For the best deals, you’ll want to check out repossessed cars.
Repo cars are vehicles that the banks have taken back from the owners because they didn’t make their payments on time. Usually, the banks give owners a chance to catch up on their payments, but if they’re unable to do this, the vehicle is listed for sale.
Oftentimes, dealerships scoop up repossessions at great deals, and then fix them up before selling them on their lot. But because they take some time to clean and repair major issues, consumers are paying more for them.
If you want a true repo car at a heavily discounted price, here are some tips for finding one.
Online Auctions
A large portion of repo vehicles make their way to auctions. Auctions are popular because they’re a way to reach a wide number of buyers. There are a number of online auction sites, so you’ll have to do your research to find the best ones.
Some things to pay attention to include:
- Membership or registration fees. Most auction sites require you to have a membership. Even if you can browse the inventory, you’ll likely need to be a member to place a bid. Find out what each membership includes, how much it costs, how often you’re billed and if there’s a contract.
- Selection of inventory. Ideally, you want to choose an auction site that has an extensive inventory of vehicles. This way, you have more to choose from. Some sites even sell recreational vehicles like ATVs, RVs, boats and small aircraft.
- How often the inventory changes. Pay attention to how frequently the inventory changes. The more often it’s updated, the more vehicles you’ll have to choose from, making it easier to find the repo car that you want.
Police Repo Auctions
Sometimes, it’s not the banks and lenders that are in charge of repossessing vehicles – it’s the police. This is especially common when repossessions are ordered by the court. However, police stations are unable to keep random vehicles on their lots, so they’re motivated to sell them at deep discounts.
Lender and Bank Repo Sales
Banks, lenders and credit unions sometimes also have their own inventory of repo cars. They’re usually hoping to recoup some of their losses, which is why they’re willing to sell them to dealerships and the general public at discounted rates.
RepoFinder.com makes it easy to shop for bank-owned vehicles. We have repo lists from all over the country. Simply click on the state you live in, and you’ll be provided with a list of banks and lenders in your area. We continually update our inventory, and our membership is just $4.95 a month – no contract.
Find your repo vehicle at a bargain price today!