RepoFinder offers a simple directory of banks and credit unions across the U.S. that sell repossessed vehicles. Repossessions are vehicles that have been taken back by the banks when the owner falls behind on payments. Sometimes, these vehicles are taken without warning or court approval.
To use our services, all you have to do is click on your state and you’ll see a list of banks and credit unions in your area that sell repossessions. Some have active listings, and some may not. Be patient and check back often, as things change daily. Our services are free to use. When you find a vehicle that you like, you can negotiate with the banks and purchase it at a discount.
Why Do Banks Sell Repos for Cheap?
Because banks make their money by lending money to others, the last thing they want to do is take back a car. However, this is the only way to recoup some of their losses. So, they’ll usually see if the owner can catch back up on payments, and if not, the bank will sell the vehicle to the public at a discounted price.
There are two main reasons why banks sell repossessed vehicles for cheap. The first is that they want a quick sale. Cars take up space, and banks aren’t dealerships, so they want them off their lots as quickly as possible. Second, repossessions often need some type of maintenance, so buyers need to factor this into their purchase. To make the vehicles more attractive, banks discount the price to offset some of the repair costs.
How is RepoFinder Different from Dealer-Only Auctions?
Each bank and credit union has a different way of marketing their repo inventory. Many prefer to sell their vehicles at dealer-only auctions because they can get rid of many vehicles at one time. Remember, banks are just looking to recoup some of their losses. They don’t care where the vehicles go.
Dealer-only auctions are closed to the public. Only licensed dealers can attend. And unless you plan on getting into the business of selling vehicles, you won’t be able to obtain a dealer’s license. Dealers purchase the vehicles they want at a discounted rate, fix them up and resell them to the general public. Often, these vehicles are marketed as “repos” but they technically are not. A real repo sale happens between you and a bank.
What are the Benefits to Buying Repos Direct from the Bank?
When you buy a repo directly from the bank, you can expect a wide range of benefits:
- Cheaper price. Repos are sold at heavily discounted prices.
- Ability to negotiate. You can offer less than what the banks are asking for. Don’t be afraid to negotiate!
- Bank financing. Because you’re buying from the bank, you can also get help with the paperwork and financing.
- Commission-free. A commission-free environment ensures less pressure on you, plus the ability to work out better pricing.
- No emotional attachment. Banks have no emotional attachment to their vehicles.
Ready to shop with RepoFinder? Enjoy a comprehensive list of banks and credit unions in your area that are selling repossessions.