BMO Harris has more than 12 million customers that count on them for personal and commercial banking, wealth management and investment services. They are the 8th largest bank in North America, based on assets. The bank takes great pride in helping customers make the most of their money.
With millions of customers, there will always be some who default on their loans. This sometimes happens with auto loans.
BMO Harris Auto Loans
When purchasing a car, a buyer may have to put some money down to cover the down payment and title fees, but they can finance the rest of their purchase. What some people don’t realize is how expensive car payments can be, especially once the interest rates are added on.
Here is some basic information on BMO Harris auto loans.
- BMO Harris will finance cars, motorcycles, boats and RVs.
- Auto loan amounts start at $5,000 and go up to $30,000.
- All loan products have fixed APRs that range from 4.8% to 7.11%.
- Maximum loan terms are 72 months.
- Loan origination fees are up to 1% of the loan amount.
- Borrowers are charged late fees.
When Auto Loan Borrowers Default
When taking out a loan, the borrower agrees to pay it back according to the loan agreement. If, at any time, they can’t make the loan payments, the loan will go into default and the car can be repossessed. Usually, it only takes a few months for this to happen, as the bank isn’t going to continue losing money every month.
Once the vehicle is repossessed, it is usually sold at an auction. Everyday people can bid on the vehicle, though dealerships are good at picking up decent cars and reselling them at a higher price. This is why it’s best to buy repossessions directly from the bank, as you don’t want to buy a repo with a price markup.
Where to Find BMO Harris Repo Cars
The best way to find repossessions from BMO Harris is by visiting their site directly. Being a large bank, their inventory changes often. Visit RepoFinder.com and click on the state you live in. You can then search for BMO Harris’ inventory of repo vehicles. Also, because BMO Harris provides financing for motorcycles, boats and RVs, you can also find these vehicles for auction.
Currently, BMO Harris is only in ten states: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada, Washington and Wisconsin, so do keep this in mind. You always want to be able to see the car before buying, so shop only as far as you’re willing to drive.