According to Wikipedia,“U.S. Bancorp is an American diversified financial services holding company headquartered inMinneapolis,Minnesota. It is the parent company of U.S. Bank National Association, the fifth largest bank in theUnited States based on $364.0 billion in assets (as of December 31, 2013 per official FDIC data) and fourth largest in the US in total branches. U.S. Bank ranks as the fifth largest bank in the U.S. based on deposits, with $250.5B in deposits as of December 31, 2013. U.S. Bank’s branch network serves 25 Midwestern and Western states with 3,081 banking offices and 4,906 ATMs. U.S. Bancorp offers regional consumer and business banking and wealth management services, national wholesale and trust services and global payments services to over 15.8 million customers. The company employs over 64,000 people.”
As a major player in the consumer lending markets US Bank has developed a systematic solution to help ebb the tide of losses from bank repossessions. Occasionally secured assets such as real estate, cars, boats, RV’s and other vehicles are taken in by the bank. US Bank may send these bank owned repo’s to an auction, but in many cases they will sell these items themselves to the public. US Bank has designed an intuitive portal on their website for consumers to search local repossession sales available to the public.
Buyers who have an interest in purchasing bank repossessed cars, boats, and real estate can simply visit theUS Bank repo list.
Acquiring a repossessed property from US Bank is very straightforward and simple. Once you find something you would like to purchase a local US Bank associate in the collections department can guide you through the entire process. The bank may even offer promotional interest rates to you for buying one of their orphaned assets. At this time the bulk amount of US Bank repossessions are foreclosed properties, but this can change at any time. It is not uncommon for banks to sell everything from trucks, cars, motorcycles, RV trailers, ATV’s, farm equipment, and more. Repossessions are generally sold “as-is”. If you are new to buying a repo it might be a good idea to inquire with a professional real estate agent or mechanic who can help inspect the bank repo for anything that might be problematic down the road.