Repossession is a process where an auto lender takes back possession of a vehicle after the owner falls behind on their payments. Lenders can do this without warning and without permission from the courts. Though it usually takes a few months for this to happen, a lender can technically take a vehicle away once one payment is missed.
Repossessions are Sold to the Public
Once the repo is in the lender’s hands, they’ll typically try to get the owner to catch up on their payments. If they can’t, they’ll resell the vehicle to a new owner. However, because the lenders are trying to recoup their losses, they don’t put money into the car. It’s up to the buyer to do their research and inspect the vehicle before signing anything.
It’s not just cars that are repossessed from their owners but also trucks, ATVs, RVs, boats, small aircraft, motorcycles and more. Many people turn to auction sites when they’re looking for trucks because they can get a great deal. Average truck prices range between $28,000 and $40,000, so they’re not as flexibly priced as small cars.
Where to Find Repo Pickup Trucks
Wondering where to find repossessed pickup trucks for sale? Here are the best places to look.
- Banks, lenders and credit unions. These financial institutions borrow people money to pay for their vehicles. If the borrower stops making payments, the lender can take away the vehicle. As a result, you can find a great selection of repossessed trucks through these institutions.
- Online auctions. You can also shop online through an online auction. Because many people use these sites, you’ll have to watch your lists carefully and pay attention to bid times, new inventory and more.
- Dealerships. Some dealerships sell repossessed trucks. The benefit to shopping here is that the vehicles are inspected by a mechanic. Probably even some light maintenance was done to make the truck show-ready. But, be aware that you’ll pay extra for this.
Find Your Repo Pickup Truck Today
Repossessed trucks are not hard to find, but getting one that is fairly priced and in good condition is another thing. RepoFinder.com is a repo listing site that offers a complete list of repos for sale in all 50 states. You can browse these listings for free, read the descriptions, inspect the pictures and place a bid. We always recommend looking at the vehicle before signing anything. To shop for a repossessed truck, visit RepoFinder.com today.