If you’ve landed on our website, you’re probably shopping around for a car and looking for a great deal. We’re the place to make this happen! Our website offers a full list of banks and credit unions that are selling repossessed vehicles. (You can learn more about repossessions here). Even though the banks take these vehicles back, they don’t care to keep them. This is why they sell them to dealers or the general public.
Many banks and credit unions choose to sell their repo inventory to dealers because they can get rid of many vehicles at once. Unfortunately, everyday people who are looking for a discounted vehicle aren’t able to access this inventory. But, you’re in luck! RepoFinder only sells to the public. This allows you to purchase repos directly from the source.
What are the Steps to Buying a Vehicle from RepoFinder?
Whether you’re shopping for a car, truck, SUV or recreational vehicle, RepoFinder has it all. We even get small aircraft and boats! We’ll walk you through the process of buying a repossession so that you know what to expect. Please note that each bank and credit union has their own process for selling repos, so there may be some slight differences.
View our list of repossessions
Start with our USA map and click on your state. This will pull up all of the banks and lenders that sell repo inventory. Because banks are always getting new vehicles, check back often if you don’t see something you like right away. Repo sales require patience!
Make an offer
When you find a vehicle that fits your needs and price range, you can make an offer. Most repos are priced by the bank based on the vehicle’s book value or recent appraisal. However, don’t be afraid to offer less.
Sometimes you can see what other people are offering (open bid) and sometimes you can’t (closed bid). Open bids are more common because you can compete with others. You can give your offer verbally over the phone or by filling out an online form.
Inspect the vehicle
If your bid is accepted, it’s important to do your due diligence. Only work with sellers who are willing to let you inspect the vehicle. You may not be able to take it for a test drive, but you should be able to look at its condition. Remember, you don’t get protection with a repo, so it’s yours to keep once you drive it off the lot.
Purchase the vehicle
Once you’re comfortable with the purchase, you can proceed with the sale. The benefit to working with the banks is that you can get financing directly from them. In fact, banks are often willing to negotiate better pricing, terms and interest rates when you buy direct. And, you don’t have to deal with pushy salespeople working for commission.
Hopefully you can see how easy it is to buy a car from RepoFinder. Remember these three things: be patient, do your homework and check back often. If you keep these things in mind, you should have no trouble finding a great vehicle at a fantastic price!