Tag Archives: repo trucks

cheap repo truck

The Best Way to Get Cheap Trucks for Sale

There is no such thing as an affordable pickup anymore. Truck prices are skyrocketing, and it has forced some people to leave their favorite vehicles behind. Pickups are steadily getting bigger and more expensive, pushing them out of reach for average consumers. Some trucks sell for over $100,000! 

If you love trucks but have a limited budget, you don’t have to give up your passion. Repossessed trucks offer the best of both worlds – a great selection of pickups at affordable prices. 

Benefits of Repo Trucks 

Repossessions happen all the time, especially when it comes to trucks. Many truck owners pay $40K or more for their vehicle, and it ends up being too much to afford. Their payments might be too high or their loan too long. Once they stop making payments, it takes just a couple months for the truck to be repossessed. When the vehicle is in the hands of its bank or lender, it’s sold at a discounted rate. In other words, their loss is your gain. 

Some people assume that repo trucks are in poor condition and need a lot of work. Sometimes, this is true. But many times, it is not. Consider that someone who has almost paid off their loan wants to make the truck theirs. On the other hand, a person who has just purchased a truck but can’t afford it will cut their losses and stop paying. After all, they’d still owe on their loan. 

Do be aware that many repossessions require light maintenance, such as cleaning, oil changes, new tires, etc. If the person wasn’t paying their loan, they probably weren’t keeping up with the maintenance. To ensure you are buying a reliable repo truck, always inspect the vehicle before placing a bid. 

How to Find Repossessed Trucks 

The best way to find repossessed trucks is through a lender, bank or credit union. You always want to go straight to the source, otherwise other people get involved and put their markup on the vehicle. 

If you do a Google search, you’ll probably find car dealerships and auction sites selling trucks, so visit lender sites directly. By using RepoFinder.com, you can get a breakdown of the banks and credit unions in your area that are selling repo trucks. Be sure to check back often, as inventory changes regularly. 

Bottom line: Repossessed trucks are a great option when you’re looking for a cheap truck. Be patient, as it can take time to find the right fit, and always inspect the vehicle before buying. Other than that, have fun!

repo car bought direct from a lender

Buying a Repo? Make Sure it’s Direct from a Lender

There are different ways to buy a repossession, such as through a physical auction house, an online auction service or a lender. At RepoFinder.com, we always recommend buying repos direct from lenders, banks and credit unions. You can find a better deal this way because lenders are motivated to sell. Also, they rarely put money into repos, so you’re not paying for things you can do yourself, like cleaning the vehicle or making minor repairs. 

It’s not always clear cut who you are buying from when purchasing a repossession. For example, some dealerships advertise repo cars and trucks. They aren’t lying – the vehicles really were repossessed. However, the dealership most likely put money into cleaning up and restoring the vehicle, which means the vehicle has a markup to it. 

So, how can you make sure that you’re buying a repo directly from the lender? Here are a few suggestions to keep in mind.

Go Straight to the Source – Lender Websites 

If you do a general search for repossessions, advertisements and sponsored content will pop up first. This content is dominated by dealerships and auction sites that are trying to sell repos for a profit. They’ve likely taken the repos off the hands of lenders and credit unions, then prepped, repaired and added their markup to it. 

The better option is to look for repossessions directly on the websites of lenders, banks and credit unions. This means that you have to visit each site independently, which will take more time. But at least you know that you’re looking at true repos.  

Not sure which lenders and banks to start with? No worries! RepoFinder.com has taken care of the sorting for you. Visit our site, choose the state you live in and that’s it! You’ll be given a list of the banks and credit unions in your area that sell repos. Their inventory changes often, so be sure to check back frequently for newly added repossessions. 

Be Patient in Your Research 

While some people have landed a great repo car right away, this isn’t the norm. It usually takes time and patience to find a decent car at the right price. This is why we recommend starting early and taking your time finding a repossession. 

In some cases, you might find that a car you really like is going for more than its NADA or Kelley Blue Book value. This usually happens because more is owed to the bank than what the vehicle is worth. You should have some negotiating power in these instances, but it’s also possible that the bank will be firm. So, give yourself time to find the right vehicle. 

RepoFinder.com makes it easy to find repossessions directly from banks and credit unions. Browse our site today to find a repo car or truck that fits your needs and budget. 

how to get a repossessed truck

3 Steps to Buying a Repo Truck

Are you interested in buying a repossessed truck? 

It’s easier than you might think! 

Plus, buying a repo truck is a great way to get the vehicle you want at a price you can afford. Banks and credit unions often have lists of repossessions on their websites that include new trucks, old trucks, compact trucks, mid-to full-size trucks and more. Some of these repossessions are in great shape and ready for a new owner.

Here are three simple steps to buying a repossessed truck – or any vehicle for that matter!

Step 1: Browse the Listings.

The first step is to find a truck that meets your needs. Because it can be tiresome to search through all the local banks and credit unions in your area, use a tool like RepoFinder.com. This free tool allows you to search for banks that are selling repossessions. Choose your state and click on the bank names to start your search. 

Step 2: Make an Offer. 

Once you’ve found a repo truck, you can make an offer. Usually, the banks already have a price in mind that is based on the truck’s book value or recent appraisal. Don’t be afraid to offer less. Banks just want to get rid of repossessions and recoup their losses. 

Typically, offers are made in the form of bids. Some bids are open, where you can see what other people are offering, and other bids are closed. Open bidding is most common because this allows people to compete against each other and win the highest bid. If your offer isn’t accepted, don’t get discouraged. There are plenty of repossessed trucks that need owners! 

Step 3: Complete the Inspection.

Most lenders allow bidders to do an inspection of the vehicle. If you’re not sure what to look for, bring along someone who does. Once you buy the truck, it’s your responsibility, so you want to know what you’re getting into. 

Here are some of the things we recommend inspecting/testing: 

  • Heating/cooling
  • Brakes 
  • Power steering 
  • Windows and locks
  • Tires, battery and air filter 
  • Signals, brake lights, reverse lights, headlights 

Also, pay attention to signs of water damage or rust. Severe water damage can leave the truck totaled. Repairing or fixing rust is expensive and generally not a cost you’ll want to incur. 

In the end, buying a repossession is a lot like buying a truck from a dealership and a private seller. You get assistance with the financing and paperwork while have the power to negotiate. For a full list of repossessions in your area, visit RepoFinder.com today. 

repossessed vehicle great value

5 Ways to Tell You’re Getting a Good Repo

Buying a repossession is a lot like buying a used car, except it is an “as-is” purchase. There is no warranty from the dealer, so you absorb whatever problems the car has. This is why repos are hundreds to thousands of dollars less than other vehicles. 

Even though there are significant cost savings upfront, you don’t want to end up wasting your money. So, how can you determine that the repossession you’re looking at is actually a good deal? Below are five signs to look for.

  1. You’re buying a repo from a bank or credit union.

Where you buy your repo from makes a big difference. We recommend working with lenders because they have the best prices with no added fees or commissions. Plus, you can often get attractive financing offers directly from the bank. Lenders are also transparent with pricing and bidding. 

  1. You can do an inspection. 

You should always ask to see the repo before you make an offer. Again, when you work with a reputable seller, an inspection shouldn’t be a problem. If you don’t know a lot about cars, bring along someone who does. They can look over the repo and make sure it’s a good value. 

  1. The repo has a title. 

You should never buy a vehicle without the title. If a repo doesn’t have a title, there’s no telling who really owns the car. You could pay for it, and the owner could claim ownership later on. What you don’t get with a repossession is a warranty from the dealer. But, a repossession does not change the title or manufacturer warranty. 

  1. You know where it came from.

It’s not always possible to know where a repossession came from. However, if the bank can tell you some information about the vehicle, it’s in your favor. Depending on the circumstances, the lender may know the condition of the repo, a little bit about the history and the area it came from. This information, coupled with an inspection, can give you greater peace of mind. 

  1. You feel good about the purchase. 

If you feel that you’ve found the right repo car, make an offer! Don’t be afraid to negotiate or offer a lower price, especially if you want financing from the bank. On the other hand, if you don’t feel confident, you should wait. There are tons of repossessions, with new ones being listed daily. There is no reason to buy something you’re unsure of. 

It is possible to find a clean repossession in good working condition at a great value. For a convenient list of banks and credit unions with repo lists in your area, visit RepoFinder.com today.