Tag Archives: repo vehicles

car repo'd during COVID

Can Cars Be Repossessed During COVID?

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COVID-19 has disrupted the economy, leaving millions of Americans struggling to pay their bills. The economy is slowly improving, but this doesn’t mean that all families have bounced back. It can take months, if not years, to recover from an income loss. 

One of the biggest monthly bills for Americans is their car payment. The average monthly car payment in the U.S. is $563 for new vehicles, $397 for used vehicles and $450 for leased vehicles. With payments this high, some people have stopped paying them due to pandemic-related hardships. 

If you’re in this boat, you might be wondering if your car can be repossessed. Below is everything you need to know about car repossessions during COVID-19. 

Are Cars Still Being Repo’d in 2021? 

In difficult times, repossessions go up. Due to the coronavirus recession and high levels of unemployment, over 7 percent of all car loans in the U.S. are in some type of deferment program. Missing car payments damage credit scores and can result in a visit from the repo man. 

While some lenders have declined repossessions during COVID-19, not all have. And unlike mortgages, utilities and rent payments, there hasn’t been much relief for auto loans. So, while many lenders have tried to be more flexible with auto repossessions, they are still happening every day during the pandemic. 

Where Do Repossessed Cars End Up? 

While it’s always in the consumer’s best interests to speak with their lender and try to work something out, it doesn’t mean they’ll get to keep the car. Lenders can still repossess vehicles without warning. 

When a car is repossessed, the lender usually tries to work something out with the owner. If they can’t catch up on their payments, the car will usually go to an auction. Most commonly, repos go to dealer-only auctions where you’ll need a dealer’s license to place a bid. This is why dealerships get their hands on repos first. 

But there are options for the general public. On RepoFinder.com, banks, lenders and credit unions sell their vehicles directly to the public – no dealer’s license required. You can browse our selection of vehicles for free and place a bid at your convenience. 

What are the Benefits of Buying a Repossessed Car? 

Due to pandemic-related hardships, car repossessions are up in many areas. While it’s not fun to be on the giving side of this relationship, people who are shopping for affordable, accessible cars can benefit. 

Here are some of the advantages to buying a repo car:  

  • Cheaper than new and used cars from the dealership – pay a fraction of the price! 
  • Work directly with the banks and lenders – no middleman to drive up prices or complicate the process 
  • Highly motivated sellers that are open to negotiations 
  • All-in-one shopping experience as you can get financing directly from the seller 
  • Wide selection of vehicles available for purchase NOW – unlike the dealerships that are facing a chip shortage 

While it’s unfortunate that cars are still being repossessed, it does allow for a strong repo inventory for those searching for cheap, readily available vehicles. Find a car that suits your needs and budget today on RepoFinder.com

car shopping during chip shortage

How Long Will the Car Chip Shortage Last?

If you’ve gone shopping for a new or used car lately, you’re probably very familiar with the chip shortage. Since the COVID-19 pandemic hit, car shopping has been a rollercoaster ride. First, the pandemic prompted many dealership showrooms to shut down, and both demand and production plummeted as a result. 

To bring in sales, automakers quickly responded with incentives and financing. The plan worked – probably too well. Consumers snatched up vehicles faster than automakers could produce them. Combine that with a global chip shortage and now inventory for new vehicles has significantly decreased. 

So how long is the car chip shortage expected to last? And when can you expect car shopping to return to normal? We answer your questions below. 

How Long is the Chip Shortage Expected to Last? 

Reports are saying that the chip shortage will last until 2022 or 2023. To try and work around the shortage, dealers are encouraging customers to order the cars they want in advance. With a hefty deposit and a bit of patience, shoppers can have their vehicle delivered rather than buying it straight out of inventory. 

If you need a car right away, it’s recommended to shop outside of your local area and be flexible on the features you want. Unfortunately there are not enough vehicles to meet consumer demand, leading to high prices and a low selection. And it’s not expected to get better for a long time. Flexibility is key!

What Other Alternatives Do Car Buyers Have? 

If you need a reliable vehicle sooner than later, a better option is to shop for a repossessed vehicle. RepoFinder has the largest database of repo vehicles, including SUVs, pickup trucks, luxury cars, sedans and recreational vehicles like boats and RVs. 

Banks, lenders and credit units sell their vehicles directly on our site, which means the transaction is between you and the seller – no middleman. These sellers are highly motivated, so you can usually work out a deal with them. 

While a repo car purchase is not for everyone, it’s definitely worth considering if you need a quick, reliable vehicle to get you to and from work. And you don’t have to worry about chip shortages, putting down a deposit for a vehicle you won’t see for months and so forth. You can pick out the car you want and take it home right away!

pumping gas

5 Gas Saving Tips That Really Work

This entry was posted in Outdoor Vehicles and tagged , , on by .

Looking to save money on gas? It’s a smart decision considering that gas is very expensive right now. The cost to fill up an American’s tank of gas has risen by 40 percent since the turn of the year, with the average gallon of fuel costing $3.13. And sadly, prices aren’t expected to go down for the rest of the summer. 

With the cost of fuel being so high, here are five gas saving tips that are guaranteed to save you money! 

1. Use a Fuel Additive 

Fuel additives are compounds made to enhance the quality and efficiency of fuels. By adding one to your vehicle, you can increase engine power, boost acceleration and prolong engine life. Be careful about the additive you purchase for your car, as not all are created equal. Some of the best brands to look for are Lucas, Red Line and Star Tron. 

2. Be a Relaxed Driver 

If you’re not a relaxed driver, now is the time to become one. It might feel good to press down on the gas pedal, but this also causes you to waste more gas. If you become a relaxed driver, you can boost your fuel efficiency by as much as 37 percent! So what’s a relaxed driver? Someone who accelerates slowly, brakes lightly and drives at a lower speed (say, 75 mph to 65 mph). 

3. Use Cruise Control 

When you do a lot of driving on the expressway, it’s best to use cruise control. Set it at a reasonable speed and relax. Staying at a consistent speed and not changing lanes very often prevents sudden high-speed accelerations. In fact, you can save up to 14 percent over someone who’s changing lanes and accelerating. 

4. Check Your Tire Pressure 

Having under-inflated tires can cause you to go through more gas. On the other hand, properly inflated tires are safer, last longer and have better gas mileage. To find the proper tire pressure for your car, check the owner’s manual. Then take your car to the nearest gas station to make sure your tire’s have adequate pressure. 

5. Use the Right Motor Oil 

When giving your vehicle an oil change, make sure it’s getting the right oil. Using the wrong grade of motor oil can cost you 3 to 6 cents more per gallon, according to the US Department of Energy. Not sure which oil is the best? Refer to your owner’s manual for a recommendation, and look for oils that are branded as “energy conserving” or “energy saving.” 

By following these five tips, you can improve fuel efficiency and put more money back into your pocket. And as gas prices increase, it’s more important than ever to make sure you’re doing your part in preserving fuel. 

RepoFinder is the largest bank repo list in America. Shop our inventory today and find an affordably priced vehicle in good condition! 

credit union pickup truck

Benefits of Buying Credit Union Repo Cars

Credit unions are a popular way to finance vehicles. They tend to have lower interest rates and fewer minimum loan requirements than banks. And because credit unions establish relationships with their members, they’re often more willing to work with people who have poor credit. 

Credit unions make money by charging interest on loans, collecting account fees and reinvesting money. So, if a member is unable to back the money they borrowed to purchase their vehicle, the credit union can take away their car and sell it to someone new. 

If you’re considering purchasing a used vehicle, here are some benefits to buying a credit union repo. 

Lower Prices 

Certainly, the biggest benefit to buying any type of repossessed car is the cost savings. You’re not paying anywhere close to what you would pay for a used car at a dealership – and you can walk away with a better vehicle in return! Your savings all depend on the car you’re buying and the condition it’s in, but experts say you can save around 20 to 40 percent. 

So why are the prices so low? Is it because the cars are in bad shape? Not necessarily. Credit unions aren’t in the business to sell cars and want them off their lot as soon as possible. To make these vehicles attractive, they must be priced competitively. However, in exchange for buying the car at a discount, you are buying it as-is. 

Easier Financing Options 

Another perk to buying a car from a credit union is that you can get easier financing options. Credit unions are motivated sellers so they’re often willing to negotiate and offer better loan terms if you get the financing through them. And depending on the cost of the car, you may even be able to pay in cash. 

If you do need financing, repos work similarly to a new or used vehicle. To strengthen your offer, it’s helpful to get pre-approved for financing in advance. This way, the credit union will know that you are a serious buyer. Typically, there’s less paperwork compared to a dealership as well.

Safe, Trustworthy Sellers

If you purchase a vehicle from a private seller, you don’t know what you’re getting. While credit union vehicles are purchased as-is, you are still buying them from a reputable seller. If you browse the inventory on RepoFinder.com, you’ll see that our sellers provide as much information on each vehicle as possible. 

Most sellers also encourage you to inspect the vehicle before signing the paperwork. They are not trying to rip off anyone – they are just motivated sellers looking to get rid of their repo inventory! For the best deals, keep an eye on the cars that you’re interested in. Credit unions slash their prices if no one bids on their vehicles. 

Ready to find a credit union repo car that meets your needs and won’t hurt your bank account? Check out the inventory at RepoFinder.com for free! 

repo cars

What are the Steps to Buying Repossessed Cars?

When making the decision to buy a repossessed car, the best thing you can do is educate yourself on the process. Even though buying a repo car is similar to buying a used car, there are still some differences to be aware of. The more you know, the better position you’ll be in to make strong bids and take home the car you want.

Below are the steps to follow to make repo car shopping smooth and stress free!

Visit RepoFinder.com 

RepoFinder makes buying a used car easy. We are a directory of banks selling repossessions across the country. You can browse our listings for free and become a member and start bidding for just $4.95 a month! Our site is user-friendly and easy to navigate, making it easy to find valuable information on the cars you’re interested in. 

Narrow Down Your Search 

Make sure you do the proper research when browsing and closing in on a car. You can also filter vehicles by different categories to find something that’s just right for you! Repo car listings include the vehicle information, specifications and features. Most sellers do a good job of posting images, so be sure to examine the photos for the condition of the vehicle, possible damage and more. 

Bid on the Car You Want

Once you find the car you would like to purchase, you will need to bid on the vehicle. The most common is an open bid where all buyers are able to view the highest bid. Sometimes it’s a closed bid, meaning you won’t see what others have offered for the vehicle. Don’t get bid-happy though! Only offer what you feel comfortable and leave some budget for repairs and maintenance. 

Schedule an Inspection

You probably won’t be able to test drive the vehicle for liability reasons, but you should have it inspected. You can hire a mechanic to assess the vehicle or bring along someone who understands cars. If the vehicle is in another state, you’ll have to find an inspection company within that state. The mechanic will provide updates and their analysis of the car. Mechanics may not always find all the issues but their input is critical. 

Pay for the Car

After getting the analysis on the car you recently bid on, you’ll have to complete payment. Buying the car from a credit union is similar to buying from a car dealer or private party. The banks will assist you with the financing, and you’ll have to fill out paperwork and make a down payment. 

Buying a repossessed car is a process that most people may not be as familiar with, but it’s easier than you think! And you can get a great deal by shopping for bank-owned vehicles. Check out RepoFinder’s database today to start viewing the cars we have available! 

first-time driver

How to Save Money on Cars for First-Time Drivers

First-time drivers look forward to buying a car, however, they typically don’t realize how much a new car can cost. Buying a new car off the lot can be very expensive and you may end up regretting your purchase in the future. Fortunately, there are many ways to save money on cars while still getting the features you want. 

Here are some money saving tips that first-time car buyers – teens and college students – can benefit from.

Set a Budget

By setting an appropriate budget, you’re less likely to go overboard on your purchase. The average car depreciates 14% every year, so you certainly don’t want to be in a financial hole for the next 5 years.

To determine how much car you can afford, it’s usually recommended to spend no more than 35% of your pre-tax annual income on a car. Lower is better, but ultimately, you’ll have to decide what you are comfortable spending. You can use this calculator to help establish a sensible budget. 

Assess Your Needs 

It’s not necessary for first-time drivers to own an exotic vehicle. While you might want to get a certain car for bragging rights, this probably isn’t necessary right now. Instead, consider what you need the car for (i.e., to get to work or school), how often you’ll be driving and the types of conditions you’ll be driving in.

For example, if you live in a cold-weather climate, you’ll want to consider cars that are equipped with four wheel drive or an anti-lock braking system. These features make winter driving safer and more comfortable. Also, what will you be using the car for? If you’re simply driving to school and your part-time job, you won’t need a car that’s built for off-roading. Something simple and modest will do. 

Consider a Repo Car

Repo cars are vehicles that have been repossessed due to the owner defaulting on their loan. As with used cars, repo cars are available in different makes, models and conditions. Purchasing a repo car off RepoFinder.com is very similar to purchasing a used car.

Repossessed vehicles are also considerably less than a car from a dealership, offering significant savings. Take your time researching the vehicles and always request an inspection before signing any paperwork. However, do be aware that repo cars aren’t usually available for test drives due to liability reasons. 

Find a Cheap Repo Car Today 

To summarize, there are many unique ways to save money on cars for first-time drivers. Doing your research, being open to all options and shopping for repos are all great ways to save money. Not to mention, you can build good money-saving skills that will reward you long into the future. To find an affordable used car for a new driver, shop with RepoFinder.com today.

repo car

Frequently Asked Questions about Repo Cars

If you’re considering buying a repossessed car, you probably have questions about what the process entails and the types of vehicles to expect. Sometimes there is a stigma about buying these types of vehicles because little is known about them. But savvy car buyers aren’t afraid – they know what to look for and how to find great deals. 

Let’s cover some of the most frequently asked questions about repo cars so that you can be an informed buyer. 

What is a Repo Vehicle? 

When you can’t afford to make payments on your car, it will go into default and repossession follows shortly after. Based on 2020 data, nearly 2.2 million vehicles are repossessed every year. That breaks down to 5,418 repossessions every day, 226 repossessions every hour and 3.76 repossessions every minute. 

As you can see, repossessions are not uncommon. Sometimes repossessions are voluntary and sometimes they are involuntary. As a car buyer, you won’t know which type of repossession you’re getting. But it is important to know that not all repos are found stashed away in garages. Some are voluntarily turned in. 

Should You Buy A Repo Car? 

Repo cars come in all different conditions. No two used cars are the same, and this goes for repo vehicles as well. The best thing you can do is get your hands on a Carfax report and ask the seller to review the service history. You should also do your own research and schedule an inspection before signing any paperwork. 

As long as you follow the above tips, you’re likely to find a great repo to take home. Leave room in your budget to provide the car with the maintenance and repairs it needs. Some cars need a lot of TLC and some don’t. This is usually reflected in the purchase price. 

What Concerns Should I Look For? 

Buying a repo car is similar to buying a used car. There are things you’ll want to look for to ensure you’re getting a good vehicle and paying the right price. We recommend reading the Consumer Reports Guide for used car buying

However, do be aware that you’re not usually able to test drive repos because of liability issues. But you can look inside and outside of the vehicle and bring along someone who knows about cars. 

Will I Get a Good Deal by Buying a Repo Car? 

Typically, repo vehicles are sold through an auction so that the banks can recover some of their losses. This is why they’re sold at low prices – the banks want to make them attractive to the public. To win a bid, you’ll need to be the highest bidder, but even this should be a lot less than what you would pay through a dealership. 

RepoFinder.com has a huge database of repossessed vehicles, including sedans, SUVs, minivans, motorcycles, recreational vehicles and more. You can view our inventory at your leisure, contact the sellers directly and place a bid. Find a great deal with us today! 

financing for a car

Can I Get a Car Loan with Bad Credit?

Car loans are available for people with bad credit, but they typically have high interest rates. In an ideal world, you can work on building up your credit before purchasing a new car. However, this isn’t always possible. If you need a car now, you’ll have to bite the bullet and do so. 

Fortunately, there are some ways to get a better car loan, including shopping around and making a good-sized down payment. Below is more information on getting an auto loan with poor credit. 

Check Your Credit Score 

Claim a free copy of your credit reports. This way, you’ll know where your credit falls and the types of loans you’re eligible for. Generally speaking, a credit rating of 669 or less is considered fair or poor. If you don’t need a car immediately, we recommend working on bringing up your credit score. Things you can do include: 

  • Pay all your bills on time 
  • Reduce your debt as much as possible
  • Check your credit report for errors 
  • Have any inaccuracies removed from your report 

Research Different Auto Lenders 

If you can’t wait on a used car, you’ll need to find out what auto lenders serve people with lower credit scores. These lenders typically have higher interest rates but they can help you get the car you need in a pinch. Here’s a complete list of specific auto loans that are good for people with poor credit. 

Save for a Down Payment 

If you can put money down on your used car purchase, you can take out a smaller loan and pay less in interest overall. Plus, having a down payment can help you secure a loan easier as this is something that many lenders take into consideration when determining risk. 

Consider a Cosigner 

Another option that’s worth thinking about is adding a cosigner to the loan. If you have someone who is willing to do this, they can help you qualify for a better loan and interest rate. However, the cosigner is also assuming this risk, so make sure you’re prepared to make all the payments on time. Otherwise, their credit is at risk. 

Check with a Credit Union 

Credit unions are often willing to work with people who have bad credit. And, many credit unions sell vehicles they have repossessed from previous owners, which means one-stop-shopping for you. Check out the inventory from RepoFinder – the nation’s largest database of repo vehicles. Many credit unions sell their repo inventory at discounted prices and are willing to work with people who have low credit ratings.

As you can see, it is possible to get a car loan with bad credit. Try to give yourself time so that you can make the right decision for your needs and budget. Browse RepoFinder’s inventory and see the wide selection of sedans, pickups, crossovers, minivans, etc. that we have available through local credit unions. 

car from an auction

Pros and Cons of Buying Auction Cars

Are you thinking about buying an auction car? No matter where you live, you can find high quality used cars at a great price. Many of these vehicles are seized property, meaning that they are the result of foreclosure, repossession or de-fleeting. Most are in decent condition but need a little bit of TLC from being previously neglected. 

There are pros and cons to buying auction cars. As long as you do your research and account for some of the maintenance costs that might turn up, you can enjoy more advantages than disadvantages! 

Pros of Buying an Auction Car 

  • Wide selection. Many car auctions have an impressive selection of economy cars, trucks and SUVs to choose from. You might have to sacrifice on certain features, but you shouldn’t have any trouble finding a suitable vehicle for your needs and budget.
  • Great value. Car auctions deliver some of the best prices you can find on vehicles. Fleet and government vehicles are usually cheapest, but you’re certainly not limited to them. RepoFinder has a huge database of modern repo cars, SUVs, pickup trucks and recreational vehicles – find your match today! 
  • Fast turnaround. Unlike traditional car dealerships, auto auction sellers are looking for a quick sale. If you know what you want, you can narrow down your options and start bidding right away. 
  • Low investment. Repo cars are an excellent option for certain drivers. A new driver or a college student who’s only home half the year can benefit from a low-investment auction car. 

Cons of Purchasing an Auction Vehicle 

  • Lack of test drive. You’re not always able to test drive an auction car before you buy it. This means there’s always some risk involved when buying these vehicles. Make sure you do a thorough visual inspection and look up the car’s history report before signing anything.
  • No warranty. While you might be able to get the original warranty passed down to you, auction cars are as-is sales. Whatever problems the car has, you inherit. 
  • Unclear background. It’s not always easy to know the history of a repo car because it came from an owner who stopped making their payments. Most sellers disclose as much information as they have, but this information isn’t always available. 

Shop for Repo Cars Today 

The best way to know if an auction or repossessed vehicle is right for you is by trying out the process for yourself! RepoFinder has the nation’s largest database of repo economy cars, 4WDs, sports vehicles and crossovers. Our database is free to browse, but if you want the full features, RepoFinder Pro is just $4.95 a month – no contracts, cancel anytime! We have many like-new vehicles at great prices. Try us out today! 

financing for repo cars

Is it Better to Finance My Car through the Dealer or a Credit Union?

If you’re buying a car and need a loan to help pay for it, you have the option to get financing through a bank or the dealership. The right choice depends on various factors, such as the type of vehicle you’re buying. By understanding your options for financing, you can make the best decision for your next car purchase. 

Financing through a Bank 

Bank financing involves going directly to a bank or credit union to get an auto loan. Generally speaking, you’ll get a quote and letter of commitment that you can take to the dealership or even an online car auction. This shows that you’ve already been preapproved and gives you stronger negotiating power. 

The nice thing about going through a credit union or bank is that you’re getting true rates. There are no markups that you might get with a dealership. The only thing to be aware of is the difference between buying a new and used car. Some banks and credit unions have limits on the vehicle’s age and mileage. 

Financing through a Dealer 

This option works the same way as bank financing, except that the dealer is doing the work for you. After you pick out the car you want, the dealer will have you fill out an application and submit it to multiple lenders. This allows you to compare rates and terms so you can get the best deal. 

Typically, you’ll get lower interest rates on a new car. Used or repo cars often come with a higher interest rate. Sometimes, the dealer may even negotiate a higher interest rate than what the lender offers and use this difference as compensation for handling the financing on your behalf.

What Financing Option is Right for Me?

The best financing option is the one that will save you the most money. We generally recommend starting with bank financing so that you can see what the banks and credit unions are willing to offer you. You can then take this information to the dealer and ask them to get you quotes as well. 

Now, if you’re planning on buying a brand new vehicle, you’ll probably find that dealers offer the best financing, including 0% APR. If you’re going to buy a used or repossessed vehicle, applying for a car loan through a bank or credit union is probably best. In fact, if you’re buying a repo car, ask the seller about their financing options, as they may be willing to cut you an even better deal. 

Save Money on Used Cars at RepoFinder 

RepoFinder.com has a wide selection of repossessed vehicles that are available to the public. You do not need a dealer’s license to purchase them. Shop our inventory of cars, trucks, SUVs and recreational vehicles and see how affordable they are. Come with pre-approved financing or talk to the banks and credit unions about your options. A safe, affordable car is within reach!