Tag Archives: repo vehicles

college student

5 Reasons Why Repo Cars are Great for College Students

Do you have a college student who’s begging to have a car? With the increasing costs of college tuition and everything that comes with it, it’s no wonder why buying a vehicle is the last thing you want to do. But, there are practical reasons why some college students need a vehicle, such as getting to and from work or sports practice. 

Fortunately, there is a solution to your dilemma: a repossessed vehicle. These used cars are a great pick for college students and other young drivers. Here are five reasons why. 

  1. Repos are reasonably priced. 

Repossessions have been taken away by the lender or bank. They want to recoup their losses as quickly as possible, which allows you to land a great deal on a used car. Use RepoFinder.com to find repossessions in your area. We recommend buying directly from the lender – not a dealership or third party. Buying direct is cheapest, and you may even be able to purchase the vehicle without financing. 

  1. You won’t mind leaving it parked on campus. 

If your student comes to college with a car, they won’t get a heated, covered parking space. The vehicle will be left out in various parking lots or on the sides of streets. It may be borrowed or used to transport friends. Repos are not always in poor condition, but many of them have been well-loved. You won’t mind if it gets a few dings along the way. 

  1. …Or they sit in your driveway.

Perhaps you want to purchase a used vehicle for your student to use when they come home. If the car will be sitting on your driveway while your child is away at college, a repossession is a great option. Again, the used car will probably already have some dents and dings, so it can sit outside without you worrying. When your child does come home from college, they’ll have a safe car to drive.

  1. Your insurance rates will be lower. 

Car insurance rates are typically lower with repossessions. Because these cars aren’t new, they are cheaper to insure. And, if you choose to buy the vehicle without financing, you don’t have to get full coverage. You can get the basic insurance in your state and save money on your monthly premiums. 

  1. They’re not beaters. 

Lastly, repossessed vehicles are not beaters. In fact, many are new and in great condition! This means that your college student can have a car that they’re proud of and start working toward more responsibility by making monthly payments, paying for oil changes, etc. It’s a win-win for everyone in the household.

To browse repossessions in your area, visit RepoFinder.com. It’s free and updated regularly, so check back often for new repos that you can bid on.

retired woman on bench

Why Retirees Should Consider Repo Cars

Each year, thousands of people buy repossessed trucks, cars and recreational vehicles because of their affordability. Many repos are in good condition and sold at a fair price, allowing buyers to pay in full for the vehicle or finance a small amount. But, repos are not just reserved for young people with little to put down or car enthusiasts who love getting a good deal. They are also a great option for retirees.

Once retired and living off savings, people have a different perspective when making purchase decisions. If you’re currently retired and living off a fixed income, you may want to consider a repo for your primary or second vehicle. Here are the reasons why these used vehicles make a great option for retirees. 

Affordable Monthly Payments 

The most obvious benefit to repos is that they are affordable. How much they cost depends on the condition they are in and what the previous owner owed on their loan. Banks and lenders try to recoup their losses, but there is always room for negotiation. That’s why it’s important to do your homework, look up Kelley Blue Book prices and know what you should be paying for a particular vehicle. 

In general, repos sell for 25 to 40 percent of a similar car’s value. This means that you can walk away with a lower car payment than if you were to buy new or lease. And, if you choose to buy the car outright, you won’t have a car payment at all. This usually isn’t an option with new and used cars, but it can be with a repo. 

Service and Warranty Plans May Be Intact 

Many repossessions are in good working condition, as they were being used and driven up until they were taken away. If you can land a repo that’s new, the service and warranty plans may still be intact. While you won’t get a warranty with the bank or lender, the existing warranties that came with the vehicle can transfer to a new owner. 

Greater Flexibility with Car Choices 

When you were working, driving the kids around, etc., you may have been limited on the types of vehicles you could drive. Today, you probably don’t need that minivan with built-in tablets and sliding doors. You may only need a vehicle for practical purposes – getting from Point A to Point B. This opens up many possibilities. For example, you can buy a repo that’s in good condition but has a lot of miles. 

As you can see, repo cars are worth considering for retirees. They are affordable and do the job of providing you with reliable transportation. Before buying a repo, always do your research and inspect the car. We recommend bringing along someone who knows cars if you don’t. To browse the repo vehicles in your state, visit RepoFinder.com today. 

checking for used car problems

Used Car Problems You’ll Want to Avoid

Buying a used vehicle can be a stressful experience, especially when you’re not sure what to look for. Things get even more complicated with repossessions because they do not come with a warranty. Whatever problems the repo has will become yours to fix. Many issues can be fixed but there are some you’ll want to avoid. 

To ensure you are making a good decision, always inspect the vehicle you’re going to bid on and take a friend with you, preferably someone who understands cars. This way, you have a second set of eyes and ears picking up on things you might miss. Below are used car problems we recommend avoiding. 

Inoperative Gauges or Warning Lights 

Make sure the warning lights and gauges work properly. You’ll need these lights to tell you if something in the car needs immediate attention. If you see the lights come on, this means they’re working, though you probably need to address an issue like low tire pressure, low oil pressure or power steering problems. 

Major Structural Damage 

Minor body damage that has been professionally repaired shouldn’t be a big deal. But major body damage is a different issue. Damage from car accidents that bend the frame or structure can be difficult and expensive to repair. Even if you were to get them fixed, there’s a possibility that you and your passengers wouldn’t be properly protected in a car crash. Bottom line: avoid repos with major body damage. 

Flood Damage 

Another type of damage to avoid is flood damage. Rising water can be just as damaging as a severe crash because it can create rust and mold in the interior. Aside from damaging the carpeting, insulation and upholstery, water can also cause corrosion in the electrical connections. Some signs to look for include mold, rust and mud in unlikely places.

Missing Titles 

As long as you purchase the repo from a reputable seller, you should have no problem getting the title. The bank, lender or credit union that owns the vehicle will release the title once you pay for the vehicle. However, we do not recommend buying a repo without the title, even if it seems like a good deal. Otherwise, there’s always a chance that the true owner could come back and claim the car. 

The best way to avoid bringing home a used car with lots of problems is by inspecting it before buying it. Bring along a mechanic, or at least someone who knows a lot about cars. This way, you can look over the vehicle and make sure nothing obvious stands out. To shop for repossessions in your area, visit RepoFinder.com

fixing a common car problem

Common Car Problems You Can Fix on Your Own

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When buying a used car, there’s always a chance that you’ll inherit some problems. Most car buyers are aware of this but recognize they’re getting a much lower price on the vehicle than if they were to buy it new. The hope is that any problems that do turn up will be minor and easy/inexpensive to fix. 

Even though used cars don’t have the same warranties as new cars, dealerships will often provide a limited warranty on some or all of the vehicle’s components. When buying a repossession, this is not the case. You buy the car “as-is” and that’s that. Whatever problems the vehicle has will become yours. 

This is not to say that all repossessed cars, trucks and RVs have problems. Many are actually in great condition and only require light cleaning and routine maintenance. Below are the most common car problems you can fix on your own. Don’t let them scare you out of a great repo purchase! 

Replace Dead Battery 

If the repo you’re inspecting isn’t running, it might need a new battery. Batteries are reasonable and can be replaced on your own. Here are a few ways to tell if the battery is dead or close to dying: 

  • The engine cranks but doesn’t start. 
  • The car starts but is sluggish. 
  • The engine starts but the interior lights don’t turn on. 
  • Jumpstarting the battery works. 

If it’s not the battery giving the repo vehicle trouble, it could be the alternator, which will need to be fixed by a professional. Alternators run from around $500 to $1,000. 

Install New Bulbs 

It’s possible that the repo will have non-working lights. You can change out any non-headlight bulbs (e.g., license plate, side marker, fog lights) by removing the retaining screws, pulling out the old bulbs and replacing them with new bulbs. Car headlights can be more difficult to remove and replace, but referring to the owner’s manual will likely provide you with the direction you need. 

Switch Out the Air Filter 

Air filters trap dirt and debris that could damage internal engine parts. They are often checked and replaced during routine oil changes, though it’s very likely that the previous owner didn’t do this. Inspect the air filter during your initial inspection. If it blocks 50% or more light, it will need to be replaced. 

Touch Up Chipped Paint 

It’s common for repossessed vehicles to have chipped auto paint from sitting outdoors. Fortunately, it’s easy to touch up auto paint without it looking shoddy. Clean the chip with wax and grease remover (purchased from the auto store). When dry, dip the applicator in paint and dab it onto the chip. After a month, apply wax to the area. The vehicle will look good as new! 

Fix a Leaky Sunroof

If the repo you’re interested in has a leaky sunroof, don’t be discouraged. It’s probably leaking because the sunroof drains are clogged. To fix this, locate the sunroof drains and clean out any debris that is stuck in them. There is protocol to follow on this, as you don’t want to damage the drain tubes. But, it’s an easy job you can do yourself. 

These are just some of the things you can fix on your own, so you shouldn’t let them deter you from an otherwise good repo purchase. To browse repossessions in your area, visit RepoFinder.com and click on your state!

repossessed used RV

Repossessed RVs: How to Spot a Great Deal

Are you interested in buying a recreational vehicle (RV), but you don’t want to spend a fortune? A great option is a foreclosed RV, which is an RV that has been repossessed by the creditor after the buyer failed to make their payments. In order to recoup their losses, the creditors sell these vehicles at a discounted rate. Their loss is your gain. The price of the repo depends on a number of factors, but some people are able to purchase a good quality RV for half the retail price.

To ensure you are getting a good RV at a good price, it’s important to do your research, know what you are buying and know who you are buying from. Once you walk away with a repo, it’s yours, so you want to know what you’re taking home. 

Below are some helpful tips for picking out a great RV. To browse the inventory of recreational vehicles from creditors in your state, visit RepoFinder.com

Buy Direct from a Lender

If you do a quick search of repo RVs, you’ll come across dozens of listings. Be careful, as the majority probably aren’t real repos. Instead, they are dealerships disguising themselves as repo auctions to sell used and new RVs.

In other cases, the dealerships acquire repo RV inventory and provide repairs on them. However, they add their markup, so you’re not paying any less than you would for another used vehicle. Your best bet is to go directly to the source – creditors, banks and lenders in your area. RepoFinder.com has everything sorted by state. 

Identify a Good Deal 

It’s exciting to be buying a new RV for your road trips and excursions, but don’t let this override a rational decision. Just because you see a decent looking RV at a good price doesn’t mean it’s worth it. Here are a few ways to identify a good value. 

  • Pick the right seller 
  • Research the RV market 
  • Find out the fair market value 
  • Inspect the RV 
  • Place your bid 

Considerations to Make 

Repo RVs can be a great buy, but you do have to keep a few things in mind. For instance, if you’re in a time crunch, we do not recommend buying a repossessed RV. Finding a good RV takes time, and you have to be prepared to do your research, inspect the vehicles and place a bid (that you may or may not win). 

Second, you should always inspect the RV. It’s likely that you’ll find one that isn’t nearby, so you’ll need to drive out to that location and decide if you want to place a bid. If you don’t know a lot about RVs, you’ll have to pay to have it inspected and possibly delivered to your home

Lastly, anticipate some maintenance or repair costs. While you can find repo RVs in great shape, many have not been taken care of by their owners. Be sure that you have enough room in your budget to pay for these repairs. If the RV is newer, find out if it still has its warranty. This can give you some added peace of mind. 

If you’re looking for a repo RV from a reputable creditor, check out RepoFinder.com. Inventory changes frequently, so be patient and check back often! 

BMO Harris car repo

Purchasing a Repo Car from BMO Harris

BMO Harris has more than 12 million customers that count on them for personal and commercial banking, wealth management and investment services. They are the 8th largest bank in North America, based on assets. The bank takes great pride in helping customers make the most of their money. 

With millions of customers, there will always be some who default on their loans. This sometimes happens with auto loans. 

BMO Harris Auto Loans 

When purchasing a car, a buyer may have to put some money down to cover the down payment and title fees, but they can finance the rest of their purchase. What some people don’t realize is how expensive car payments can be, especially once the interest rates are added on. 

Here is some basic information on BMO Harris auto loans. 

  • BMO Harris will finance cars, motorcycles, boats and RVs. 
  • Auto loan amounts start at $5,000 and go up to $30,000.
  • All loan products have fixed APRs that range from 4.8% to 7.11%.
  • Maximum loan terms are 72 months.
  • Loan origination fees are up to 1% of the loan amount.
  • Borrowers are charged late fees. 

When Auto Loan Borrowers Default 

When taking out a loan, the borrower agrees to pay it back according to the loan agreement. If, at any time, they can’t make the loan payments, the loan will go into default and the car can be repossessed. Usually, it only takes a few months for this to happen, as the bank isn’t going to continue losing money every month. 

Once the vehicle is repossessed, it is usually sold at an auction. Everyday people can bid on the vehicle, though dealerships are good at picking up decent cars and reselling them at a higher price. This is why it’s best to buy repossessions directly from the bank, as you don’t want to buy a repo with a price markup. 

Where to Find BMO Harris Repo Cars 

The best way to find repossessions from BMO Harris is by visiting their site directly. Being a large bank, their inventory changes often. Visit RepoFinder.com and click on the state you live in. You can then search for BMO Harris’ inventory of repo vehicles. Also, because BMO Harris provides financing for motorcycles, boats and RVs, you can also find these vehicles for auction. 

Currently, BMO Harris is only in ten states: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada, Washington and Wisconsin, so do keep this in mind. You always want to be able to see the car before buying, so shop only as far as you’re willing to drive. 

buying an as-is car

Buying a Used Vehicle: What Does “As-is” Mean?

When you purchase a used vehicle that is marked in “as-is” condition, it means you are agreeing to buy the car in its current condition. If there are repairs that need to be made, you will be responsible for them. Repossessed cars are typically sold in “as-is” condition. If you are considering a repo car, it’s important to understand this term in its entirety. Repos can be great purchases as long as you know what you’re getting into. 

Let’s learn more about what “as-is” means and protective steps you can take. 

What You Get with an As-Is Car Purchase

When buying a car “as-is,” you get the vehicle in the condition that it’s currently in. Usually, the seller will sell the car “as-is” with no warranty. This lets the buyer know they are buying the vehicle without any warranty coverage. So, if you are driving home and the transmission fails, the seller is under no obligation to take back the repo or make repairs. 

Not having this peace of mind makes some people uncomfortable with a repo purchase, but “as-is” doesn’t mean that the vehicle is in poor condition. In fact, many repos are high-quality cars in great condition – their owners just couldn’t afford them anymore. As long as you have the vehicle checked out by a mechanic, don’t let “as-is” scare you away. 

Buying an As-Is Repo Car 

In order to buy an “as-is” repossession, you should take a few steps to protect yourself. It may be harder to get a history report on the vehicle, and it’s possible that the lender won’t know anything about it. Still, it doesn’t hurt to ask. Any information about the repo is helpful in knowing what work may be needed. 

Before making an offer, ask the lender if you can see the vehicle. Reputable sellers encourage this. Bring along a mechanic who will inspect the vehicle to uncover unknown problems. If there are issues found, you can either pass on the repo or negotiate a lower price. 

At the end of the day, being open to “as-is” vehicles is a great way to get a good car at a decent price. You just have to be willing to do your homework and bring along a trustworthy mechanic for an inspection. For a full list of lenders, banks and credit unions selling repossessions in your area, visit RepoFinder.com

credit score before buying used car

What Credit Score Do I Need to Buy a Used Car?

Whether you buy a new car, used car or repossessed car, you’ll need to pay for the vehicle before you take it home. Unless you have the cash upfront, you’ll have to take out a car loan. One of the biggest predictors in the type of loan you get and the interest rate you pay is your credit score. Knowing how important this three-digit number is, what do you need to get a decent used-car loan? 

Average Credit Scores for New and Used Cars 

According to a 2017 Experian report, the average credit score for a new-car loan was 713 and 656 for a used-car loan. A repossession is no different than a used car in the eyes of a bank. But, it’s your responsibility to do your homework. A used car from a dealership might have a warranty, but a repossession will not (unless it’s from the manufacturer). If you take out a loan for a repo and it ends up not running, you are still responsible for paying back the loan. 

So, what happens if you don’t have the average 656 credit score? You can still get a loan, but you can expect to pay more in interest rates. Someone in the low 700s might see interest rates of 5%, while someone in the low 500s might see 15%. Also, the state you live in makes a difference, as some states give higher insurance rates to those with poor credit. 

To break things down, here is a chart of credit scores vs average APRs on new and used vehicles, courtesy of Experian. 

Credit score Average APR, new car Average APR, used car
Superprime: 781-850 3.68% 4.34% 
Prime: 661-780 4.56% 5.97%
Non Prime: 601-660 7.52% 10.34%
Subprime: 501-600 11.89% 16.14%
Deep subprime: 300-500 14.41% 19.98%

Before You Start Shopping

One of the benefits you have when buying a repo car is the financing. When you purchase a repo directly from a lender or credit union, they are willing to work with you on the financing. They are banks, after all, and they make money by lending money.

Because it can take time to find the perfect repo car, use this period to check your credit profile and make improvements. You can request a copy of your credit report from the three major credit bureaus – Equifax, Experian and TransUnion – once a year. Visit AnnualCreditReport.com or call 1-877-322-8228. 

Once you know what your score is, you can get a realistic idea of what interest rates you will be paying. If you have to delay your repo car purchase, bring your credit score up by doing the following: 

  • Pay your bills on time
  • Avoid applying for new credit
  • Keep credit card balances low relative to your limits
  • Leave old accounts open 

For a complete list of repossessed cars, trucks, ATVs, RVs, boats, etc., visit RepoFinder.com today. Our list includes banks, lenders and credit unions that have repossessed vehicles and are willing to work with the public to sell cars and provide financing.

buying repo from a bank

Why You Should Buy Repo Cars Directly from a Lender

When buying repossessed vehicles, you have a number of ways to purchase them, such as from a lender auction, used car dealer or reseller service. However, the best way to buy repo cars is directly from a bank or credit union. Lenders just want to recoup their losses, so they’re willing to work with buyers and give them a great deal. 

Below are a few reasons why it’s best to purchase repossessions from a bank or credit union

Banks are Motivated Sellers 

A car owner only needs to miss a few payments before their car is repossessed. Lenders rely on interest to make profits, so a car payment that isn’t being made is an immediate loss. If the bank can’t work with the owner to get paid, they will repossess the vehicle and recoup their losses. 

With this in mind, banks are very motivated sellers. Some will allow you to look at their repo file, which lists repo cars, trucks, ATVs, RVs and more. The lists are free, unlike resellers that often charge for this service. Also, the lender will not clean up the vehicle as the dealerships do, so you can keep your price tag to a minimum.

Financing is Easier (and Cheaper!) 

Another perk to buying a repossessed car or truck from a lender is that you can get quick financing, especially if you already have a relationship with the bank. Remember, the banks aren’t looking to make a profit. They just want to recoup their loss and move on. Banks make money by lending money, and this puts you in a great position. 

For example, banks often incentivize repo sales with longer loan terms and reduced interest rates. Additionally, there are no commissions or fees when buying directly from the bank. The transaction takes place between you and the bank – no middleman. 

The Selection is Higher Quality 

Trashed repossessions typically go straight to auction. The banks won’t waste their time with them. This means that the lender’s list of repos should be decent. In fact, it’s not uncommon to find nearly new repossessions on the list. Sometimes, brand-new car owners can’t afford their payments, and their shiny new car gets repossessed. 

Also, repossessions are not limited to cars and trucks only. You can also find a great selection of boats, airplanes, yachts, ATVs, RVs, farm equipment, airplanes and even homes! 

Are you ready to buy a repossession from a local bank or credit union? There’s no need to spend hours on the internet looking for repo lists. RepoFinder.com offers a directory of banks selling repossessions in all 50 states. The service is completely free for you to use – no fees, no commissions and no transaction costs. Check us out today and find a repossession that fits your needs and budget. 

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.