Tag Archives: repossessed vehicles

car inspection

Are Repossessed Vehicles Safe to Buy?

No matter what type of vehicle you’re buying, one of the most important things is that it’s safe and reliable. Driving away with a new or used car from a dealership offers a certain level of comfort, as you know the vehicles have been properly inspected. And if there is something that ends up being wrong with the car, you have a warranty from the dealership and the car manufacturer. 

But what happens when you buy a repossessed vehicle from a bank, credit union or auction? These cars are rarely inspected or looked at before going to a new owner. So are they safe to buy? Let’s find out! 

Repossessions ARE Safe – But it Pays to be a Smart Consumer

Repossessed cars are generally very safe, but as with any vehicle purchase, you’ll want to do your research and be a smart consumer. Some repossessed cars arrive in great condition and others require some TLC, which is usually reflected in the price.

As you look at repo cars to buy, find out as much information as you can about the vehicle online. Pay attention to the make and model, odometer reading and transmission type. Most banks and credit unions include lots of pictures so that you can check out the condition of the car’s interior and exterior. They want to sell their inventory quickly so they provide as much information as possible. 

Don’t Forget: Bring Along Someone to Inspect the Vehicle

Before you sign anything, inspect the vehicle to make sure you know what you’re getting. You can do this yourself if you feel comfortable, otherwise bring along someone who knows cars. You can expect repossessions to need some TLC, but you should trust the overall safety of the car. 

For liability reasons, most banks and credit unions do not allow potential bidders to test drive their vehicles. But, most allow (and even encourage) inspections and will let you start up the engine to make sure it runs.

Find a Safe Repo at RepoFinder.com 

As long as you do the right research and inspect the vehicle, you should have no trouble finding a safe, reliable repo at a great price. RepoFinder.com has a huge inventory of repossessed vehicles from various banks and credit unions in your area. We provide as much information as possible, including plenty of images to help you make an informed decision. Find your new repo vehicle with us today! 

repo vehicle for sale

Where Can I Buy Repossessed Cars for Sale?

Auto repossessions are more common than people think. If you’ve fallen behind on your payments, the lender can repossess your vehicle to recoup some of their losses. However, your car may also be repossessed for other reasons such as not carrying adequate insurance. 

Repossessions are certainly not fun, especially when you depend on your car to get to and from work. But there’s a light on the other end of the tunnel – repossessed cars can be sold to the public at steep discounts. If you’re not in a position to pay full price for a new vehicle, a repo car is an excellent alternative. 

So where can you pick up a repo car, truck or SUV? Below are your options. 

Lenders and Credit Unions

Some lenders and credit unions make their repossessed inventory directly available to the public. They’ve waited to receive payment from the owner and were unable to work something out, so they’re eager to recoup their losses in a quick sale. And, lenders and credit unions are not in a position to store or care for vehicles, so they are especially motivated to sell them. Their loss is your gain!

Vehicle Auctions 

Vehicle auctions, both online and in-person, provide another opportunity to shop for repo inventory. The nice thing about auctions is that you’ll have a wider selection of vehicles to choose from as opposed to a lender that only has a few cars on their lot. That said, there is a lot more competition with auctions, so you must be prepared to make effective bids, as well as have pre-approved financing or cash lined up. 

Repo Company 

Repo companies are the middlemen between the lender and the buying public. This route is actually very convenient because you can browse a wide inventory of vehicles, perform quick searches and place a bid all in one sitting. While you might think that this route will cost you more, it probably won’t. The cars are still being sold by lenders and credit unions, so they want to sell them quickly. You can expect the prices to still be on the low side. 

Used Car Lots 

Your last option for purchasing a repo vehicle is a used car lot. This is a straightforward way to purchase a repo, and you don’t have to worry about bidding against others. Even better is that the cars are often cleaned up and light repairs are made. However, in exchange for all of this, used car lots charge more for their repos. In fact, some are the same price as a used car!

Shop with RepoFinder Today 

There is no right or wrong way to shop for repo vehicles. It all comes down to the selection and the price you’re willing to pay. RepoFinder offers a huge selection of repossessed SUVs, compact cars, hatchbacks, minivans, crossovers and more. Browse our selection of repos today and see how easy and affordable it is to shop with us!

christmas presents

The Right Way to Buy a Car as a Christmas Present

Are you thinking about buying someone a car as a Christmas present? While this may seem like an exorbitant gift, it can actually be a practical one. If your teenager, college student or spouse needs a new car, why not use your money on an essential gift? But before you buy someone a car as a holiday gift, make sure you follow these essential tips. 

Avoid Surprising Your Recipient 

The thought of surprising someone with a new vehicle is exciting, especially when you see the great response on TV commercials. However, in real life, you probably don’t want to surprise someone with a new car out of the blue. If they don’t like it, they can’t return it like they can a pair of jeans. 

The best approach: find out exactly what this special someone wants rather than springing a new car purchase on them unexpectedly. 

Consider Financing Options

Unless you have the cash on hand to pay for the vehicle, you’ll have to finance this purchase. Keep this in mind, as average term lengths are 69 months for new vehicles and 65 months for used vehicles. You don’t want to be paying for years on a car that your spouse doesn’t want or need. 

Additionally, you may need your spouse to cosign in order to be approved for the auto loan. So, you may not be able to surprise them unexpectedly after all. For the best deals and rates, consider shopping for repossessed vehicles instead of used vehicles. You can find a cheap car this way and qualify for attractive financing offers.

Start Shopping in Advance 

In order to find the right vehicle at the right price, it’s best to start your holiday shopping early. RepoFinder.com has a huge inventory of repossessed cars, trucks, SUVs, ATVs, RVs and more. You can find just about anything with us! 

Our repo inventory is always changing, so check back often to see what we have available in your local area. If you find something you like, you can place your bid and hopefully take the vehicle home with you! However you choose to shop, start early so that you can get the best deals and availability. 

Shop for Repo Cars at RepoFinder – We Have it All! 

RepoFinder.com offers the largest list of bank repos in America. When you work with us, you’ll be able to skip over the middleman and deal directly with the banks, lenders and credit unions. This allows you to get the best deals on all types of repossessed vehicles. Many are in great condition and waiting for a new owner. Shop with us today and give your loved one the best gift of all – a safe, dependable vehicle. 

online car shopping

Coronavirus and Cars: Here’s What You Need to Know

It’s clear that coronavirus isn’t going away any time soon, so if you’re in the market for a new vehicle, you’ll have to take this into consideration. As long as you are secure in your job and can afford a new payment, now is a great time to purchase a vehicle. Used cars are most popular because they’re cheaper than new cars, which leads to smaller, more affordable loans that are less likely to put you underwater. 

Here’s everything you need to know about coronavirus and car shopping in 2020. 

Coronavirus and Car Interest Rates 

Auto loan interest rates are low right now to encourage lending, boost consumer spending and support the economy. How low? The Federal Reserve made moves back in March to reduce interest rates to zero. 

You typically won’t find 0% interest on a used car, but interest rates are still low. Plus, car shoppers are showing that they’re not afraid to take on longer loans as long as they can afford the payments and get the vehicle they want. In 2019, the average term length was 69 months for new cars and 65 months for used cars. 

Coronavirus and Car Shortages 

You can expect some shortages of vehicles sold in America due to supply chain disruptions and plant closures. This hasn’t been a significant problem because people are spending less time in the showrooms, leading to a decreased demand for vehicles. But for those looking for specific features, there may be more limited options. 

Full-size pickup trucks have remained strong during the pandemic. This is why you can expect fewer incentives and price drops on these vehicles as they’re in demand and people are willing to pay for them. Of course, you can always check out repossessed pickup trucks for a great deal! 

Coronavirus and Car Shopping 

There are many ways to protect yourself from the coronavirus when shopping for a used vehicle. Thankfully you can do most things on the internet. And if you shop with an online car site like RepoFinder.com, you can complete the whole process online! We have a large inventory of repossessed cars, trucks and SUVs available to the public. 

If you do see a car in person, be sure to disinfect the parts of the vehicle you’ll be touching, don’t touch your face, wash your hands after and don’t shake on the deal. Also take care of financing in advance so that you spend less time signing papers. 

Because all vehicles listed on RepoFinder.com are repossessions, you can apply for financing in advance. These vehicles are being sold by banks and credit unions that are also more willing to work with you on attractive financing. They are motivated sellers after all!  

If you’re looking for an affordable used car that you can purchase online, visit RepoFinder.com today! 

orange jeep

How Does RepoFinder Differ from Dealer-only Auctions?

RepoFinder offers a simple directory of banks and credit unions across the U.S. that sell repossessed vehicles. Repossessions are vehicles that have been taken back by the banks when the owner falls behind on payments. Sometimes, these vehicles are taken without warning or court approval. 

To use our services, all you have to do is click on your state and you’ll see a list of banks and credit unions in your area that sell repossessions. Some have active listings, and some may not. Be patient and check back often, as things change daily. Our services are free to use. When you find a vehicle that you like, you can negotiate with the banks and purchase it at a discount. 

Why Do Banks Sell Repos for Cheap? 

Because banks make their money by lending money to others, the last thing they want to do is take back a car. However, this is the only way to recoup some of their losses. So, they’ll usually see if the owner can catch back up on payments, and if not, the bank will sell the vehicle to the public at a discounted price. 

There are two main reasons why banks sell repossessed vehicles for cheap. The first is that they want a quick sale. Cars take up space, and banks aren’t dealerships, so they want them off their lots as quickly as possible. Second, repossessions often need some type of maintenance, so buyers need to factor this into their purchase. To make the vehicles more attractive, banks discount the price to offset some of the repair costs. 

How is RepoFinder Different from Dealer-Only Auctions?

Each bank and credit union has a different way of marketing their repo inventory. Many prefer to sell their vehicles at dealer-only auctions because they can get rid of many vehicles at one time. Remember, banks are just looking to recoup some of their losses. They don’t care where the vehicles go. 

Dealer-only auctions are closed to the public. Only licensed dealers can attend. And unless you plan on getting into the business of selling vehicles, you won’t be able to obtain a dealer’s license. Dealers purchase the vehicles they want at a discounted rate, fix them up and resell them to the general public. Often, these vehicles are marketed as “repos” but they technically are not. A real repo sale happens between you and a bank. 

What are the Benefits to Buying Repos Direct from the Bank? 

When you buy a repo directly from the bank, you can expect a wide range of benefits: 

  • Cheaper price. Repos are sold at heavily discounted prices. 
  • Ability to negotiate. You can offer less than what the banks are asking for. Don’t be afraid to negotiate! 
  • Bank financing. Because you’re buying from the bank, you can also get help with the paperwork and financing. 
  • Commission-free. A commission-free environment ensures less pressure on you, plus the ability to work out better pricing. 
  • No emotional attachment. Banks have no emotional attachment to their vehicles. 

Ready to shop with RepoFinder? Enjoy a comprehensive list of banks and credit unions in your area that are selling repossessions. 

line of cars

Pros and Cons to Buying Bank Owned Vehicles

A bank-owned car can be a great deal – or a total nightmare. As with other purchases, it’s important to do your research and be a smart shopper. When you’re careful about your purchase, you can take home a safe, reliable car for a fraction of the cost. And, banks have more than just cars. Many people turn to bank-owned inventory when buying pickup trucks, boats, ATVs, RVs and small aircraft. 

Below you’ll find the pros and cons to buying bank-owned vehicles, and then you can decide if this route is right for you. 

Pros of Buying Repossessed Vehicles 

When the owner of a vehicle doesn’t make their loan payments, their vehicle can be taken away by the bank. Usually this happens after a few months of defaulted payments, but it can happen even sooner than that. Some people assume that repos are always old, beat up cars that no one wants, but it’s often the new cars that people can’t afford. 

Here are the pros to buying bank-owned vehicles: 

  • Get a great deal on a decent vehicle. Banks and lenders want a quick sale to reduce their loan loss, which is why they price their inventory low and are willing to negotiate. 
  • Shop a wide selection. Cars and trucks are taken away all the time from their owners. Banks end up selling them to dealerships, the general public or auction sites, leaving you to shop an impressive selection of cars, trucks, SUVs and more. 
  • Fast turnaround. While you do need to be patient when shopping for repos, the process usually moves quickly when you find something you like. Banks and lenders want these vehicles off their lots as soon as possible. 

Cons of Buying Bank-Owned Cars 

There are some disadvantages to buying repossessed vehicles, which is why they aren’t for everyone. Here are some cons to be aware of. 

  • Lack of test drives. It’s possible that you won’t be able to test drive the car before you buy it. This can be a problem if there are hidden issues. To offset this risk, be sure to look at the vehicle’s pictures, get a condition report and schedule an inspection. 
  • As-is purchase. If you buy a repo and decide you don’t like it, you can’t bring it back. You’re stuck with it because all repos are “as-is” purchases. That said, some vehicles still carry their original warranty, which is passed down to the new owner. 
  • Unclear background. Banks usually send out a third-party to repo vehicles, so you probably won’t know a lot about its background. The good news is that you can find most of this information online, as auction centers must disclose this information to the buyers. 

As you can see, there are clear pros and cons to buying bank-owned cars, trucks and RVs. RepoFinder.com has a vast selection of vehicles that are in good condition and have low mileage. Take a look and see what types of vehicles you can find in your price range – it’s free! 

person driving vehicle

What Steps Should I Follow When Buying a Repossessed Vehicle?

If you’re shopping for an affordable vehicle in decent condition, you don’t have to settle for a pricey used car. Another option is a repossessed vehicle, or one that was taken away from its previous owner for defaulting on the loan. 

The nice thing about shopping for repos is that they don’t have any upcharges. Buying a used car from a dealership is still expensive because it has been cleaned, repaired and inspected by a mechanic. Repo cars are sold as-is, which is reflected in the price. 

Below are the steps you should follow when buying a repossessed car, truck or other vehicle. 

Choose who you are going to buy from.

There are a number of ways you can purchase a repossessed vehicle:

  • Lenders. Buying directly from a lender is the best way to get a great deal. Credit unions and banks want to get rid of repos and recoup their losses, passing on the savings to you. For a complete list of repos in your state, visit RepoFinder.com.
  • Repo reseller. The benefit to working with a repo reseller is that they generally have some standard for the condition of vehicles they sell. You will pay more for these vehicles, but you can expect a better car. 
  • Auctions. There are all types of auctions online, though the majority are for used car dealers, not individual buyers. However, if you happen to find an online auction, make sure you register online and take a look at their inventory. 
  • Used car dealers. Used car dealerships do sell repos, but keep in mind that they will be more expensive. This is because the dealerships inspect the vehicles and fix them up before selling. 

Determine your budget. 

It’s important to establish your budget in advance. Most repos need some type of maintenance, so this will need to be factored into your budget. If you use all of your money to buy the car, you won’t have enough to make essential repairs. Like used cars, repos come in all price ranges. 

Research the vehicles you want. 

To narrow down your search online, research the best vehicles for your needs. Consider what features are most important to you, such as special cameras, sensors, tire pressure alerts and seating. Also research what car makes/models are most reliable. Generally speaking, repo shoppers do best with reliable, low maintenance cars that hold their value. 

Place your bid.

Once you find a repo that fits your criteria, you can make an offer on it. We also recommend having financing in place, as this shows that you are a serious buyer. 

Nearly all repo sites require you to be a member, which is why it’s important to choose how you’re going to buy your vehicle first. For example, when you sign up for RepoFinder Pro for just $4.95 a month, you get full access to our repo list and can place bids. 

Inspect the vehicle.

If the seller accepts your bid, you can purchase the vehicle. We strongly recommend inspecting the repo before signing anything. You probably won’t be able to test drive it, but you can look at it for an overall assessment. Once this is done, you can sign the paperwork and take your vehicle home! 

Buying a repo is fairly straightforward, though it does require more diligence on the buyer’s part. You won’t have a car salesperson showing you around and selling you vehicles, which some look at as an advantage, but you will be on your own. Use the online tools to your advantage, research the cars you’re interested in and inspect the repo before signing anything and you should be just fine.

cars driving on the road

5 Things You Get When You Join RepoFinder Pro

RepoFinder is a nationwide directory of banks and credit unions that have repossessions for sale. These repos are sold to the public, so you do not need a dealer’s license to purchase them. You can use our site for free, allowing you to search for repossessed cars, trucks, RVs, boats, etc. in your state. However, if you find a vehicle that you’re interested in, you can benefit from upgrading your account to Pro status. 

Below are five things you get when you join RepoFinder Pro for just $4.95 a month. No long-term contracts – cancel anytime! 

1. Full access to our Featured Repo list. 

If you want to learn more about any of the used vehicles on our directory, it helps to have RepoFinder Pro. With full access, you can view all information, such as the vehicle’s type, price, location, condition and other details. For example, has it been inspected by a mechanic? This will help you make informed decisions as to which repos you want to bid on at auction. 

2. Unlimited searches. 

There are no limits on the number of searches you do as a RepoFinder Pro member. This is important because it will probably take time to find a repo that fits your budget and buying criteria. Some people even bid on multiple vehicles before they win. To help narrow your search, use our category buttons. 

3. No sales fees or commissions. 

There are never any sales fees or commissions when you use RepoFinder Pro. We have an easy month-to-month subscription, and you can cancel anytime. At less than $5.00 a month, it’s easy to renew your membership until you find a repo that meets your needs. If you find a vehicle and your bid is accepted, you can cancel your membership – no strings attached. 

4. Access to the largest nationwide bank repo database. 

RepoFinder proudly offers the largest national bank repo database. We know that there are other repo listing sites out there, but none are quite as extensive as ours. You’ll find plenty of repossessions in your state that include cars, trucks, ATVs, RVs, boats and even small aircraft. 

5. No dealer license required. 

With RepoFinder Pro, you can buy used cars and trucks without a dealer’s license. All repos listed on our directory are sold to the public. Other listing sites only sell to auto dealers who plan on buying vehicles in bulk at wholesale prices, which is why they require a special license. 

Feel free to browse our database at any time. It’s free and easy to use! If you find vehicles that you want to bid on or want more information on, you’ll have far more access by upgrading to RepoFinder Pro. With month-to-month subscriptions and a low fee, you have nothing to lose! 

red pickup truck

Is it Safe to Buy a Repo Car or Truck?

A repossessed car or truck is a great way to save money on your vehicle purchase. Not only can you get a great car at an affordable price, but you can also lower your monthly insurance costs and registration fees.

But, some people worry about the safety and reliability of these vehicles. If the previous owner failed to make their payments, they probably didn’t take the car in for routine maintenance. So, how safe can these cars and trucks be? 

When it comes to repo vehicles, each situation is unique. Some repos were maintained relatively well, but the owner fell on hard times. Others need basic maintenance like an oil change and new set of tires. And, there are vehicles that require too much work to be reliable. 

Bottom line: It is possible to find safe, dependable repo cars and trucks. Here are some tips to help you find one of your own. 

Know the Laws in Your State 

It helps to know the repossession laws in your state. Some states allow banks to take back a vehicle if the payment is late by just a few days. That said, most states enforce a grace period before allowing lenders to repo the vehicle. Also, because banks make money off interest, most try to work with the customer before taking away the vehicle. 

Nevertheless, if you live in a state that works quickly on repossessions, you may have a bigger selection of vehicles in decent condition to choose from. The longer your state takes to collect vehicles, the more time they have to sit there. 

Buy Directly from the Lender 

You can find very good deals by shopping through a lender. Dealerships sell repossessed vehicles, but they end up buying them from auctions and fixing them up. At least you know you’re getting a car that has been inspected by a mechanic, but it also means you’ll be paying just as much as you would for a used car. So, buy directly from the lender to save money. 

Most lenders are very good about supplying prospective buyers with information and photos of the vehicle. If you use a repo listing site like RepoFinder.com, you can look through all of the banks and credit unions in your state that are selling top-quality vehicles, as well as items like boats, RVs and ATVs. 

Ask to View the Repo Vehicle 

Many sellers will allow you to view the repo before signing anything. Typically, you’ll place your bid first, and if you win, you’ll have the chance to look at the car or truck. We always recommend bringing along someone who knows about cars so that you can identify potential red flags. 

We also recommend only buying repos that have proper documentation. If you purchase a car that has no title, you could face serious issues down the road proving ownership. Technically, the original owner could come back and claim the vehicle, even if you have been paying on it. 

Find a Safe, Reliable Repo with RepoFinder.com 

RepoFinder.com lists the banks, lenders and credit unions in your state that are selling repo cars, trucks, boats, ATVs, RVs and more. It’s free to use, and you’ll find plenty of pictures and descriptions about the repos for sale. When you find something you like, do your research on the vehicle to identify safety issues or other common problems. This will help you place a strong and effective bid. 

repo vehicle

5 Things to Look for in Online Auto Photos

When you’re browsing for clean or salvage title cars for sale, you have no choice but to rely on the information and photos provided. The quickest way to get an overall idea of each vehicle’s condition is by looking at the images. You can learn a lot from these pictures, including what the interior and exterior look like. However, there are things you can miss if you’re not careful. 

To help you select the best repo car for your budget, here are five things to look for in online auto photos.

1. Check for pooling liquids.  

Look at the ground under and around the vehicle. Is it dry? Or do you notice spots of pooling liquid? It’s not always possible to see this, and even if you do, the liquid may be from another vehicle. That said, pooling water or oil can indicate a serious mechanical problem so it’s important to check up on it. 

2. Look over the engine. 

Check for photos of the engine, and if there aren’t any available, ask for them. You’ll want to know if engine damage, corroded connections or missing parts are a problem. Repossessions are sold as is, so any engine issues are your responsibility to fix. Unfortunately, some people tamper with the engines when they know their vehicle is going to be repossessed. 

3. Locate the keys. 

If you plan on driving the vehicle off the lot, you’ll need a set of keys. The best way to check for them is to see if they’re physically present in the photos. A lot of times, the keys are hanging around the steering wheel. Other times, they’re held in an office to prevent theft. If you do need to replace the keys, budget roughly $100-$400 a set. 

4. Follow up on panel gaps.

Panel gaps don’t always indicate serious damage, but they are worth looking into, especially if the listing mentions “damage history” or “partial repair.” For example, a panel gap between the front panel and hood may mean that the vehicle was in a front-end collision that resulted in frame damage. 

5. Make sure the wheels match up. 

One last thing to check is the wheels. Many repossessed vehicles are not properly maintained, so it’s common to need new tires. But, some tire problems can indicate a more serious problem. For instance, misaligned wheels may be a sign of a bent or broken axle that will make the car inoperable.  

At RepoFinder, we always recommend having an inspection done. It’s best to search for repossessions in your local area so that you can visit them in person. However, if you find a vehicle you love but can’t inspect it yourself, hire a third party service. This way, you’ll have the clarity you need to make a confident and competitive offer.