Tag Archives: repossessed vehicles

used car shopping

RepoFinder: Say Goodbye to Commission-Based Sales Teams

When you go to purchase a car from a dealership, a car salesperson will likely help you along the way. They’ll point out the vehicles that fit your needs, take you for a test drive and work with the financing team to make your payments affordable. While car salespeople can be helpful, they can also be pushy. Very pushy. 

There’s a reason why car salespeople are the way they are – they’re under pressure to maximize their profits and sell the most vehicles possible. The more you pay for the vehicle, the more commission they get, which is why they will also try to upsell you on extended warranties and other features. 

Due to this high-pressure environment, some people prefer to shop for cars online. They don’t have to deal with the same pressure, and they can take their time researching the different makes and models. However, when they find a car they like, they often have to go to the dealership to buy it. 

So what if you want to say goodbye to working with commission-based sales teams and shop for cars on your own? RepoFinder is a great alternative. 

What is RepoFinder? 

RepoFinder provides a simple directory of links to banks and credit unions that sell repossessions. These are true repossessions – cars that have been taken from their previous owners for nonpayment. Other places may claim to sell repos, but they often take them, fix them up and sell them for a profit. Not RepoFinder. 

When you buy from us, there are absolutely no fees or commissions. You are buying a car from a bank or credit union that is just looking to recoup some of their losses. They are not trying to get the most money from the sale – they simply want the car sold at a fair price. You can ask questions and make an offer all on our site. 

Tips for Buying a Repo on RepoFinder 

To make the process as smooth and seamless as possible, here are some tips when buying a repo car on RepoFinder: 

  • Take your time and do your research. We have repos in all 50 states, and we update our inventory regularly. Take your time looking through our vehicles and reading the information that is available, such as make, model, condition and features.  
  • Make a competitive bid. Know how to make a competitive offer. Some bids are open and some are closed, so you may not know what other people are offering. And don’t be afraid to offer less – everything is priced to sell. 
  • Inspect the vehicle. Even though you’re shopping online, you should still do your due diligence. Most lenders will allow you to inspect the vehicle before signing anything. 
  • Secure your financing. You can get financing on your own, or you can work with the lender to obtain financing. This could work in your favor, as the lender may be willing to negotiate a lower price. 

If you’re hoping to shop for used vehicles in a commission-free environment, visit RepoFinder today

signing license paperwork

Difference Between a Salesperson License and Dealer License

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If you want to start a dealership business, you’ll need a car dealer’s license. You may also need a salesperson’s license if you want to work in your dealership as part of the sales team. Each application has its own separate fees and requirements, and these vary based on the state you live in. 

Let’s learn more about these two types of licenses and what they allow you to do. 

Dealer vs Salesperson License: Which Do You Need? 

A dealer license allows you to purchase used and new vehicles from car manufacturers and auctions, both in-person and online. If you plan to open a dealership, you will need a dealer license to operate. This is how you will get your inventory and add to it with new, used and repossessed vehicles. 

A salesperson license only allows you to sell the vehicles the dealership has already purchased to customers. In other words, you can sell the inventory on the lot but you cannot purchase anything. If you plan to purchase and sell vehicles, you’ll need both a salesperson and a dealer license. 

Licensing Requirements 

Obtaining a car dealership license is similar to starting a business. You’ll need your federal tax ID number and the location of your business. You’ll also need proof of insurance, as you must have insurance on all vehicles. 

A salesperson license is different. You don’t need any business-related documents. Instead, you just need to show that you have auto insurance and a clean driving record. The fees associated with a salesperson license are also much cheaper. 

Surety Bond Requirements 

On top of the licensing requirements, there is also a surety bond requirement to consider. Typically, you don’t need a surety bond for a salesperson license, but you will need it for a dealer license. The amount varies depending on your state, but it ranges between $20,000 and $100,000. 

Renewal Requirements 

Once you obtain the licensing you need, you will have to renew it every year or two years, depending on the state you live in. Fortunately, the renewal process is much easier and cheaper than obtaining the original license. That being said, you may need to provide proof of continuing education in the auto industry to keep your dealer license. 

Now that you know the differences between a dealer’s license and a sales license, you can make the right decision for your business. RepoFinder.com is a huge database of repo vehicles being sold from banks and credit unions. You do not need a dealer’s license to shop with us – our vehicles are open to the public. Shop with us today! 

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!

repo car

2021 Repo Statistics You Should Know

RepoFinder offers a full directory of banks, credit unions and public auctions selling repossessions in all 50 states. Buying a repossession is a great option for do-it-yourselfers who aren’t afraid to look for a great deal and purchase a car that might need some TLC.

What you may be wondering is where all these cars come from! Believe it or not, repossessions are very common in the U.S. Whenever a person misses payments on their auto loan, the lender can take their car away. This situation is not uncommon, especially lately with so many people facing hardships due to COVID. 

How Long Does it Take for a Car to Be Repossessed? 

In some states, lenders have the right to take back a vehicle after just one missed payment. In other states, it takes several missed payments to repo a vehicle. Most lenders will give the car owner a chance to catch up on their auto loan, and if they’re unable to do so, the car will be auctioned off. 

Many repossessed cars are sold in dealer-only auctions. This means that you need a dealer’s license to buy a vehicle. However, RepoFinder sells repossessions to the general public. All of the cars, trucks, SUVs and recreational vehicles in our directory are available to the public at discounted prices. There’s no middleman – you’ll buy your new car directly from the bank or credit union! 

Why Repossession is So Common in the U.S. 

In the United States, 2.2 million vehicles are repossessed every year. Repossessions are not uncommon, especially in today’s world when nearly 1 out of 3 Americans are having trouble covering their household expenses, according to the Center on Budget and Policy Priorities

To complicate matters, auto loans are not cheap. Cars are expensive and most people have no choice but to finance them. The most common term is 72 months, with 84 months not far behind. And, the average monthly car payment in the U.S. is $563 for new vehicles, $397 for used vehicles and $450 for leased vehicles. 

Ultimately, if a person misses their car payments, they can have their car taken away at any point. While this will put a dent in their credit score, it may be their only option. 

2021 Car Repossession Data 

In the United States this year: 

Repossession rates are at 65 percent compared to yearly new car sales. This means that for every 2.4 cars sold, one existing vehicle will be repossessed. As this article points out, auto defaulting is at its highest. Americans are borrowing more than ever before for vehicles, but this also puts them at a higher risk for defaulting. 

Take Advantage of Repo Inventory 

In summary, repossessions are common but many of them never make it to the general public. They’re picked up by dealerships that then go on to sell the cars for a profit. For access to a huge selection of repossessed cars, trucks, SUVs and recreational vehicles like boats and ATVs, shop on RepoFinder today. 

online car shopping for repos

Your Top 5 Questions On Buying a Repo Car…Answered!

Thinking about buying a repossessed vehicle? This is a great way to save money while getting a reliable car with all the latest features. But chances are, you probably have a few questions about what the process entails and how to find the best deals. We’re here to help! 

Shopping for repo cars is easy, but it helps to be an informed buyer. This is the best way to ensure you bid on the right vehicles and walk away with something safe, reliable and reasonably priced. 

Below are the top five questions we hear from people interested in buying repos, along with our responses.

1. What are repossessed cars, exactly? 

When people can’t afford to make their car payments, the bank that gave them the loan can take the car back. Some cars are returned voluntarily while others are taken by the repo man. Based on 2021 data, there are over 2 million repossessions every year. While there are many repos out there, not all are available to the public. Many repos are sold at dealer-only auctions. 

2. Should I buy a repossessed vehicle? 

Only you can make the decision as to whether or not you should buy a repossessed vehicle. However, we can tell you that there are many reasons to consider this avenue such as: 

  • Cheaper than used vehicles sold at a dealership 
  • Able to negotiate the price – repo sellers are highly motivated 
  • Quick turnaround times, especially in today’s market 
  • Save money on insurance and interest  

3. How do I know I’m getting a repo car? 

The only way to know that you’re getting a true repo is by buying directly from a bank or credit union. Dealerships sometimes advertise repos, but this isn’t really true. Usually in these cases, the dealer purchased the car at a discount, cleaned it up and is now selling it for a profit. 

You can research repos in your local area or use a site like RepoFinder to find repossessed cars, pickup trucks, SUVs and motorcycles. RepoFinder gives you a much better selection and you can feel good knowing that all transactions are between you and the seller – no middleman. 

4. What concerns should I have when buying a repo? 

The hard thing about repo cars is that you don’t know how well the previous owner took care of them. Some repos are in great condition while others need some work. The key is to place a smart bid that leaves room to afford necessary repairs. 

We always recommend that buyers do their research, ask questions and schedule an inspection before signing the paperwork. Avoid overbidding as well. Even though we’re experiencing a car shortage, you shouldn’t pay more than you need to. Patience goes a long way in this industry! 

5. Why should I shop for repos at RepoFinder? 

RepoFinder lets you buy repossessions directly from local banks and credit unions. Our site is free to use, though you can upgrade to RepoFinder Pro for just $4.95 a month – cancel anytime. We add new repos on a regular basis and make it easy to research and place bids directly on our website. 

Don’t take our word for it – shop at RepoFinder and find affordable repos in your area. 

pickup truck

Seized vs Repossessed vs Government Owned: What’s the Difference?

When shopping around for a used vehicle, you have more options than just the dealership. You can shop easy and get a great deal when you consider seized, repossessed or government owned vehicles. But first, it helps to know the difference between these types of vehicles, where they come from and how to get the best prices. 

What are Seized Cars? 

Each year, thousands of cars are seized by the banks, the government and law enforcement agencies. Many of these vehicles are put up for auction and sold to the public. Some are purchased by dealerships, cleaned up and then sold for a higher price. If you’re looking for a bargain, you’ll want to stick to vehicles that are being sold directly from the banks or lenders. 

Cars seized by the banks or government don’t always have a lot of information on them. Therefore, it’s up to you to do your research, look at the images and ask questions. You can also learn more about the vehicle by understanding what type of car it is and where it came from. 

Types of Repossessed Vehicles 

Cars are sold at auction for different reasons. Oftentimes, they were taken from their previous owner who defaulted on their payments. In some states, it takes just two or three missed payments to start the repossession process. Banks and lenders work quickly because they need to recoup their losses. Other times, the cars come from law enforcement or government agencies. More details are often known about these vehicles. 

Let’s look closer at the different types of repo vehicles: 

  • Seized cars. These cars are taken by law enforcement for having too many traffic violations. Or, they can be confiscated during a raid. These vehicles are usually well-maintained by the owner. In fact, the IRS and courts tend to seize luxury vehicles in good condition because they’re worth more.
  • Repossessed car. Repo cars are seized by lenders who haven’t been receiving payments. These cars are sometimes in poor quality because the owners couldn’t afford their loan, and therefore, probably couldn’t afford maintenance and repairs either. But a lot of great repos are out there! 
  • Previously-owned government cars. Government-owned cars were owned by government agencies that no longer need them. Most agencies update their cars often so these cars tend to be newer and in better quality. 

Where Can I Find Seized Vehicles? 

There are a number of places where you can find repossessed, seized or previously-owned government vehicles. You can start your search on government auction sites. Many offer free trials, but you generally have to pay to become a member and place a bid. 

For the best bargains and widest inventory, check out RepoFinder.com. We have a huge database of repossessed cars, trucks, minivans, RVs, ATVs, motorcycles, boats, small aircraft and more. We provide information on all of our vehicles, as well as plenty of images. Our site is free to use, and to unlock all of the features, you can upgrade to RepoFinder Pro for just $4.95 a month – cancel anytime. 

To find bank-owned vehicles at great prices, RepoFinder.com has what you need!

repo car cleaning

Car Cleaning Hacks for a Like-New Car

No matter the type or age of your vehicle, keeping it clean is a priority for most car owners. There’s just something refreshing about getting into a clean and tidy vehicle that smells just as good as the day you brought it home – if not better! 

If you recently purchased a used vehicle, here are some car cleaning hacks you’ll want to follow. We recommend these tips to customers who purchase repossessed vehicles from us. Many of the cars we sell are in great condition but they still require basic maintenance. The good news is that these tips will save you from costly detailing services. 

Use a Makeup Brush to Clean the Vents 

We recommend keeping a makeup brush in your car to clean out the air vents. These vents get dusty and this dust blows all over the car when you’re running your heat or air. Keep a makeup brush stashed away in your glove box and use it to remove dust from the air vents. 

Squeegee Pet Hair off the Seats

If the previous owner had a pet, there’s a good possibility that you’ll find pet hair all over the seat. As sticky as this hair can be, you can get it off your seats using water and a squeegee. Fill up a spray bottle with water, mist the seats and run a squeegee over the upholstery. This will remove all the pet hair. 

Use Cooking Spray to Remove Bugs 

If there’s a ton of bugs on your repo car, use a can of cooking spray to get them off. This is a lot better than scrubbing the bugs off, as this can damage the paint job. Be sure to let the cooking spray sit for a few seconds and use a microfiber cloth to wipe off the bugs. 

Deep Clean the Upholstery

To take things a step further, you can deep clean the seats in your car using a vinegar and baking soda paste. Mix the two ingredients together until it forms a paste. Scrub this paste into your seats and then rinse it out. It will remove stains and leave your car smelling fresh and clean! 

Use Magic Erasers on Surfaces 

Magic Erasers are cheap and easy to use. Keep some on hand to scrub away dirt, dust and grime. These sponges are especially effective on plastic and vinyl surfaces, though you will want to be careful on leather as it can scratch. You can also use a toothbrush to clean out dirt from nooks and crannies. 

Wax Your Car 

Getting your car waxed a couple of times a year goes a long way in keeping it clean. When you go through the car wash, dust and dirt will lift away. Waxing your vehicle also prevents nicks and chips from forming in the paint. To save money, you can wax your car yourself using basic ingredients like dish soap and hair conditioner. 

Bring Home a Repossession Today 

These are just some of the ways you can get your repo car looking like new! Most repos need a little TLC when you first bring them home because they haven’t received much attention from their previous owners. The good news is that all of these hacks are cheap, easy and use basic ingredients from the home. To shop for repossessions, click on your state on our home page and search though the available 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.