Tag Archives: repossessions

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! 

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. 

recently sold repo car

5 Things to Do After Buying a Repossessed Vehicle

Bringing home your repossessed vehicle for the first time is a wonderful feeling! By this point, you’ve probably spent hours upon hours searching for the best repo cars, doing your research on each one and placing bids. 

Now that you have your car, the work isn’t done yet. Repossessed cars were previously owned by someone, and that someone may have neglected their car while they weren’t making their payments. To ensure you can drive safely in your new car, here are five things you’ll want to do after buying your repo. 

1. Transfer the Title and Registration 

The title is a legal slip that shows who the owner of the vehicle is.The seller should be able to process the title and perform the title transfer between you and the previous car owner. You can also apply for plates and registration on your own through your local DMV. This is an important process that must be completed before you do anything else with the repo. 

2. Get Insurance 

The next thing to do is insure your new car. If you already have auto insurance, all you need to do is call your agent and let them know of your new vehicle. If the car isn’t added to your insurance policy and you get into an accident, you’ll have to pay out of pocket for the repairs. And, if you don’t have insurance, work with a broker online or in person to find the most affordable car insurance. 

3. Clean Your Repo 

Your repo belonged to someone else, so you’ll want to give it a good cleaning. Banks and lenders are not car dealerships, so they don’t clean the repos when they come to them. You can choose to have your repo professionally cleaned or you can do it yourself. It all depends on the condition your car is in and your budget. 

4. Perform Repairs and General Maintenance

Some repos need a lot of work and others need none. Again, it depends on the vehicle you bought and how much you spent. Sellers try to make note of the repairs the vehicle will need, but you’re also buying the repo as-is. This means that whatever problems the car has, you will inherit. At the very least, check the oil, change or rotate the tires, change all the filters and replace all other fluids. 

5. Review the Owner’s Manual 

Lastly, look over the owner’s manual. If your car doesn’t have one, you should be able to get one online. The owner’s manual contains basic information about the car so that you can determine the correct tire pressure, recognize the lights on the dashboard and schedule routine maintenance. 

To find the best repos at great prices, shop with RepoFinder.com today. We have a huge selection of repossessed inventory, including pickup trucks, motorcycles, sedans, SUVs, minivans and more.

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!

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. 

white SUV

4 Basic Used Car Buying Mistakes to Avoid

Buying a new or used car is an exciting experience. You get to pick out something new and shiny while taking advantage of some of the latest features like automatic-braking sensors, mapping technology, adaptive cruise control and cameras in the back and front. But with so much to pay attention to, it’s easy to skip over important details that can come back to bite you later on. 

To help out, we’ve compiled a list of five used car mistakes you’ll want to avoid. 

Mistake #1. Not Doing the Proper Research. 

Even with all of the information available online, people still make this mistake quite often. It’s common for people to head to the dealership to see what’s available and buy something on the spot. They generally don’t return home, research cars and then go back to the dealership. Plus, there’s pressure from the car salespeople to buy something. 

Prepare yourself for the costs of buying a used car and know what features are important to you. And, if you do better in low-pressure environments, consider shopping online for used cars instead. This way, you can take your time, research your options, ask questions and read reviews. 

Mistake #2. Limiting Your Options. 

When you’re looking for a budget-friendly car that will get you to work, school or errands, it’s best to keep your options open. You might have a dream car in mind, but limiting your options based on a specific model, manufacturer or style can cause you to look over other great options. At the end of the day, you need a car that’s dependable and meets your lifestyle needs. 

Mistake #3. Overlooking a History Report.

We always recommend getting as much information as you can on the vehicle’s history. This isn’t always easy with repossessed cars and SUVs because these vehicles were taken from their previous owner and not much may be known about the history. But you can still usually find out some information such as the car’s miles, title status and accident history. All you need is the vehicle’s VIN. 

Mistake #4. Going Over Your Budget.

Whether it’s your dream car or the promise of new technology, it’s easy to overextend yourself on your budget. But let us tell you that after working with repossessions for many years, you don’t want to do this. Cars are meant to be functional and get you to where you need to go. You should not have to choose between groceries and a car payment every month. Choose your budget wisely and stick to it. You’ll thank yourself later. 

Plenty of people have made these mistakes when shopping for used cars, but you don’t have to. You can learn from them and choose a vehicle that makes sense for your budget and lifestyle – and be proud of it, too! To find an affordable used car, shop for repossessions at RepoFinder.com. 

shipping a car

How Much Does it Cost to Ship a Car?

People use the internet to shop for all types of purchases – including cars! But what happens when you find a vehicle that you love and it’s out of state? You’ll have to ship it to your home. 

Shopping online for cars is practical and convenient, especially during a pandemic. It also opens you up to a wider variety of vehicles, which is helpful if you have a limited budget or are looking for something specific. 

RepoFinder.com has a huge inventory of repossessed cars, trucks, SUVs and recreational vehicles. You can easily shop for repos in your area, but it’s also possible that you’ll find your dream car in another state. If this is the case, here’s everything you need to know about shipping a car to your home. 

Find a Car Shipping Service 

The first step is to find a service that ships cars to your location. A few examples include AmeriFreight, Bargain Auto Transport and Easy Auto Ship. Each one is slightly different and offers various pros and cons, so do your homework and request a few quotes. You can then determine the best fit for your needs and budget. 

Choose Your Delivery Plan 

Once you’ve chosen a delivery service, plan for when to have your car delivered. Many auto delivery services have various plans to choose from based on when you need the car delivered. As long as you give enough notice, you should be able to plan the day your vehicle arrives. 

Most carriers will offer door-to-door or terminal-to-terminal shipping. With door-to-door shipping, your vehicle is delivered curbside. This is the most convenient option for many buyers, though it is more expensive. With terminal-to-terminal shipping, both you and the seller will have to do some extra driving, but it’s cheaper. 

Your shipping carrier should also have adequate insurance in case anything happens. And they should be able to handle most things for you – it’s not your job to manage the logistics. The good news is that buying a used or repo vehicle means you can go with an open transport which is cheaper. 

Signing for Delivery

When your repo arrives at the destination, look it over before signing anything. Take your time with this step, as this is your only opportunity to note damages or discrepancies with the car. If anything is amiss, note it on the bill of lading. This way, you can take it up with the seller later. Once the paperwork is signed, you get the keys to your new car! 

What’s the Cost for Shipping a Car? 

Shipping a car to another state costs an average of $500 to $1,500 depending on the distance of the delivery, the type and size of the vehicle, how the vehicle will be shipped and other factors. To save money, opt for open transport, be flexible with delivery times and have your repo shipped to a terminal. 

To start browsing for repossessed vehicles that fit your needs and budget, visit RepoFinder.com today. If you can’t find what you like in your location, it may be possible to ship a car your way! 

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! 

teen driver

New Teen Driver in the House? Get Them a Bank Owned Vehicle!

If you have a teenager in the home and they want a car, you have a few options to consider. You can buy the car for them, let them pay for the car on their own or do a combination of both. While it may seem tempting to go out and buy your teen a new car, especially if you have the money, it may not be the best option. 

Something else to consider is buying your teen a bank owned car. These vehicles have been repossessed from their previous owners and are now owned by the banks. However, the banks are in the market to lend money – not sell vehicles. What does this mean for you? You can get a decent first car for a fraction of what you’d pay at the dealership. 

Let’s look at the benefits of buying your teen a repossessed car. 

Honest, Affordable Prices 

Car dealerships drive people in with attractive ads, but they’re often deceptive. They might tease low payments, when in reality, the payments are temporary. Or they might show prices after a large down payment or low rates that only go up to a certain amount. Whatever the case, once you get to the dealership, the prices will be more than you thought.

Bank owned vehicles are affordable for a couple of reasons. First, the banks are highly motivated sellers that want to recoup some of their losses. Second, these cars are sold as-is. Whatever problems they come with are your responsibility. In return, the banks offer steep discounts to make these vehicles attractive. 

Low Monthly Payments 

When you pay less for a vehicle, the monthly loan payments will be lower as well. If your family can’t afford another car payment right now, a repo is a great option because you’ll pay far less than if you were to shop at the dealership. In fact, many repos are cheap enough that you can buy them outright without an auto loan. This is a great option for teens that have a nest egg saved up. 

Already Used and Loved 

Repossessions are previously owned so they’ve already been driven, used and loved. Even though your teen may feel that something new and shiny is best, this is rarely the case from a practical standpoint. Kids are kids and first-time cars often take a beating. 

The nice thing about used cars is that they’ve already been loved. You don’t have to worry too much about dents and dings. And your teen won’t have the pressure of keeping the car in pristine condition – they can focus on their driving experience instead. 

Find Your Teen Driver a Car at RepoFinder

RepoFinder has a huge database of repossessed cars that are perfect for new drivers. You can use our search tools to find a car that offers the features your child needs to be safe on the road while saving money and keeping payments low. Shop with us today and see what you can find for your teen driver!