Tag Archives: repossessions

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! 

vehicles at an auction

4 Things to Know When Buying a Used Car at an Auction

Auto auctions allow buyers to purchase used vehicles through a bidding process. This usually ends up being a lot less than what a dealership would charge. Not all auctions are open to the public, but some are. To find auctions in your area, you’ll have to do some research. Auctions are available both in-person and online, allowing you to choose the method of shopping you prefer. 

While auto auctions can turn up a great deal, there’s also the risk of buying a beater car. Below are four things to know about buying a used or repossessed car at an auction. 

1. Pick the Right Auction 

Both brick-and-mortar and online auctions are available. Some say that the best deals can be found in person, though shopping online is more convenient. It really depends on how you prefer to shop. You can usually shop at auctions for free, but prepare to pay some type of fee to make a bid whether it’s online or in person. 

Another thing to watch for is public vs dealer auctions. Public or open auctions are available to the public. Dealer auctions are only open to those who hold a dealer’s license. Unless you work at a dealership, you probably don’t have a dealer’s license.

2. Determine Your Risk 

Many people use the “stoplight system” when shopping at auctions. This system helps buyers assess their risk and compare it to the price of the vehicle. 

  • A “green light” means that the vehicle is free from any known defects. Arbitration may be possible if severe problems turn up. 
  • A “yellow light” indicates that the car has some issues. However, arbitration is not an option. 
  • A “red light” is sold as-is. Repossessions are essentially “red light” cars because you purchase them in their current condition. 

3. Know How to Bid 

It’s easy to cave and bid more than you should on a car you really want, especially if there is other interest available. But there are many factors that will influence whether or not you get the car, so only bid what you are comfortable paying. You also want to leave money in your budget to take care of any problems that turn up. 

To help with this, it’s best to bring along someone who knows about cars. They can help determine the best bid to make, preventing you from over-bidding on cars that aren’t worth it and under-bidding on those that are a great deal. 

4. Inspect the Vehicle 

Cars sold at auctions are rarely available for test drive. So, you’ll have to rely on your knowledge to assess its condition and value. There are a number of resources you can use online such as Kelley Blue Book, CarConsumers.org and Nada Values. These guides can give you the confidence you need to identify the best vehicles and make an accurate but reasonable bid. 

RepoFinder has a great selection of repossessed cars, trucks, SUVs, motorcycles and recreational vehicles. View our database for free and find repos in your area. If you want more features, consider upgrading your account to RepoFinder Pro for just $4.95 a month – cancel anytime!

odometer on used car

Used Car Shopping: How Many Miles are Too Many?

Buying a used car is often a great way to save money while getting something dependable for work or school. As you shop for used or repossessed cars, you may be wondering how many miles are too many. Generally speaking, the higher the number of miles, the lower the value of the car. 

The problem is that not all miles are created equal. For example, a car with 100,000 highway miles is probably in better shape than a car with 50,000 city miles. As you consider your options for a used vehicle, here are some considerations when it comes to miles driven. 

How Do I Know if a Car Has Too Many Miles? 

When you look at two used or repo cars, one of the first things you’ll compare is the miles. If one car has 50,000 miles and the other has 100,000 miles, it’s easy to assume the vehicle with less miles is more desirable. However, it’s not quite that simple. 

Highway miles are actually easier on a car than city miles. You’re traveling long distances at high speeds, but this is good for the alternator and battery because it let’s them charge properly. It’s also better for fuel efficiency because you’re traveling at constant speeds. 

City miles, on the other hand, involve a lot of stop-and-go traffic. This type of driving is much harder on the vehicle because of the braking and accelerating, which is bad for your engine, transmission and brakes. Stop-and-go driving also hurts your fuel efficiency. 

The Age of the Car Matters 

Another thing to consider is how old the repo vehicle is. 15,000 miles a year is considered to be the industry average, so it’s not unreasonable for a 10-year-old vehicle to have 100,000-150,000 miles on it. If the repo car that you’re interested in has far more or less miles, it’s worth asking why. 

Some cars might have less miles than they should, which looks attractive at first glance. However, if the car hasn’t been driven in a while, you may need to replace the oil, change out the oil filter and replace the transmission fluid. If the car has more miles than what is reasonable, it may need a lot of maintenance. 

How Long Do Cars Last?  

In terms of mileage, cars have an average life expectancy of 200,000 miles. Today’s vehicles are built stronger than ever, allowing many to be pushed over the 200,000 mark, regardless of whether it was reached in two years or ten. In fact, high-mileage cars are a good indication that the engine is running smoothly and has lots of life left.

Find a Used Car with the Right Mileage at RepoFinder

RepoFinder.com has a full database of repo vehicles sold by banks and credit unions across the U.S. To find a reliable used vehicle for a fraction of the price, contact us today. You can browse our database and find local repossessed cars, trucks and SUVs that work for you. 

buying cars from a private seller

Risks of Buying a Used Car from a Private Seller

Purchasing a car from a private seller can be a great way to save money on a vehicle while avoiding the dealership. If you know what you want, there’s no reason not to entertain buying a car privately. But, there are some risks to be aware of. Once you learn about these risks, you may feel more comfortable buying a used car from a more trustworthy source like a bank or credit union. 

Lack of Consumer Protection

The first thing to know is that state and federal laws that apply to dealerships do not apply to private sellers. Even though people don’t always enjoy working with dealerships, there are protections in place if you’re not happy with your purchase.

Unfortunately, you don’t get these same protections when shopping privately. You’re buying the car as-is, which means whatever problems it has will become your problems. Additionally, you won’t get any warranties, unless the manufacturer’s warranty is still valid. In this case, the warranty can be transferred to your name. 

Greater Responsibility 

When you walk into a dealership, you have multiple people talking to you and asking about your wants and needs. The knowledge that car salespeople have can be incredibly helpful to your search. Even if you came in looking for a specific car, they can recommend other vehicles that will fit your needs and budget. 

Naturally, you aren’t going to get this type of customer service when buying from a private seller. The seller may be nice enough to answer your questions, show you the manual and take you for a test drive, but they don’t have to do any of these things, either. Consider all of the time you’ll spend researching cars, scheduling meetings, arranging for transportation, etc. Time is money after all. 

More paperwork

Not only are you responsible for everything listed above, but also you and the seller must handle the paperwork. This means you’ll have to work with the seller to transfer the title, registration and any related fees, taxes and warranties. Usually, you’ll have to make a trip to the DMV to sort this out. 

Difficult Negotiations 

Again, this all depends on the seller, as some are more accommodating and will accept lower offers. However, many private sellers are not flexible on price. They’re expecting to make a certain profit, or they may be emotionally attached to the vehicle. This is why private sellers often charge more than they should. 

Banks and Lenders are a Safe Alternative to Private Sellers

If you’re unsure about working with a private seller but want to avoid the dealership, consider purchasing a repossessed vehicle through a bank, credit union or lender. Because these vehicles come straight from the source, there’s no middleman, easier negotiations and attractive financing offers. Plus, the banks aren’t emotionally attached to the vehicles – they want them sold!

To see what types of repos are available in your area, browse the inventory on RepoFinder.com. 

repossession

What Does it Mean to Buy a Repossessed Vehicle?

Are you thinking about buying a repossessed vehicle? It helps to know the facts about these vehicles so that you know what to expect. Some people think that repos are always in poor condition, but this is not necessarily the case. In fact, many people are able to purchase the car they want in great condition for a fraction of the price! However, patience and diligence are two qualities you’ll need.

Below is more information about what a repossessed vehicle is and what this means for you. 

What are Repossessed Vehicles? 

Owning a car can be a luxury, but it also comes with a steep price tag. According to Experian, average car payments are $554 for a new car and $391 for a used car. If you have other financial obligations like a mortgage payment or student loans, paying hundreds of dollars for a car every month may not be feasible.

As with other purchases, it’s common for people to overbuy on their vehicle. They can easily get swayed by the latest features or a newer model and end up taking on more than they can afford. For others, it’s a change in financial circumstances that makes it impossible to keep on top of their payments. 

Now, you might be thinking, “why not just return the car?” but it’s not that easy. Cars depreciate around 20% to 30% by the end of their first year. From years 2-6, depreciation ranges from 15% to 18% per year. This means that by year 5, cars have already depreciated by 60% or more of their initial value. 

How Quickly Can the Banks Repo Cars? 

Most people who buy cars use financing to do so. By taking out an auto loan, the borrower is agreeing to make the monthly payments on-time each month. If they don’t hold up their end of the deal, the lender has the right to take away the car. 

How quickly a car is repossessed depends on the lender and your state. Some lenders don’t start the repossession process until three payments are missed, while others will start it right after one missed payment. By law, lenders have the right to take your car away the day after a missed payment!

When are Repos Made Available to the Public? 

Once the car is repossessed, the banks usually try to give the owner another chance to catch back up. If this doesn’t happen, they’ll auction the vehicle off. Cars in poor condition are usually sent to a junkyard and not listed for sale. 

Repossessions come at a discount. This is what makes them valuable to car buyers. Many of the vehicles put up for auction are in good condition. However, they most likely haven’t had any maintenance, as the owner couldn’t even afford to make the payments. But with a bit of attention, most of the cars will be as good as new! 

Well, there you have it. Now you know about repossessed cars, where they come from and how they become available to the public. RepoFinder allows you to buy repossessions directly from banks and lenders. These are true repos at discounted prices. View our database for free and see what’s available in your area!