Tag Archives: used cars

repo cars

What are the Steps to Buying Repossessed Cars?

When making the decision to buy a repossessed car, the best thing you can do is educate yourself on the process. Even though buying a repo car is similar to buying a used car, there are still some differences to be aware of. The more you know, the better position you’ll be in to make strong bids and take home the car you want.

Below are the steps to follow to make repo car shopping smooth and stress free!

Visit RepoFinder.com 

RepoFinder makes buying a used car easy. We are a directory of banks selling repossessions across the country. You can browse our listings for free and become a member and start bidding for just $4.95 a month! Our site is user-friendly and easy to navigate, making it easy to find valuable information on the cars you’re interested in. 

Narrow Down Your Search 

Make sure you do the proper research when browsing and closing in on a car. You can also filter vehicles by different categories to find something that’s just right for you! Repo car listings include the vehicle information, specifications and features. Most sellers do a good job of posting images, so be sure to examine the photos for the condition of the vehicle, possible damage and more. 

Bid on the Car You Want

Once you find the car you would like to purchase, you will need to bid on the vehicle. The most common is an open bid where all buyers are able to view the highest bid. Sometimes it’s a closed bid, meaning you won’t see what others have offered for the vehicle. Don’t get bid-happy though! Only offer what you feel comfortable and leave some budget for repairs and maintenance. 

Schedule an Inspection

You probably won’t be able to test drive the vehicle for liability reasons, but you should have it inspected. You can hire a mechanic to assess the vehicle or bring along someone who understands cars. If the vehicle is in another state, you’ll have to find an inspection company within that state. The mechanic will provide updates and their analysis of the car. Mechanics may not always find all the issues but their input is critical. 

Pay for the Car

After getting the analysis on the car you recently bid on, you’ll have to complete payment. Buying the car from a credit union is similar to buying from a car dealer or private party. The banks will assist you with the financing, and you’ll have to fill out paperwork and make a down payment. 

Buying a repossessed car is a process that most people may not be as familiar with, but it’s easier than you think! And you can get a great deal by shopping for bank-owned vehicles. Check out RepoFinder’s database today to start viewing the cars we have available! 

first-time driver

How to Save Money on Cars for First-Time Drivers

First-time drivers look forward to buying a car, however, they typically don’t realize how much a new car can cost. Buying a new car off the lot can be very expensive and you may end up regretting your purchase in the future. Fortunately, there are many ways to save money on cars while still getting the features you want. 

Here are some money saving tips that first-time car buyers – teens and college students – can benefit from.

Set a Budget

By setting an appropriate budget, you’re less likely to go overboard on your purchase. The average car depreciates 14% every year, so you certainly don’t want to be in a financial hole for the next 5 years.

To determine how much car you can afford, it’s usually recommended to spend no more than 35% of your pre-tax annual income on a car. Lower is better, but ultimately, you’ll have to decide what you are comfortable spending. You can use this calculator to help establish a sensible budget. 

Assess Your Needs 

It’s not necessary for first-time drivers to own an exotic vehicle. While you might want to get a certain car for bragging rights, this probably isn’t necessary right now. Instead, consider what you need the car for (i.e., to get to work or school), how often you’ll be driving and the types of conditions you’ll be driving in.

For example, if you live in a cold-weather climate, you’ll want to consider cars that are equipped with four wheel drive or an anti-lock braking system. These features make winter driving safer and more comfortable. Also, what will you be using the car for? If you’re simply driving to school and your part-time job, you won’t need a car that’s built for off-roading. Something simple and modest will do. 

Consider a Repo Car

Repo cars are vehicles that have been repossessed due to the owner defaulting on their loan. As with used cars, repo cars are available in different makes, models and conditions. Purchasing a repo car off RepoFinder.com is very similar to purchasing a used car.

Repossessed vehicles are also considerably less than a car from a dealership, offering significant savings. Take your time researching the vehicles and always request an inspection before signing any paperwork. However, do be aware that repo cars aren’t usually available for test drives due to liability reasons. 

Find a Cheap Repo Car Today 

To summarize, there are many unique ways to save money on cars for first-time drivers. Doing your research, being open to all options and shopping for repos are all great ways to save money. Not to mention, you can build good money-saving skills that will reward you long into the future. To find an affordable used car for a new driver, shop with RepoFinder.com today.

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! 

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!

car from an auction

Pros and Cons of Buying Auction Cars

Are you thinking about buying an auction car? No matter where you live, you can find high quality used cars at a great price. Many of these vehicles are seized property, meaning that they are the result of foreclosure, repossession or de-fleeting. Most are in decent condition but need a little bit of TLC from being previously neglected. 

There are pros and cons to buying auction cars. As long as you do your research and account for some of the maintenance costs that might turn up, you can enjoy more advantages than disadvantages! 

Pros of Buying an Auction Car 

  • Wide selection. Many car auctions have an impressive selection of economy cars, trucks and SUVs to choose from. You might have to sacrifice on certain features, but you shouldn’t have any trouble finding a suitable vehicle for your needs and budget.
  • Great value. Car auctions deliver some of the best prices you can find on vehicles. Fleet and government vehicles are usually cheapest, but you’re certainly not limited to them. RepoFinder has a huge database of modern repo cars, SUVs, pickup trucks and recreational vehicles – find your match today! 
  • Fast turnaround. Unlike traditional car dealerships, auto auction sellers are looking for a quick sale. If you know what you want, you can narrow down your options and start bidding right away. 
  • Low investment. Repo cars are an excellent option for certain drivers. A new driver or a college student who’s only home half the year can benefit from a low-investment auction car. 

Cons of Purchasing an Auction Vehicle 

  • Lack of test drive. You’re not always able to test drive an auction car before you buy it. This means there’s always some risk involved when buying these vehicles. Make sure you do a thorough visual inspection and look up the car’s history report before signing anything.
  • No warranty. While you might be able to get the original warranty passed down to you, auction cars are as-is sales. Whatever problems the car has, you inherit. 
  • Unclear background. It’s not always easy to know the history of a repo car because it came from an owner who stopped making their payments. Most sellers disclose as much information as they have, but this information isn’t always available. 

Shop for Repo Cars Today 

The best way to know if an auction or repossessed vehicle is right for you is by trying out the process for yourself! RepoFinder has the nation’s largest database of repo economy cars, 4WDs, sports vehicles and crossovers. Our database is free to browse, but if you want the full features, RepoFinder Pro is just $4.95 a month – no contracts, cancel anytime! We have many like-new vehicles at great prices. Try us out today! 

man looking at cars online

How Do Bids Work on Repossessed Vehicles?

Car auctions are super popular these days because consumers have the opportunity to get a great deal on a used car in good condition. And the best part is, you’re in control of the process and not at the mercy of car salespeople. However, not everyone knows how car auctions work, and there can be some confusion about pricing and the process in general. 

Let’s take a look at the online bidding process, how it works and how to place an effective bid. 

Registration and Deposit 

Most online car auction platforms require you to register for an account. This account gives you access to all of the vehicles for sale. For example, RepoFinder offers members full access to our Featured Repo list for just $4.95 a month. You can make unlimited searches and place bids on the vehicles you’re interested in. Cancel anytime. No dealer license is required. 

Choosing a Used or Repo Vehicle 

Once you sign up for the online auction service you want, you can start looking for vehicles that fit your needs and budget. Choosing a car typically involves a lot of patience and diligence – it’s not like walking into a dealership and picking out a car on the lot. You’ll need to do your research, place your bids and wait to see if the seller accepted. Make sure you also download vehicle history reports on the cars you’re interested in. 

Placing a Bid 

Since these cars are sold through auctions, it’s important to know that their prices can change based on the bids they receive. Sometimes, there is a Buy Now option that allows you to buy the used or repo vehicle right then and there. But most of the time, you’ll place a bid alongside other people, and the seller will accept the best one. 

Some tips for placing an effective bid are: 

  • Don’t bid too quickly. You have time, so do your research and know what you’re getting into. Repos often need some type of work and maintenance, so you’ll need to factor this into the overall cost.
  • Consider shipping and delivery options. If the car is out of state, you’ll need to consider the costs of shipping the car to you. 
  • Don’t get too attached. Most people bid on several vehicles before they win. You must have patience and not overbid! 
  • Don’t sign anything until you inspect the vehicle. Before signing paperwork, make sure you have an opportunity to inspect the used car. 

If you’re ready to start shopping for a used or repo vehicle that fits your needs and budget, start with RepoFinder. We have the nation’s largest database of repo trucks, cars, SUVs and recreational vehicles all at great prices. And for just $4.95 a month, you can view our full list of repos and place bids. Try us out today risk free! 

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. 

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.