Tag Archives: used cars

work vehicle

Why Repo Cars are Great Options for Work Vehicles

If you’re in the market for a new work vehicle, you might want to consider purchasing a repo car. Repo cars are vehicles that have been repossessed by banks or financial institutions due to non-payment of loans. While this might sound like a risky option, repo cars can actually be a great choice for work vehicles. Let’s explore some of the reasons why! 

Affordable Prices

One of the biggest advantages of buying a repo car is the price. Because these vehicles have been repossessed, banks and financial institutions are eager to sell them quickly to recoup their losses. As a result, repo cars are often sold at significantly lower prices than comparable vehicles on the market. This means you can save money and get a reliable vehicle for your work needs.

Low Mileage 

Sometimes, repo cars are newer vehicles that have low mileage. This is because many people who default on their loans do so in the early stages of the loan, before they’ve had a chance to put many miles on the car. This means that you can get a work vehicle in great condition and with low mileage, which can help prolong its lifespan and reduce the need for expensive repairs.

Variety of Options

Repo cars come in a variety of makes and models, which means you can choose the vehicle that best suits your work needs. Whether you need a truck for hauling materials or a van for transporting people or equipment, you can find a repo car that fits the bill. This variety of options also means that you can be more specific with your budget and needs. 

Access to Financing 

Many banks and financial institutions that sell repo cars also offer financing options. This can be a great advantage if you don’t have the cash on hand to purchase the vehicle outright, or you don’t want to fill out a bunch of loan applications online. These financing options can also come with lower interest rates than you might find elsewhere, which can save you money in the long run.

Find Your Work Vehicle on RepoFinder

If you’re looking for a new work vehicle, don’t discount repo cars. They can be a practical and cost-effective option for work vehicles. They offer affordability, low mileage, variety and access to financing. With these advantages, you can find a reliable work vehicle that meets your needs and budget. To start browsing for a work vehicle, visit RepoFinder.com today! 

buy a used car

Is it Cheaper to Buy Cars in the Spring or Fall?

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If you’re in the market for a new vehicle, you might be curious as to which season is best for car buying: spring or fall. Typically, more used cars are sold during the spring and summer, which means sellers are more eager to make a sale during the cold weather months. This should result in lower prices and a bigger inventory, but it doesn’t always work this way. 

To get the best deal on a vehicle, you’ll want to pay attention to the car-buying trends in the news so that you can combine the best prices with the best financing offers. Also, when there is a lot of inventory to choose from, there is more room for negotiation, which can also help you get a better rate. 

Let’s look closer at the benefits to buying a used car in the spring versus the fall so that you can make the best decision for your needs and budget! 

Benefits of Buying a Car in the Spring 

As winter ends, more people are getting out of their homes and looking to purchase new things, including cars. March and April, tax season, are some of the best months to buy a car, either new or used. Dealers and sellers know that many people are receiving tax refunds, so they entice buyers with good deals and financing offers. 

Plus, March and June usually mark the end of fiscal quarters when dealers are more motivated to sell their inventory at discounted prices. We do recommend shopping at the end of the month, as car dealers are in more of a time crunch. If they haven’t reached their goal, they will be more likely to sell you a car at the price you want. 

Also, pay attention to car deals around Memorial Day, as this is when dealers want to get rid of old inventory so they can make room for new models in the fall. 

Benefits of Buying a Car in the Fall 

Historically, fall is an excellent time to buy a vehicle. We’re approaching the end of the year, which means dealers have specific goals to meet. Also, by the end of the year, dealers are trying to sell off the inventory they have to make room for new cars, meaning older models are priced to sell. 

In fact, an analysis by TrueCar found that buyers save an average of 10.3 percent off MSRP when they buy their car in December. Pay special attention to certain dates in the fall, including Labor Day, Black Friday and Christmas. There are always great deals happening around these times, helping you to save a little more off your purchase. 

Should I Buy a Car this Spring, or Wait? 

Here at RepoFinder.com, we believe in buying a car when you’re ready. You shouldn’t have to wait to buy something if your car is unreliable and a money trap. You should be able to afford a new vehicle that you feel safe in, and doesn’t cost you a ton in repair and maintenance costs. But, we also recommend doing your research and keeping an eye out for good deals, as this can help you save significant money. 

RepoFinder doesn’t have a ‘best time’ to buy cars, because EVERY DAY is the best day! We have a directory of banks and credit unions throughout the U.S. that are selling their repo inventory. We encourage people to check back often so they can find the perfect vehicle for them. 

To take advantage of great prices, quick sales and a wide inventory, shop for your new car at RepoFinder! 

tax deductions for personal car

Tax Deductions for Personal Vehicles

This entry was posted in Used Cars and tagged , , , on by .

Looking to buy a new vehicle? Wondering if your purchase qualifies for tax deductions? 

Buying a car for personal or business use may have tax-deductible benefits. The IRS allows taxpayers to deduct either local and state sales taxes or local and state income taxes, but not both. You can also deduct some of your vehicle’s operating costs if you use the car for business, charity or medical purposes.

Since it’s tax season and everyone has taxes on their brain, let’s cover what you need to know about tax deductions for personal vehicles. 

Car Sales Tax 

You may be able to deduct the car sales tax you paid when you purchased a new or used vehicle from a private seller or dealership. On your purchase order, it will state the amount owed in car sales tax. 

Both local states and local governments can charge sales tax. There are only five states that don’t pay any sales tax when purchasing a car: Alaska, Delaware, Montana, New Hampshire and Oregon. 

Property Taxes 

Some states also charge personal property taxes in addition to the sales tax. Property taxes are typically based on the car’s value. The higher the value of the car, the more you’ll pay in property taxes. 

Since the IRS only allows you to deduct up to $10,000 total in sales, income and property taxes, you’ll want to compare the two numbers – property tax and sales tax – and deduct the one that is larger. 

To determine this, you may have to play around with the numbers using tax software. You can itemize your deductions, or take a standard deduction. If you live in a state that doesn’t charge sales tax, then you’ll obviously just deduct the property taxes. 

What if I Use My Vehicle for Business, Too? 

If you use your car exclusively for business, you can write off most, if not all, of your car expenses, including car depreciation and car mileage. If you use your car for both business and personal purposes, as many people do, you’ll need to divide your expenses based on the mileage you’re using for each. 

You may also qualify for deductions if you own an electric vehicle. There is a $7,500 federal income tax credit for electric or plug-in hybrid vehicles, in addition to local or state incentives. You can learn more about driving down your taxes in this article from TurboTax. 

If you’re thinking about buying a car, you may be able to write some of it off on next year’s taxes, especially if you plan to use the vehicle for business purposes as well. To browse affordable repo cars directly from banks, lenders and credit unions, visit RepoFinder.com today! 

buy car with tax refund

Put Your Tax Refund Toward a Used Car

This entry was posted in Repo Cars and tagged , , , on by .

Not everyone gets a tax refund at the end of the year, but if you’re one of the lucky ones who does, you might be wondering what you should do with it! While there are many fun things you can spend your money on, a lot of people like to put their tax refund to good use, such as paying down debt or making improvements around the home. Another smart idea is to put your tax refund toward the new vehicle you’ve been saving up for. 

According to the IRS, the average refund amount in 2023 is $3,079. Having a few extra thousand dollars to put toward a car can be extremely helpful, especially when you’re looking to buy a used vehicle! Here are the different ways you can put your tax refund toward a used car.

Apply Toward the Purchase Price 

RepoFinder provides a directory of banks and credit unions that are selling their repo inventory. They are highly motivated and eager to sell, which is why the vehicles already include a steep discount. You can find plenty of cars for under $10K and $15K. 

Having a few thousand dollars to put down can reduce the purchase price significantly. You can then finance the rest of the amount, and your payments will be lower. You can also put yourself in a better position to negotiate when you come with a pre-approval for a car loan.

Cover Maintenance and Repairs 

Another way you can use your tax refund is to pay for the maintenance and repairs your vehicle might need. For instance, when you purchase a repo car, it does not come with a warranty, unless the original manufacturer warranty is still intact. In this case, the warranty would transfer for you.

However, most repos do not have a warranty, which is why you buy them in as-is condition. You get a nice discount in return, but you’re also responsible for whatever problems come up. It might make more sense to save your tax refund and use it to cover the cost of maintenance and repairs, such as new tires or a professional detailing. 

Pay Leasing Fees Upfront 

RepoFinder does not offer cars to lease – only to buy. But leasing is still an option you may want to consider if you want a nice car without all the maintenance. A decent sized tax refund should be enough to cover a lease’s upfront costs. After this, you’ll be responsible for making your monthly payments. 

Do keep in mind that leasing has some pitfalls. You can face bills for extra mileage and wear and tear when you turn the car in. You’ll also be responsible for paying these fees every time you trade in the car, otherwise they are rolled into your loan. 

Use Your Tax Refund on a Repo Car! 

These are some of the ways you can put your tax refund toward a used car. When you buy a car on RepoFinder, you’ll have access to many banks and credit unions in your area. We include photos and contact information so that you can negotiate directly with the seller. If you have been in need of a car and received a tax refund, this could be the way to get what you need quickly and inexpensively! 

great car deal

The Anatomy of a Great Used Car Deal

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Car shopping isn’t always the most enjoyable experience. It can be stressful, disappointing and even confusing. For example, how do you know when you’re getting a great deal on a car? Unlike brand new vehicles that cost a premium, used vehicles include a discount. How much of a discount they get depends on various factors such as their age, model and condition. 

Most people who purchase used cars are doing so to save money. If we’re being honest, most of us would love to drive off the lot with a brand new car. So it only makes sense that when shopping for a new or repo car, you want to make sure you’re getting the best deal possible. Below are the elements that go into a great used car deal. 

Good Purchase Price 

It’s fairly easy to tell if the car is marked right by looking up its value in Kelley Blue Book or Edmunds’ True Market Value. Keep in mind that you’ll get an average price for the vehicle based on what people in your area have paid. It will not be exact. Some people will have paid more, and others less. But at least you’ll have an idea of what the car is worth. 

Possible Incentives 

It’s possible that a used vehicle might include some incentives, such as low-interest financing, to make it look more attractive. If the car you’re interested in is eligible for incentives, make sure they are applied correctly. Many people prefer the ease of shopping for a repo car because they can place a bid they feel is fair – there are no incentives, rebates or other offers to mess with. 

Low-Interest Financing 

Ideally, you’ll want to shop around for the best auto loan rates. Dealerships do offer financing, but the interest rates are often higher, which means you’ll pay more over the life of your loan. Shop ahead and use this to negotiate at the dealership if need be. If you plan to buy a repo car, you can obtain financing from the seller, as most are credit unions and banks who are open to negotiating. 

Minimal Fees and Taxes 

You should always know what you’re paying for your vehicle – including taxes and fees. Often, people ignore these hidden fees because everything is lumped into one payment. But it pays to ask questions and be informed. In a good car deal, you should only have to pay three fees: state and local sales tax, motor vehicle registration fees and a reasonable documentation fee. In some states, state law controls the fees. What you want to watch out for is dealers creating their own fees. 

No Additional Add-Ons 

As mentioned above, people appreciate the simplicity of buying a repo car because they don’t have to worry about overpriced add-ons. Everything is straightforward. Find a car you like, place a bid, and if your offer is accepted, move forward with an inspection and paperwork. If you purchased a used car from a dealer, watch out for unnecessary add-ons like paint protection packages and extended warranties. 

Find the Whole Package at RepoFinder.com 

RepoFinder.com has a list of banks, lenders and credit unions in every state that are selling repo inventory, including cars, trucks, SUVs, recreation equipment and more. They are highly motivated sellers that are looking to clear out their inventory and recoup their losses. You can also negotiate good deals with them, sometimes with zero-interest financing. Browse our vehicles today and see if you find something you like! 

signing for car warranty

Are Extended Car Warranties Worth the Money?

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Reliability is an important factor when buying a new or used vehicle. In fact, 95 percent of car shoppers rank reliability high, which is why having a warranty is important. But while all new vehicles come with a factory warranty, used vehicles often don’t. 

Most new vehicles come with a three-year manufacturer warranty, or 36,000 miles, whichever comes first. The majority of used vehicles are already past this. But what if you want added protection with your used car? An extended warranty may be the answer. 

What is an Extended Car Warranty? 

Extended car warranties, also known as vehicle service contracts, are optional protection plans that can help you pay for car repairs. They typically start once the manufacturer warranty ends, but there are times when the two overlap. 

Vehicle service contracts often have requirements you’ll have to follow, so be sure to read all the fine print. For example, some warranties will require you to visit a certain repair shop in your network. You’ll also need to bring your vehicle in for routine maintenance. Failure to follow your maintenance schedule can render your warranty null and void. 

Typically, you’ll be required to provide your car with the following: 

  • Oil changes
  • Filter changes
  • Tire rotations
  • System checks 
  • Manufacturer scheduled maintenance 

What Do Extended Car Warranties Cover? 

Each vehicle service contract is different, so it’s important to read the fine print of your specific warranty. Also, some warranties are basic while others are comprehensive, covering things like your car’s entertainment system and climate control system. 

The two main types of extended car warranties are: 

  • Bumper-to-bumper warranty. This is the most comprehensive type of warranty available, and it covers almost everything, from the electrical system to the paint job. It does not cover vehicle maintenance, such as oil changes and filter changes.
  • Powertrain warranty. This warranty is less comprehensive but still offers significant coverage. Expect your transmission, engine and drivetrain to be covered. It also tends to last longer than a bumper-to-bumper warranty. 

Should I Get an Extended Warranty with My Used Car? 

According to a survey from Consumer Reports, 55 percent of people said they never used their extended warranty, and only 25 percent said they would buy one in the future. While extended car warranties look good on paper, they are overpriced. They also may not cover everything, which means you’ll be paying for the warranty and the repairs. 

Of course, there are situations when an extended warranty makes sense. And, you might even get other perks with the warranty, such as roadside assistance, rental car reimbursement and towing. This can make the added coverage worth it. Ultimately, you’ll have to sit down and determine whether you’re better off putting your money into an extended warranty or into a bank account to be used for repairs. 

buying a used car

Top 4 Mistakes to Avoid When Buying a Used Car

This entry was posted in Used Cars and tagged , on by .

A used car might be the perfect addition to your household! You can save money while getting a great vehicle with much of the latest technology such as back-up cameras, heated seats and Bluetooth. And with a lower car price, you can also enjoy lower monthly payments and lower auto insurance rates. It’s a win-win! 

To ensure that you get the best bang for your buck, here are four mistakes to avoid when buying a used vehicle. 

1. Not Lining Up Financing 

Any time you plan to purchase a new or used vehicle, it’s best to secure financing in advance. While it’s more convenient to do so at the dealership, you’ll also pay a higher interest rate. Dealers add a markup to the interest rate offered and are incentivized to send you to certain lenders, even if you can get a better APR somewhere else. 

By getting quotes and comparing rates beforehand, you’ll be in good shape when you go to buy a used car. And if you want to get dealer financing because of its convenience, you’ll at least have some negotiating power. Fortunately, you can compare quotes online from the comfort of home. 

2. Only Looking at Monthly Payments 

If you can buy a used car outright, you can save a lot of money over the long run. If you can’t afford this, then you’ll have to create a budget and determine how much you can afford. But, keep in mind that while a lower monthly payment may be good for your budget, you could be paying back more money in the long run due to compounding interest. 

If you can swing a slightly higher monthly car payment in exchange for a shorter loan term, it’s probably worth it. You can also consider leasing a used car, though not all dealerships offer them, and there are certain conditions to meet. 

3. Passing on a Test Drive

Another mistake you want to avoid is not doing a test drive. There are certain instances where you might not be able to do a test drive, such as when buying a repossessed vehicle from a bank or buying a car out of state. But in most cases, you can test drive a car and make sure that it’s running properly. 

Even if you can’t do a test drive for some reason, you should still ask to do an inspection. You can always hire a mechanic for an out-of-state car, or you can bring along a mechanic or knowledgeable friend when buying a repo car. Doing your due diligence is the best way to avoid buyer’s remorse. 

4. Not Running a Vehicle History Report

A vehicle history report should also be run for any used car, along with the test drive and mechanic checkup. This report will check for any previous accidents, problems with the car and the number of previous owners. Dealers will typically pay for this report, but if you’re buying from a private seller, you might have to pay for it on your own. 

Fortunately, vehicle history reports are inexpensive and usually cost around $10 to $40. You can get this report from a number of third parties such as Carfax, AutoCheck and instaVIN. No matter where you get the report from, you will be able to see the title history and other important details about the car. 

Used cars are an investment, just as new cars are. By avoiding the mistakes above, you’re more likely to invest in a quality vehicle that you can enjoy for years to come. 

online car buying

Is the Online Car Buying Model Dead?

The end of 2022 wasn’t the best year for Carvana, an online used car retailer based in Arizona. Yahoo Finance called Carvana “Worst Company of the Year” after polling more than 5,000 readers. The online car-buying company also has concerns over its debt load, and had its stocks drop by 98 percent. 

So is Carvana going out of business? With numbers like this, it’s hard to know what the future holds. But one thing is likely to stay the same: online car buying. 

Online vs In-Person Car Buying 

Carvana and other online car buying platforms like Vroom and CarMax offer car shoppers a pretty great way to shop for vehicles. Instead of going to the dealership, negotiating with a salesperson and spending hours waiting for paperwork and financing to go through, car buyers can handle the entire transaction online. 

While some people still prefer the in-person shopping experience – being able to actually see and test drive a vehicle – there’s enough people who prefer to do their car shopping online. This will likely keep the online car buying model alive and well. That being said, this can be an expensive business model. 

Why Online Car Buying is Likely to Change

From a business standpoint, the online car buying business is expensive and labor intensive. It takes time and costs money to locate and buy used cars, recondition them, market them on the website and deliver them to the customer. There’s also paperwork to process – it’s all a big expense! And this is where Carvana has struggled. 

According to sources, Carvana has delivered vehicles to buyers in less-than-desirable shape, causing them to have to pay for repairs. These sources have agreed that Carvana has great customer service, but paying for repairs at dealerships is expensive. It has also been reported that Carvana pays top dollar for their vehicles – sometimes tens of thousands of dollars. 

At the start of the pandemic, Carvana had the upper hand. They were able to meet customer demands, especially compared to dealerships that were struggling with parts shortages and COVID-related factory shutdowns. But things quickly changed as the paperwork piled up, cars weren’t getting registered and cars were being delivered in satisfactory condition. 

As a result, Carvana’s dealer license has been suspended in some states. 

What is the Future for Online Car Buying? 

Even though online car buying is a popular service, the business model may not be sustainable. CarMax is in better shape to survive because they have online and physical dealerships that allow customers to make transactions in person. They also have a one-price model so there’s no haggling. 

If you like online car shopping, consider RepoFinder.com. We provide online car buying for repossessed cars. We include detailed images of each vehicle, along with information such as the condition of the vehicle, its vin number and its features. Our business model is sustainable because we provide a list of the banks and credit unions in each state that are selling their repo inventory.

Enjoy the best of both worlds – the convenience of online car buying and used vehicles at great prices! 

college students

Why Repo Cars a Great Choice for College Students

If your college kid could benefit from having their own car, this article is for you! College students don’t typically have a ton of money. They’re focused on going to school, getting good grades and building their resume. Except for maybe a part-time job or two, most college kids can’t afford to buy a new car and make the payments on it. 

At the same time, the parents of college students are also often strapped for cash! They’re likely helping out with the cost of tuition, as well as room and board, food, books and other things. Affording a car payment on top of it might be too much. Fortunately, there is an option for college students and their families: repossessed cars. 

What are Repo Cars? 

Repo cars are vehicles that have been taken from their owner because they didn’t make their payments. When you take out a loan to buy a new car, you’re agreeing to make the monthly payments on time. If you don’t, the lender has the right to repossess the car. You’ll likely have an opportunity to catch up on payments once the car is repossessed, and if you can’t, it’s sold at an auction.

Lenders don’t like having to deal with repo cars. They’re in the business to make money by lending money. They don’t want cars sitting on their lot, nor do they want to spend time trying to find a buyer. That’s why they often unload repossessed cars quickly by selling them at dealer auctions. 

The trouble with dealer-only auctions is that they are only open to people with a dealer’s license. They are not open to the general public. If you want to get your hands on a true repo from a bank or lender, RepoFinder.com is the way to go. We have a huge list of repo inventory from banks, credit unions and lenders all over the country. 

Why Repo Cars are a Great Choice for College Kids 

Whether you’re shopping for yourself or your college student, here are some reasons why repossessed cars make a great fit for young people:

  • They’re affordable. Repo cars can save you as much as 30 percent compared to what you would pay at a dealership for a new car. You can also negotiate with the seller to get a better price. 
  • They’re cheaper to insure. Because repo cars cost less and are typically a few years old or older, they’re also cheaper to insure. If your college kid is going to be driving back and forth to school and home, you want to be able to save on insurance. 
  • You can pay in cash. Since repo cars are more affordable, some people pay in cash. Paying in cash makes you a stronger negotiator, and you can save money on interest rates. If you and your college student have been saving up for a car, you can put your money together and make this great purchase! 
  • There’s a wide selection. When you look for a repo car on RepoFinder.com, you’ll find a great selection of vehicles. You can shop at your leisure, view the photos, ask questions and more without leaving your home. 

Buying a vehicle for a college student is a big venture, but it’s one that’s often needed. College kids need a way to get to and from school, work, etc., so a car quickly becomes essential. To find an affordable car for your college student, visit RepoFinder.com today. 

gifting a car for the holidays

Surprise a Loved One with a New Car for the Holidays!

This entry was posted in Used Cars and tagged , , on by .

A new car might sound like an exorbitant gift, but it can actually be a practical way to free up time in your household. For instance, if you’ve been driving your teen to work, giving them their own car frees up your schedule and lets them take on more hours. Or if you and your significant other have been sharing one car, having a second vehicle allows you to get a second job. 

Some people also need another vehicle so that they can make money from ridesharing or delivering food and groceries. In this case, having a car can actually pay for itself over time! Whether for a high school student, college student or someone else special in your life, here are some tips for surprising a loved one with a new or used car for the holidays. 

Find the Right Vehicle 

With car prices and interest rates soaring, it’s important that you take time to assess what type of vehicle is best for this special someone. It sounds simple, but it’s also easy to get carried away paying for features you don’t necessarily need. 

Start by asking yourself what the purpose of the vehicle is. Is it to get to work or school? Offer ridesharing services? Carpool with others? Also, in what conditions will the car be driven? At night? In inclement weather? On long distances or uneven terrains? 

Secure the Right Financing 

Whether you plan on making the monthly payments, or the recipient will be helping out, make sure you get the best financing. Compare rates from different lenders. Many lenders will pre-qualify you without impacting your credit score. This way, you can see what rates you can get, and use this as negotiating power at the dealership. 

Also keep in mind that if you are taking out the loan, you won’t be able to transfer it to the giftee. If the giftee wants to be on the loan, they’ll have to file a new loan application and go through the approval process. 

Register the Car in Their Name

Even though the giftee’s name won’t be on the loan (unless you work this out ahead of time), the car can still be registered to them. You have two options for this. You can wait until Christmas Day and head down to the DMV to register the car in their name, or you can register the car in your name and change it later on. 

Check Insurance Coverage 

Auto insurance is something else to think about. Before your loved one takes possession of the car, make sure that it is properly insured. Talk to your insurance carrier about possibly extending coverage if you are replacing a car or adding a new one to your policy. Keep in mind that some cars are more expensive to insure than others, and your loved one’s driving record will also impact rates. 

Shop for Repossessed Cars 

RepoFinder.com offers the largest bank repo list in America. You can find repossessions sold at discounted rates – there are absolutely no fees or commissions. You are buying directly from the seller, which means the transaction is between you and them only. Don’t be afraid to negotiate, especially if you’ve done your research on the vehicle and compared interest rates. 

Finally, top off the gift with a big red bow! This special someone will surely remember this Christmas for years and years! Getting a new vehicle for the holidays is certainly memorable, and you can improve your quality of life by making sure that everyone in the house has a dependable car to drive.