On this page you will find a directory of places within Illinois which may have repo cars for sale, foreclosed homes, reclaimed real-estate, mobile homes, and in some cases boats. Credit unions and banks within Springfield, Chicago, and other towns and cities offer excellent deals for investors that are curious. Given that the lenders are generally not in the real estate investment and auto sales sectors, they are usually ready to sell any given repo property or home at discounted costs to recover money lost in loans. Note that the process for selecting forfeited property will vary based on the policies of the lending institution.
Illinois Repossession Buying Information:
As one of the most populated states, Illinois bank repossessions are some of the most plentiful. There are many different banks and credit unions in the state that sell bank owned repo’s directly to the public. There’s no requirement to have a dealer’s license to bid either. The dynamic of buying a repossessed vehicle in Illinois is very similar to buying from a local dealer or private party in some ways. In other ways it is much more advantageous. When making a car purchase from a bank you are dealing only with the bank. There’s no need to pay a fee or commission. When an Illinois bank sells a repo car, truck, motorcycle, RV (motorhome), or real estate they are only interested in covering as much of the defaulted debt as possible. They generally will always lose money on the sale and expect this. Throughout the state vehicle shopping is also simplified when the Illinois credit unions sell bank owned property. They will assist in filling out paperwork related to the title, bill of sale, and loan if needed.
General Repossession Buying Information:
When purchasing a bank owned repo it’s vitally important to know that the seller simply cannot warranty the item. Everything will be sold as-is when dealing with buying bank owned property. This being said, it’s up to the buyer to make sure all inspections and reviews are done independently before entering the transaction with the selling bank. Most of the repossessed vehicles will be mechanically sound and completely ready to do. Don’t forget that even though it’s been repossessed, the warranty (if applicable) will not be voided. There are a lot of resources for serious car buyers to help you make an informed decision.
Types of Repossessions in Illinois:
Illinois’ repo page is a free list of bank and credit union repossession sales featuring items such as cars, trucks, ATV’s, RV’s, boats, motorcycles, real estate, and more.