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Repo Car Auctions Albert Lea MN

Repo car auctions are a great source of used vehicles at bargain prices, if you know what you're doing. Repossessed vehicles of all types are available at auction sites all over the country. Learn how it works.

Art'S Parts
(507) 433-3750
1505 10th Dr SE
Austin, MN
 
c&c auto sales & repair
(507) 384-7086
130 hwy 65
glenville, MN
Hours
8am-8 pm

Insurance Auto Auctions
(877) 550-1262
1336 Jackson
Saint Paul, MN
 
Copart Auto Auctions
(763) 781-1025
3737 E River Rd
Minneapolis, MN
 
Mid America Auction
(612) 788-7886
1025 Broadway St
Minneapolis, MN
 
Hinkley Chevrolet Pontiac
(507) 553-3121
150 3rd Street Northeast
Wells, MN
Services
Fuel Injection Repair,Radiator Repair,Auto Dealers

Insurance Auto Auctions
(877) 550-1262
1280 Jackson
Saint Paul, MN
 
Superior Auto Auction
(218) 740-5400
5400 Miller Trunk Hwy
Hermantown, MN
 
Midwest Public Auto Auction
(218) 236-1501
2206 5th Ave
Moorhead, MN
 
Syverson Auction Service
(218) 998-3723
15668 175th Ave
Fergus Falls, MN
 

Repo Car Auctions

What is a repossessed (repo) car?

When a car owner fails to make on-time loan or lease payments, the bank or finance company will repossess the vehicle — take it back. Typically, the buyer will be given a chance to catch up on payments or be made a payoff offer to recover the vehicle. If the buyer does not or can not get the vehicle back, the bank or lending institution takes it over and will sell it to recover some or all of the loan balance.

Repossessed cars are not the same as seized cars, impound cars, or unclaimed cars typically sold by police or government agencies. Repossessed cars belong to banks, credit unions, and finance companies.

Some smaller banks or credit unions may display repo cars in their own parking lots, with "for sale" signs in the window. These cars can be easily spotted when driving by the bank.

Most banks and finance companies hand over repo cars to a professional auction company. When the auction company sells the car, the bank gets the money, less a commission. Auctions can be public, private, or dealer-only auctions. Repossessed car auctions are sometimes mistakenly called "car forcloseure auctions."

When a bank or loan company sells repossessed cars, it wants to recover enough money to pay off the existing loan balance, plus any expenses for towing and storage and the fees of the professional repo company who picked up the vehicle.

In tough economic times, repossessions become mo...

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