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Repo Car Auctions Belleville NJ

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.

INSURANCE AUTO AUCTION
(877) 550-1262
700 Federal
Carteret, NJ
 
Wholesale Auto Group Of New Jersey
(908) 354-6888
537 Spring St
Elizabeth, NJ
 
B Q E Public Auto Corp
(718) 788-7265
39 16th St
Brooklyn, NY
 
C & M Auto Sales Corp
(718) 292-5200
110 E 138th St
Bronx, NY
 
Car Tech Auction Inc
(732) 680-0600
87 Rudolph Ave
Rahway, NJ
 
New Jersey State Auto Auction
(201) 200-1100
406 Sip Ave
Jersey City, NJ
 
New Jersey State Auto Auction
(201) 200-1100
375 State Rt 440
Jersey City, NJ
 
Federal Auto Auction
(718) 292-5500
110 E 138th St
Bronx, NY
 
Auction Price Auto Sales Co Inc
(718) 238-9833
6313 Fort Hamilton Pkwy
Brooklyn, NY
 
Kings Auto Show Inc
(718) 345-1600
5815 Church Ave
Brooklyn, NY
 

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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