Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Bettendorf IA

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 Auctions Inc
(877) 550-1262
5403 Rockingham
Davenport, IA
 
Quad City Salvage Auction
(563) 285-2100
3601 S 1st St
Eldridge, IA
 
Lujacks Northpark Auto Plaza
(563) 386-1511
3700 N Harrison Street
Davenport, IA
Services
Car Detailing,Clutch Repair,Interior Cleaning,Interior Repair,Auto Dealers

Main Street Motors
(309) 944-4020
412 W Main St
Geneseo, IL

Data Provided by:
Insurance Auto Auctions Inc
(877) 550-1262
5403 Rockingham
Davenport, IA
 
Qcsa Auto Auctions
(563) 391-6400
7300 N Brady St
Davenport, IA
 
Greater Quad City Auto Auction
(309) 787-6300
4015 78th Ave
Milan, IL
 
Regency Motors
(563) 386-3036
6134 N Brady St
Davenport, IA

Data Provided by:
INSURANCE AUTO AUCTIONS INC
(877) 550-1262
1914 Euclid
Des Moines, IA
 
West Central Auto Auction Inc
(515) 987-1700
3277 Ute Av
Waukee, IA
 
Data Provided by:

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...

Click here to read the rest of this article from Lease Guide