Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Bordentown 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.

Copart Auto Auctions
(609) 918-1720
108 N Main St
Hightstown, NJ
 
BMW of Mt Laurel
(856) 840-1400
1220 Route 73 S
Mount Laurel, NJ
 
Holman Toyota
(888) 843-6054
1301 Route 73
Mount Laurel, NJ
 
Holman Ford Lincoln Mercury of Maple Shade
(800) 396-5799
571 Route 38
Maple Shade, NJ
 
Peruzzi Pontiac Buick GMC Sales and Service
(215) 943-6000
165 Lincoln Highway
Fairless Hills, PA
Services
Clutch Repair,Radiator Repair,Retail Tire,Tune up Repair,Truck Dealers,Auto Dealers

Capital Auto Auction
(215) 332-2515
5135 Bleigh Ave
Philadelphia, PA
 
Holman Scion
(856) 866-2000
1301 Route 73 North
Mount Laurel, NJ
 
Holman Cadillac
(856) 778-1000
1200 Route 73 S
Mount Laurel, NJ
 
Holman Infiniti
(800) 409-4219
577 Route 38 W
Maple Shade, NJ
 
Desimone Motorcycle
(856) 840-1580
1315 Route 73
Mount Laurel, NJ
Services
Motorcycle Fabrication,Auto Dealers

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