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Repo Car Auctions Burlington 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.

Rick's Auto Sales
(319) 752-3323
421 S Main St
Burlington, IA

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INSURANCE AUTO AUCTIONS INC
(877) 550-1262
1914 Euclid
Des Moines, IA
 
Plaza Motors
(319) 895-6232
320 Highway 30
Mount Vernon, IA
 
Insurance Auto Auctions Inc
(319) 277-8227
3305 Big Woods Rd
Cedar Falls, IA
 
Des Moines Auto Auction Llc
(515) 285-8911
1530 E Mckinley Ave
Des Moines, IA
 
Burlington Auto Outlet
(319) 758-6000
1309 N Roosevelt Ave
Burlington, IA

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Insurance Auto Auctions Inc
(877) 550-1262
5403 Rockingham
Davenport, IA
 
Adesa
(515) 986-5532
1800 Gateway Dr
Grimes, IA
 
Copart Inc
(515) 262-1900
3300 Vandalia Rd
Des Moines, IA
 
West Central Auto Auction Inc
(515) 987-1700
3277 Ute Av
Waukee, IA
 
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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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