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Repo Car Auctions Champaign IL

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.

United Car Ctr
(217) 352-7870
606 E University Ave
Champaign, IL

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Andy's Auto Sales
(217) 352-0143
52 E Columbia Ave
Champaign, IL

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Insurance Auto Auctions
(877) 550-1262
280 Sullivan
Aurora, IL
 
INSURANCE AUTO AUCTIONS INC
(877) 550-1262
4460 State Route 162
Granite City, IL
 
Insurance Auto Auctions
(877) 550-1262
301 Madigan
Lincoln, IL
 
Carmart
(217) 352-4225
102 Devonshire Dr
Champaign, IL

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Touch of Class
(217) 355-8797
2112 N Market St
Champaign, IL
 
INSURANCE AUTO AUCTIONS INC
(877) 550-1262
16425 Crawford
Harvey, IL
 
Insurance Auto Auctions
(877) 550-1262
111 Plaza
Westmont, IL
 
Precision Lock & Safe
(847) 875-6000
2210 Skokie Valley Rd
Highland Park, IL
 
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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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