Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Cleveland OH

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.

Grand Central Auto Sales
(216) 641-1300
4120 Broadway Ave
Cleveland, OH
 
Ohio Auto Auction
(440) 526-1383
10 Corporation Ctr
Broadview Heights, OH
 
Copart Auto Auctions
(440) 748-8100
34417 E Royalton Rd
Columbia Station, OH
 
Insurance Auto Auctions Inc
(440) 236-6261
27200 Royalton Rd
Columbia Station, OH
 
Kovachy Bros Auto Parts
(440) 333-5565
19950 Ingersoll Dr
Rocky River, OH
 
Greater Cleveland Auto Auction
(216) 433-7777
5801 Engle Rd
Brook Park, OH
 
Adesa Auctions Cleveland
(330) 467-8280
210 E Twinsburg Rd
Northfield, OH
 
Auto Disposal Systems
(440) 236-6261
27200 Royalton Rd
Columbia Station, OH
 
Axelrod Pontiac GMC
(216) 661-5060
6603 Brookpark Road
Parma, OH
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Lakewood Auto Body Inc
(440) 331-5242
1588 Wooster Rd
Rocky River, OH
 

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

Local Events

CCA Monthly Meeting
Dates: 9/10/2014 – 9/10/2014
Location:
Mama Roberto's Mentor
View Details

CCA Monthly Meeting
Dates: 10/8/2014 – 10/8/2014
Location:
Mama Roberto's Mentor
View Details

CCA Monthly Meeting
Dates: 11/12/2014 – 11/12/2014
Location:
Mama Roberto's Mentor
View Details

CCA Monthly Meeting
Dates: 12/10/2014 – 12/10/2014
Location:
Mama Roberto's Mentor
View Details

Monthly Luncheon
Dates: 8/11/2014 – 8/11/2014
Location:
Bravo! Woodmere
View Details