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Repo Car Auctions Colorado Springs CO

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.

Pyramid Motors & Public Auction
(719) 382-5151
905 S Santa Fe Av
Fountain, CO
 
Japanese Connection Inc
(719) 574-5415
3519 E Boulder St
Colorado Springs, CO
Services
Oil Change and Lube,AC and Heating Repair,Alignment Repair,Auto Repair,Brake Repair,Clutch Repair,Electrical Repair,Fuel Injection Repair,Mufflers Repair,Retail Tire,Auto Dealers

Atlas Auto
(719) 444-0444
1925 E Platte Ave
Colorado Springs, CO

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Go Autos
(719) 278-9000
4430 N Nevada Ave
Colorado Springs, CO

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Bob Penkhus Volvo
(866) 495-0597
1101 Motor city Drive
Colorado Springs, CO

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Colorado Springs Auto Auction
(719) 392-3406
500 Willow Spring Rd
Fountain, CO
 
Smart Buy Auto Sales
(719) 632-1424
729 N Union Blvd
Colorado Springs, CO

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Pikes Peak Acura
(719) 633-1500
655 Automotive Dr
Colorado Springs, CO

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Leitings Auto Sales
(719) 594-0055
3970 N Nevada Ave
Colorado Springs, CO

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Garden Of The Gods Auto Sales
(719) 548-8811
410 Garden Of The Gods Rd
Colorado Springs, CO

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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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