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Repo Car Auctions Concord NC

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.

Adesa Impact
(704) 788-4421
5100 Merle Rd
Concord, NC
 
Cauble Auto Sales
(704) 784-8110
1539 Concord Pkwy N
Concord, NC

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Morrison Motor Co
(704) 782-2780
2780 Concord Pkwy S
Concord, NC

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Belk Auto Sales
(704) 723-4903
913 Old Charlotte Rd
Concord, NC

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Car Napolis
(704) 934-2008
2303 S Cannon Blvd
Kannapolis, NC

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Dealer Auto Auction Llc
(704) 394-0326
6100 Brookshire Blvd
Charlotte, NC
 
Ben Mynatt Chevrolet Oldsmobile Cadillac
(704) 786-2151
281Concord Parkway, South
Concord, NC
 
Modern Nissan of Concord
(704) 881-2460
967 Concord Pkwy S.
Concord, NC
 
Cars Unlimited
(704) 707-5312
2200 Kannapolis Hwy
Concord, NC

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European Import Classics
(704) 938-9600
1608 S Ridge Ave
Kannapolis, NC

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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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