Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Franklin TN

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.

Insurance Auto Auctions
(877) 550-1262
3896 Stewarts
Nashville, TN
 
Alexander Ford-Mercury Inc
(615) 794-4585
Highway 96 & Ih 65
Franklin, TN

Data Provided by:
Auto Masters
(615) 791-7171
1900 Columbia Ave
Franklin, TN

Data Provided by:
Harpeth Bargain Lot
(615) 790-1055
110 New Highway 96 W
Franklin, TN

Data Provided by:
Sunvertibles
(615) 550-9800
4203 Franklin Common Ct
Franklin, TN

Data Provided by:
Tennessee Auto Auction
(615) 244-2140
1450 Lebanon Pike
Nashville, TN
 
Merc Wendell Alexander Ford
(615) 591-4774
1129 Murfreesboro Rd
Franklin, TN

Data Provided by:
Akins Towing
(615) 794-4757
1741 W Main St
Franklin, TN
 
MAZDA OF COOL SPRINGS
(615) 250-2212
200 comtide
franklin, TN
 
Akins Towing
(615) 476-1898
1714 Carouthers Parkway
Brentwood, TN
 
Data Provided by:

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