Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Hampton VA

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.

Ins Auto Auctions Inc
(757) 595-8493
211 Production Dr
Yorktown, VA
 
American Auto Auction Llc
(757) 485-3342
3856 S Military Hwy
Chesapeake, VA
 
Hall Isuzu Suzuki Mitsubishi
(757) 989-5700
13151 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Charles Barker Automotive
(757) 234-6000
12831 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Nicks Auto Supermart
(757) 722-3555
128 W. Pembroke Ave
Hampton, VA
 
Seven Cities Auto Auction
(757) 455-5062
1195 Lance Rd
Norfolk, VA
 
Suttle Motor Corporation
(757) 886-1700
12525 Jefferson Ave, # A
Newport News, VA
Services
AC and Heating Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Priority Hyundai
(757) 877-9995
12872 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Phillips Mercedes Benz
(757) 499-3771
4949 Virginia Beach Blvd.
Virginia Beach, VA
Services
Mobile Auto Repair,Used Car Dealers,Auto Dealers

Pay Here Used Cars
(757) 722-1761
1723 W Pembroke Ave
Hampton, VA

Data Provided by:
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