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Repo Car Auctions Hastings NE

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.

Spady Scott Motor Sales Incorporated
(402) 463-8255
1300 W J St Ste II
Hastings, NE

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INSURANCE AUTO AUCTION
(877) 550-1262
4506 52nd
Omaha, NE
 
Copart Auto Auction
(308) 389-8884
1025 E Airport Rd
Grand Island, NE
 
Lincoln Auto Auction
(402) 786-5500
11909 Highway 6
Waverly, NE
 
Parkview Auto
(402) 935-1939
137 W Lincoln St
Papillion, NE

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Shade's Classic Corner Cars
(402) 463-5577
321 N Burlington Ave
Hastings, NE

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Lincoln Auto Auction
(402) 475-5500
1440 M St
Lincoln, NE
 
Nebraska Auto Auction Inc
(402) 466-8477
7500 N 56th St
Lincoln, NE
 
Metro Of Lincoln Auto Auction
(402) 475-5501
1440 M St
Lincoln, NE
 
Miller's Auto Sales
(402) 721-0440
2229 E 23RD Ave S
Fremont, NE

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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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