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Repo Car Auctions Kokomo IN

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.

Wolfe Auto Sales
(765) 473-6316
784 W Main St
Peru, IN

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Lakeside Public Auto Auction
(574) 264-0148
51401 State Road 19
Elkhart, IN
Austin Public Auto Auction
(812) 794-2588
555 York Rd
Austin, IN
Qcsa Auto Auctions
(219) 932-0720
1815 Summer St
Hammond, IN
Auto Dealers Exchange
(317) 352-0121
8635 Brookville Rd
Indianapolis, IN
Insurance Auto Auctions
(877) 550-1262
25631 State Road 2
South Bend, IN
Public Auto Auction Of Hammond Llc
(219) 844-6575
2320 Michigan St
Hammond, IN
Wolfes Auto Auction
(812) 425-4576
2229 S Kentucky Ave
Evansville, IN
Wolfes Auto Auction
(812) 238-1431
1717 E Margaret Dr
Terre Haute, IN
Muncie Auto Auction Inc
(765) 288-1861
3344 S Madison St
Muncie, IN
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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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