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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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Wolfes South Bend Auto Auction
(574) 289-7767
25784 State Road 2
South Bend, IN
 
Public Auto Auction Of Hammond Llc
(219) 844-6575
2320 Michigan St
Hammond, IN
 
Mishawaka Auto Auction
(574) 256-5625
55920 Maplehurst Ave
Mishawaka, 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
 
Barodge Auto Pool Inc
(260) 489-3846
3833 Goshen Rd
Fort Wayne, IN
 
Clark County Auto Auction
(812) 285-1000
1611 E 10th St
Jeffersonville, IN
 
Manheim Indianapolis Auto Auction
(317) 862-8622
3110 S Post Rd
Indianapolis, IN
 
Marion County Auction Llc
(317) 248-0100
1347 S Moreland Ave
Indianapolis, 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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