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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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Muncie Auto Auction Inc
(765) 288-1861
3344 S Madison St
Muncie, IN
 
Junk Car Buyer
(219) 671-2644
5333 W 46th St
Indianapolis, IN
 
Marion County Auction Llc
(317) 248-0100
1347 S Moreland Ave
Indianapolis, IN
 
Dyer Auto Auction Inc
(219) 865-2361
641 Joliet St
Dyer, IN
 
Insurance Auto Auctions
(877) 550-1262
25631 State Road 2
South Bend, IN
 
Anderson Auto Auctions Inc
(765) 649-0434
6230 Columbus Ave
Anderson, IN
 
Clark County Auto Auction
(812) 285-1000
1611 E 10th St
Jeffersonville, IN
 
Manheims Louisville Auto Auction
(812) 283-0734
5425 Highway 31
Clarksville, IN
 
Austin Public Auto Auction
(812) 794-2588
555 York Rd
Austin, 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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