Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Madison WI

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.

Copart Inc
(608) 249-3577
5448 Lien Rd
Madison, WI
 
Campus Cars
(608) 255-9590
1337 Regent St
Madison, WI

Data Provided by:
Don Miller Budget Auto Outlet
(608) 258-3526
854 E Washington Ave
Madison, WI

Data Provided by:
Ken Olson's Used Cars
(608) 423-3313
263 Rodney Rd
Cambridge, WI

Data Provided by:
Insurance Auto Auctions
(877) 550-1262
N70W25277 Indian Grass
Sussex, WI
 
Kayser Automotive Group
(608) 873-5621
1411 Us Highway 51
Stoughton, WI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

All Star Great Cars
(608) 287-1961
1440 Martin St
Madison, WI

Data Provided by:
Car Deals
(608) 628-9855
2957 Packers Ave
Madison, WI

Data Provided by:
INSURANCE AUTO AUCTION
(877) 550-1262
2591 Casaloma
Appleton, WI
 
Insurance Auto Auction
(877) 550-1262
W-10321 State 16
Portage, WI
 
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