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Repo Car Auctions Memphis TN

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.

Memphis Auto Auction
(901) 795-7634
3719 Old Getwell Rd
Memphis, TN
 
Dealers Automobile Auction Of The South
(662) 393-0500
6723 Highway 51
Horn Lake, MS
 
Landers Ford
(901) 854-3673
2082 W Poplar
Collierville, TN
Services
SUV Repair,Truck Auto Body,Auto Dealers

Hodge Auto Mart
(901) 323-2311
2419 Summer Ave
Memphis, TN

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A & T Auto Sales
(901) 278-0004
124 N Cleveland St
Memphis, TN

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51 Auto Auction
(662) 393-9596
8390 Highway 51
Southaven, MS
 
Capital Auto Auction
(662) 449-3477
60 Pleasant Hill Rd
Nesbit, MS
 
Landers Ford Lincoln Mercury of Memphis
(901) 854-3600
2082 West Poplar Avenue
Collierville, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

C & S Motors
(901) 323-8778
2508 Summer Ave
Memphis, TN

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Memphis Auto Sales
(901) 327-9005
2505 Summer Ave
Memphis, TN

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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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