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Repo Car Auctions Miami FL

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.

Insurance Auto Auctions
(877) 550-1262
12700 42nd
Opa Locka, FL
 
Auction Direct Auto Sales
(305) 644-9595
1 SW 22nd Ave
Miami, FL
 
Adesa Impact
(305) 685-8763
12700 NW 42nd Ave
Opa Locka, FL
 
Siroco Corp
(305) 265-1447
7486 NW 8TH St
Miami, FL

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Wholesale Auto Outlet Center
(305) 262-4117
7353 NW 8th St Ste B
Miami, FL

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Miami Auto Auction
(305) 392-6373
8339 NW 12th St
Doral, FL
 
Sadisco Of Florida
(305) 681-0094
3025 NW 123rd St
Miami, FL
 
Miami Auto Wholesale & Export
(305) 267-0500
5379 Nw 7th St
Miami, FL

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Repo Auto Broker Llc
(305) 261-7449
5600 NW 7th St
Miami, FL

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Car Factory Outlet
(305) 642-6757
709 NW 42nd Ave
Miami, FL

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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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