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Repo Car Auctions Midlothian VA

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.

Richmond Auto Auction
(804) 232-7355
3800 Deepwater Terminal Rd
Richmond, VA
 
Pearson Dodge
(804) 794-0300
11701 Midlothian Turnpike
Midlothian, VA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Colonial Ford Sterling Isuzu
(804) 232-3492
1833 Commerce Road
Richmond, VA
Services
Retail Tire,Trailer Repair,Truck Parts,Van Dealers,Auto Dealers

Mason Motor Co Inc
(804) 378-7889
913 Grove Rd Ste 15
Midlothian, VA

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Auto Discounters
(804) 378-4600
11525 Midlothian Tpke
Richmond, VA

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Southside Virginia Auto Auction
(804) 796-6556
12311 Jefferson Davis Hwy
Chester, VA
 
Chase Motors Corporation
(804) 562-3940
8311 Midlothian Turnpike
Richmond, VA
Services
Motorcycle Fabrication,Motorcycle Repair,Used Car Dealers,Auto Dealers

Car Max Auto Superstore
(804) 379-7264
901 Murray Olds Dr
Midlothian, VA

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Virgina Solar Tinting
(804) 276-5205
3687 Speeks Dr
Midlothian, VA

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Mike Gerber Auto Sales
(804) 272-6678
7825 Midlothian Tpke Ste 111
Richmond, VA

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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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