Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Moncks Corner SC

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.

Charleston Auto Auction
(843) 719-1900
651 Precast Ln
Moncks Corner, SC
 
J D Ez Auto Sales
(843) 719-5000
500 N Highway 52
Moncks Corner, SC

Data Provided by:
Burdette Auto Sales
(843) 761-8727
421 S Live Oak Dr
Moncks Corner, SC

Data Provided by:
Sterling Glass
(843) 637-9786
3508 South Live Oak Dr.
Moncks Corner, SC
 
Cook Motor Co
(843) 851-1500
9933 Highway 78
Ladson, SC

Data Provided by:
Summerville Auto Auction
(843) 821-7810
2521 W 5th North St
Summerville, SC
 
Carolina Auto Connexion
(843) 761-7400
1703 S Live Oak Dr
Moncks Corner, SC

Data Provided by:
deels window tinting and detailing
(843) 291-1528
hwy 52
moncks corner, SC
 
Crowfield Motors
(843) 572-5006
583 College Park Rd
Ladson, SC

Data Provided by:
Sav-On Cars Inc
(843) 824-1363
128 College Park Rd
Ladson, SC

Data Provided by:
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