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Repo Car Auctions Monroe NC

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.

5 Kids Auto Sales
(704) 296-5111
3509 W Highway 74
Monroe, NC

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Jorge Auto Sales
(704) 283-9000
402 E Jefferson St
Monroe, NC

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Auto Track
(704) 291-9818
4524 W Highway 74
Monroe, NC

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Atlantis Auto Sale Inc
(704) 291-9990
5104 W Highway 74
Monroe, NC

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Hendrick
(704) 289-8444
3112 W Highway 74
Monroe, NC

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Cars & Cars Inc
(704) 282-2222
3603 W Highway 74
Monroe, NC

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Web Autos
(704) 289-8900
3209 W Hwy 74
Monroe, NC

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Pete's Used Cars
(704) 289-4769
612 W Roosevelt Blvd
Monroe, NC

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B P Auto Sales
(704) 296-0400
1502 Concord Ave
Monroe, NC

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J & R Auto Sales
(704) 291-7231
1510 Morgan Mill Rd
Monroe, NC

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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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