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Repo Car Auctions Mount Pleasant 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.

CAROLINA CARS OF MT PLEASANT
(843) 388-7117
1475 Stuart Engals Blvd
Mt Pleasant, SC

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Coliseum Motors
(843) 552-7773
4991 Dorchester Rd
North Charleston, SC

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Stokes Mazda
(843) 343-0622
3570 Ashley Phosphate Road
north charleston, SC
 
Payless Car Sales
(843) 225-5377
7610 Dorchester Rd
Charleston, SC

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Northwoods Auto Sales 2
(843) 552-9855
5730 Dorchester Rd
North Charleston, SC

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Bonaparte Automotive Llc
(843) 207-8230
7643 Dorchester Rd
North Charleston, SC

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Gene Reed's Auto Max Pre-Owned
(843) 764-2858
7501 Rivers Ave
North Charleston, SC

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Cross Country Campers, Inc.
(843) 552-7515
5036 Rivers Avenue
North Charleston, SC
 
Northwoods Automotive
(843) 207-1950
3733 Ashley Phosphate Rd
Charleston, SC

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New Life Auto Sales
(843) 767-1122
5103 Dorchester Rd
Charleston, SC

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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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