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Repo Car Auctions New Canaan CT

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.

Adzam Auto Sales Inc
(914) 241-2000
519 Bedford Road
Bedford Hills, NY
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Van Dealers,Used Car Dealers,Auto Dealers

Maritime Motors of Fairfield
(203) 259-5221
985 Post Road
Fairfield, CT
Services
SUV Repair,Auto Dealers

North Auto Sales Inc
150 NORTH ST
Harrison, NY
 
Engelmann Sales Corp
345 ROUTE 25A
Northport, NY
 
Enterprise Car Sales
1141 EAST JERICHO TP
Huntington, NY
 
Vail Buick Pontiac GMC Inc
(914) 666-7537
606 Bedford Rd
Bedford Hills, NY
Services
Auto Repair,Clutch Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Island Park Auto Sales
71 VIRGINIA RD
N White Plains, NY
 
Trade Wholesalers Inc
3 SUMMIT VIEW DR
Bayville, NY
 
W2P2 Auto Sales
1801 VILLAGE DR
Brewster, NY
 
Park Ave Auto Sales Inc
733 PARK AVE
Huntington, NY
 

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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