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Repo Car Auctions New Ulm MN

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.

Madelia Ford
(507) 642-3268
601 East Main Street
Madelia, MN
Services
Auto Repair,Auto Dealers

Dick Olsen Motors
(507) 642-8888
84601 Olson Drive
Madelia, MN
Services
Auto Repair,Van Dealers,Used Truck Dealers,Auto Dealers

S & S Motors
(507) 354-8634
133 Zieske Rd
Courtland, MN

Data Provided by:
Insurance Auto Auctions
(877) 550-1262
1336 Jackson
Saint Paul, MN
 
Northstar Auto Auction
(952) 445-5544
4908 Valley Industrial Blvd
Shakopee, MN
 
Dick Olson Motors Inc
(507) 642-8888
84601 Olson Avenue
Madelia, MN
Services
SUV Repair,Truck Service Station,Van Dealers,Used Truck Dealers,Auto Dealers

Dean's Auto
(507) 354-1100
1217 N Broadway St
New Ulm, MN

Data Provided by:
Insurance Auto Auctions
(877) 550-1262
1280 Jackson
Saint Paul, MN
 
A Cs International Classic Car Auctions
(651) 633-9655
2008 County Road C
Saint Paul, MN
 
Mid America Auction Services
(651) 633-9655
2008 County Road C
Saint Paul, MN
 
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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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