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Repo Car Auctions Norman OK

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.

I-40 Auto Auction, Inc.
(405) 670-0006
Oklahoma City, OK
Dealers Auto Auction Of Okc
(405) 947-2886
1028 S. Portland
Oklahoma City, OK
Pickup Shop
(405) 321-9539
1102 N Flood Ave
Norman, OK

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Twin Peaks Auto Sales
(405) 329-2531
2000 W Main St
Norman, OK

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Lindsey Street Motors
(405) 364-1800
1122 24th Ave SW
Norman, OK

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Oklahoma Auto Exchange
(405) 680-8660-Toll Free (877) 680-8660
2728 SW 25th
Oklahoma City, OK
Wheels Of Norman Ltd
(405) 364-1401
2500 W Main St
Norman, OK

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Car Search
(405) 321-5544
5797 York Dr
Norman, OK

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Carl Cape Auto Sales
(405) 366-7700
1019 N Flood Ave
Norman, OK

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Reliable Motors
(405) 912-5000
9201 S Shields Blvd
Oklahoma City, OK

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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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