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Repo Car Auctions Omaha NE

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.

INSURANCE AUTO AUCTION
(877) 550-1262
4506 52nd
Omaha, NE
 
Dan D Auto & Ski
(402) 556-1282
4669 Leavenworth St
Omaha, NE

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Sonny Gerber Auto Sales
(402) 556-4086
4519 Cuming St
Omaha, NE

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Wolfson Used Cars
(402) 558-3233
1308 N Saddle Creek Rd
Omaha, NE

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Dealin Dj's Car & Truck Sales
(402) 553-7729
6002 Ctr St
Omaha, NE

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Auto World
(402) 393-3325
337 S 72ND St
Omaha, NE

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Heritage Auto Sales
(402) 551-1779
5115 Ctr St
Omaha, NE

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Catholic Charities
(402) 898-2277
6030 Arbor St
Omaha, NE

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Elmwood Auto Sales & Ski
(402) 561-8630
5923 Leavenworth St
Omaha, NE

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Mini Of Omaha
(402) 393-9700
716 N 102nd St
Omaha, NE

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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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