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Repo Car Auctions Palmer AK

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 Auctions
(877) 550-1262
221 Centaur
Wasilla, AK
 
Insurance Auto Auctions
(877) 550-1262
221 Centaur
Wasilla, AK
 
Vito's Auto Sales
(907) 277-3336
2001 E 5TH Ave
Anchorage, AK

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Stop & Save Used Cars
(907) 452-7355
2601 S Cushman St
Fairbanks, AK

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Affordable Used Cars
(907) 452-5707
2525 S Cushman St
Fairbanks, AK

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WASILLA MOTORS-"USED CARS FOR LESS"
(907) 707-7690
305 w. Herning
wasilla, AK
Car Makes
ALL
Hours
8am-8pm
Prices and/or Promotions
1-5000

Dealers Auto Auction Of Alaska
(907) 563-8343
8400 Arlon St
Anchorage, AK
 
lealie motors
(510) 494-1564
6152 thorton ave
newark, AK
 
University Chevron
(907) 479-4616
3245 College Road
Fair Banks, AK
 
Anchorage Chrysler Dodge Jeep Ram Center
(907) 276-1331
2601 E. 5th Avenue
Anchorage, AK
Car Makes
Chrysler Dodge Jeep Ram
Hours
7:00 a.m. -9:00 p.m.
Prices and/or Promotions
Best Price Guarantee

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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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