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Repo Car Auctions Papillion 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
 
Lavista Auto Plex
(402) 592-2920
7301 S 85TH St
LA Vista, NE

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Smartkarz
(402) 733-5279
4831 L St
Omaha, NE

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Walnut Hill Garage
(402) 733-3325
6145 Holmes St
Omaha, NE

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Prime Auto Sales Inc
(402) 502-2806
8401 Park Dr
Omaha, NE

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Parkview Auto
(402) 935-1939
137 W Lincoln St
Papillion, NE

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Omaha Auto Sales
(402) 592-9444
8901 F St
Omaha, NE

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Paul Gerber Auto Sales
(402) 932-2277
4677 L St
Omaha, NE

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Carbiz
(402) 731-2717
6154 L St
Omaha, NE

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Galaxy Motors
(402) 731-7145
4624 L 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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