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Repo Car Auctions Phoenix AZ

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
2246 Southern
Phoenix, AZ
 
INSURANCE AUTO AUCTIONS INC
(877) 550-1262
2299 Broadway
Phoenix, AZ
 
Arizona Charity Auto Auction
(602) 269-3637
3138 W Durango St
Phoenix, AZ
 
Auto Action
(602) 262-5424
1909 W Van Buren St
Phoenix, AZ
 
Arizona Auto Auction
(480) 305-4025
3420 S 48th St
Phoenix, AZ
 
Insurance Auto Auctions
(877) 550-1262
2299 Broadway
Phoenix, AZ
 
Insurance Auto Auctions
(602) 305-5300
1433 S 19th Ave
Phoenix, AZ
 
Saisc Inc
(602) 272-0085
4065 W Lower Buckeye Rd
Phoenix, AZ
 
Dealers Auto Auction Of The Southwest
(602) 253-7766
1433 S 19th Ave
Phoenix, AZ
 
Barrett Jackson Classic Car Auction
(480) 421-6694
3020 N Scottsdale Rd
Scottsdale, AZ
 

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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