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Repo Car Auctions Prior Lake MN

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.

Northstar Auto Auction
(952) 445-5544
4908 Valley Industrial Blvd
Shakopee, MN
 
Dodge Of Burnsville Inc
(952) 894-9000
12101 Highway 35w S
Burnsville, MN

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Walser Buick Pontiac GMC
(952) 400-7987
4601 American Blvd W
Bloomington, MN
Parking
lot

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Budget Car and Truck Rental
(952) 888-2928
1217 South Clover Dr
Bloomington, MN
 
Jim Lupient's Used Cars
(763) 513-5444
7100 Wayzata Blvd
Golden Valley, MN

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Furlong Motors
(507) 645-5619
1600 Cannon Lane
Northfield, MN
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Cargo Van-Go Inc
(952) 445-0182
7380 Hwy 101 E
Shakopee, MN

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Freeway Ford, Inc.
(952) 888-9481
9700 Lyndale Ave. S.
Bloomington, MN
 
Kassick Motors
(952) 884-9555
1000 West 94th St.
Bloomington, MN
 
Carquest Auto Parts
(612) 827-5956
918 West Lake S
Minneapolis, MN
 
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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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