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Repo Car Auctions Richmond VA

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.

Richmond Auto Auction
(804) 232-7355
3800 Deepwater Terminal Rd
Richmond, VA
 
Ins Auto Auctions Inc
(804) 798-6091
10390 Sadisco Dr
Ashland, VA
 
Colonial Ford Sterling Isuzu
(804) 232-3492
1833 Commerce Road
Richmond, VA
Services
Retail Tire,Trailer Repair,Truck Parts,Van Dealers,Auto Dealers

Pearson Dodge
(804) 794-0300
11701 Midlothian Turnpike
Midlothian, VA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Junk Car Richmond - Cash For Cars
(806) 616-4314
112N Mulberry St
Richmond, VA
Hours
Monday - Saturday 8:00 am - 6:00 pm

Motors Auction Group
(804) 532-1010
5701 Whiteside Rd
Sandston, VA
 
Southside Virginia Auto Auction
(804) 796-6556
12311 Jefferson Davis Hwy
Chester, VA
 
Chase Motors Corporation
(804) 562-3940
8311 Midlothian Turnpike
Richmond, VA
Services
Motorcycle Fabrication,Motorcycle Repair,Used Car Dealers,Auto Dealers

CarLotz
(757) 962-8665
1447 S. Military Highway
Chesapeake, VA
Hours
Mon-Sat 9am-7pm

Budget Floor Covering Incorporated
(860) 443-8335
225 Arcadia St
Richmond, VA

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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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