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Repo Car Auctions Roanoke 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.

Roanoke Auto Auction Inc
(540) 982-6640
1570 Underhill Ave
Roanoke, VA
 
Duncan Ford Mercury
(540) 483-0253
19999 Virgil H Goode Highway
Rocky Mount, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Henry's Auto & Trailer Sales
(540) 362-5109
4231 Williamson Rd NW
Roanoke, VA

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Berglund Credit Line Used
(540) 343-4317
2016 Williamson Rd NE
Roanoke, VA

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Freedom Auto Sales
(540) 387-0001
610 West 4th Street
Salem, VA
 
Bryan Buchanan Auto Auction Inc
(540) 947-5594
1062 Mountain View Church Rd
Blue Ridge, VA
 
Bill's Auto Sales
(540) 344-9479
804 Tazewell Ave SE
Roanoke, VA

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Virginia Auto Inc
(540) 366-2773
2704 Williamson Rd NW
Roanoke, VA

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Wheels Inc
(540) 362-8828
6626 Williamson Rd
Roanoke, VA

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Rod Shop Inc 2
(540) 387-3700
1145 E Main St
Salem, 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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