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Repo Car Auctions Somerset KY

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.

Don Marshall Choice
(606) 676-8282
1147 S Hwy 27
Somerset, KY

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Tri City Motors
(606) 679-4775
2724 S Highway 27
Somerset, KY

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Insurance Auto Auctions
(877) 550-1262
1701 Lane
Paducah, KY
 
Martins Auto Sales & Auction
(270) 618-4200
1755 Franklin Rd
Scottsville, KY
 
Verastar Of Kentucky
(270) 843-3555
710 Woodford Ave
Bowling Green, KY
 
DC Auto Sales
(606) 676-9940
5268 S Highway 27
Somerset, KY

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Insurance Auto Auctions
(877) 550-1262
710 Woodford
Bowling Green, KY
 
Ky Auto Exchange Inc
(606) 878-7815
310 Old Whitley Rd
London, KY
 
Paducah Auto Auction Inc
(270) 442-9197
2600 John L Puryear Dr
Paducah, KY
 
Copart Inc
(502) 859-1773
1051 Industry Rd
Lawrenceburg, KY
 
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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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