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Repo Car Auctions South Elgin IL

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
280 Sullivan
Aurora, IL
 
Qcsa Auto Auctions
(847) 931-6725
1000 Lunt Ave
Elk Grove Village, IL
 
Premier Auto Auctions
(630) 434-8300
2401 Warrenville Rd
Downers Grove, IL
 
Import Motors Pre-Driven Auto Sales
(847) 531-8750
1145 N LA Fox St
South Elgin, IL

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Dupage Auto & Truck Exchange
(630) 876-0000
511 E Roosevelt Rd
West Chicago, IL

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Qcsa Auto Auctions
(847) 931-7501
8N470 Tameling Ct
Bartlett, IL
 
Premier Auto Auctions
(630) 434-8300
1S067 Summit Ave
Oakbrook Terrace, IL
 
Bob Waterson Motorsports
(847) 695-5160
1505 N La Fox St
South Elgin, IL

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Trade America Corp
(630) 584-2170
720 N 17th St Ste 11
Saint Charles, IL

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maaco collision repair and auto painting
(630) 752-9240
252 commonwealth dr
carol stream, IL
 
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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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