Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Spanish Fork UT

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.

Ford Sales & Service
(801) 798-3553
2534 N 200 E
Spanish Fork, UT

Data Provided by:
Naylor Auto Inc
(801) 356-6959
145 West 300 South
Provo, UT
 
Brent Brown Toyota
(801) 224-1320
1995 N. University Pkwy
Provo, UT
 
Platinum Auto Sales Llc
(801) 373-4587
1695 N State St
Provo, UT

Data Provided by:
Car Zone Auto Sales Llc
(801) 373-0605
1330 N State St
Provo, UT

Data Provided by:
Fair Deal Auto Sales
(801) 491-3017
544 N Main St
Springville, UT

Data Provided by:
Firehouse Auto Sales
(801) 818-3473
820 W Center St
Provo, UT

Data Provided by:
Brent Brown Dodge Chrysler Jeep
(801) 373-2570
1825 N. University
Provo, UT
 
Brent Brown Chevrolet Buick
(801) 373-9500
2125 N. University Pkwy
Provo, UT
 
Murdock Hyundai, LLC
(801) 226-8194
273 S. State Street,
Provo, UT
 
Data Provided by:

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...

Click here to read the rest of this article from Lease Guide