Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Wallingford CT

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 INC
(877) 550-1262
1462 Saybrook
Middletown, CT
 
Crowley R V
(860) 261-3050
9 Barber Street
Bristol, CT
Services
RV and Camper Repair,Auto Dealers,RV and Camper Dealers

State Auto Sales Inc
(203) 440-9680
333 S Broad St
Meriden, CT

Data Provided by:
Mc Creary Auto Sales
(203) 752-9757
1089 Dixwell Ave
Hamden, CT

Data Provided by:
Credit King Automotive
(203) 574-4799
184 Kukas Ln
Waterbury, CT

Data Provided by:
Statewide Auto Auction
(203) 237-1975
1756 N. Broad St.
Meriden, CT
 
A To Z Used Cars
(203) 265-9230
21 Central Grand Ave
Wallingford, CT

Data Provided by:
Auto Sales & Svc Of Durham Llc
(860) 349-0684
13 Middlefield Rd
Durham, CT

Data Provided by:
Good Guys Auto House Llc
(860) 410-1909
1103 Queen St # 3
Southington, CT

Data Provided by:
Mancini Auto Sales
(203) 754-5576
500 Meriden Rd
Waterbury, CT

Data Provided by:
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