Auto Leasing Guide
Go to LeaseGuide.com now !

Repo Car Auctions Weirton WV

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.

J and J Chevrolet Buick
(740) 537-2418
1515 Franklin Street
Toronto, OH
Services
Clutch Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Auto Dealers

Sarracino Auto Sales Inc
(724) 947-4785
1342 Main St
Burgettstown, PA

Data Provided by:
Pine Ridge Motors
(330) 532-1064
15958 State Rte 213
Irondale, OH

Data Provided by:
INSURANCE AUTO AUCTIONS INC
(877) 550-1262
200 Auction
Buckhannon, WV
 
Fayette Auto Auction
(304) 465-5823
917 Main St
Oak Hill, WV
 
Extreme Honda
(740) 598-9121
198 Penn Street
Brilliant, OH
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Teenage Autos.com
(740) 282-4573
500 Market St Ste 316
Steubenville, OH

Data Provided by:
Good Wheels
(330) 385-0100
15406 State Route 170
East Liverpool, OH

Data Provided by:
Ripley Auto Auction Inc
(304) 372-7595
414 Church St
Ripley, WV
 
Winchester Auto Dealers Exchange Inc
(304) 229-4400
12828 Winchester Ave
Bunker Hill, WV
 
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