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Repo Car Auctions Wilmington NC

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
415 Madeline Trask
Castle Hayne, NC
 
Fiat of Wilmington
(910) 617-2898
229 S. COLLEGE RD
WILMINGTON, NC
Car Makes
FIAT
Hours
9AM TO 7PM

Leigh Motor Company
802 S 17th St
Wilmington, NC

Data Provided by:
Keith Bowman Auto Sales
(910) 270-5515
13410 Us Highway 17
Wilmington, NC

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Cape Fear Auto Sales & Consignment
(910) 350-0449
6408 Market St
Wilmington, NC

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Aycock Auto Auction
(910) 392-7775
5214 Market St
Wilmington, NC
 
Lovitt's Auto Sales
(910) 362-0003
1925 Carolina Beach Rd
Wilmington, NC

Data Provided by:
Autos 4-U
(910) 772-9224
2326 Carolina Beach Rd
Wilmington, NC

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Murray Motors
(910) 452-4850
6209 Market St
Wilmington, NC

Data Provided by:
unique autobody
(910) 264-7540
5659 market street #5
wilmington, NC
 
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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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