Tag Archives: repo vehicles

Red repossessed car

Understanding Auction Dynamics: How to Bid on Repossessed Cars

This entry was posted in Repo Cars and tagged , , on by .

Buying a repossessed car at an auction can be an exciting and cost-effective way to purchase a vehicle. However, the auction environment can be intimidating for first-time bidders. Understanding the auction dynamics and how to navigate the bidding process is crucial to making a successful purchase. This article will guide you through the essentials of bidding on repossessed cars at an auction, ensuring you’re well-prepared for the experience.

Types of Auctions

There are several types of auctions where repossessed cars are sold:

  1. Public Auctions: Open to everyone, these auctions are typically held by auction houses or government agencies. They can be a great place for first-time bidders.
  2. Dealer Auctions: These are restricted to licensed car dealers. If you’re not a dealer, you might need to partner with one to participate.
  3. Online Auctions: Increasingly popular, online auctions allow you to bid on repossessed cars from the comfort of your home. Websites like RepoFinder, Copart and IAAI are well-known in this space.

Preparation Before the Auction

Research and Selection:

  • Start by identifying which auctions you can attend and what vehicles will be available. Most auction houses provide a catalog of the cars up for bid, complete with details and, often, photos.
  • Use resources like Kelley Blue Book or Edmunds to check the market value of the cars you’re interested in. This will help you set a budget and avoid overbidding.

Inspection:

  • Many auctions allow potential buyers to inspect vehicles before the bidding starts. Take advantage of this opportunity to check the car’s condition.
  • Bring a mechanic or someone knowledgeable about cars if you’re not confident in your ability to assess a vehicle’s condition. Look for signs of damage, wear and tear and check the VIN for any red flags in the vehicle history report.

Financing:

  • Arrange your financing ahead of time. Many auctions require immediate payment, so knowing your budget and having funds ready is crucial.
  • Some auctions offer financing options, but it’s best to have your financing lined up beforehand to avoid any last-minute complications.

Bidding Strategies

Set a Budget:

  • Determine the maximum amount you’re willing to spend on each vehicle, including potential repair costs. Stick to this budget to avoid the temptation of overbidding in the heat of the moment.

Arrive Early:

  • Arriving early allows you to get a good spot where you can see and hear everything clearly. It also gives you time to observe the auctioneer’s style and the bidding patterns of other participants.

Stay Calm and Focused:

  • Auctions can be fast-paced and competitive. Stay calm and focused, and don’t let the excitement drive you to bid more than you intended.

Understand the Auctioneer:

  • Auctioneers have their own unique styles and speeds. Pay attention to their rhythm and the increments in which bids are increasing. Understanding the auctioneer will help you time your bids more effectively.

Make Yourself Known:

  • When you’re ready to bid, make sure your gestures or paddle are clearly visible to the auctioneer. Don’t hesitate or bid timidly, as this might cause the auctioneer to miss your bid.

Be Patient:

  • If the bidding starts too high, don’t get discouraged. Sometimes, the price will drop if there are no initial takers. Patience can pay off, especially if you’re willing to wait for the right moment.

After Winning the Bid

Payment:

  • Be prepared to make the payment immediately after winning the bid. Know the auction house’s payment methods and policies beforehand.

Paperwork:

  • Ensure you complete all necessary paperwork promptly. This includes the bill of sale, title transfer, and any other documentation required by the auction house.

Transport:

  • Arrange for the transportation of your new vehicle. Some auctions offer delivery services, while others may require you to organize your own transport.

Wrapping Up

Bidding on repossessed cars at an auction can be a rewarding experience if you come prepared and understand the dynamics at play. By doing your homework, setting a budget and staying focused during the auction, you can secure a great deal on a repossessed vehicle. Remember, there are more options than ever before to bid on used vehicles. If you’re not comfortable going to an auction in person, attend an online one instead. RepoFinder has a full directory of links to banks and credit unions that are selling their repo inventory. Check them out today!

Black SUV

Comparing Repossessed Cars vs. Certified Pre-Owned Cars

This entry was posted in Repo Cars and tagged , , on by .

When it comes to buying a used car, buyers often consider two popular options: repossessed cars and certified pre-owned (CPO) cars. Both types of vehicles come with their own set of advantages and drawbacks. Understanding them can help you make an informed decision. Let’s delve into the key differences between repossessed cars and certified pre-owned cars, helping you decide which option might be best for you.

What are Repossessed Cars?

Repossessed cars are vehicles that have been taken back by the lender or leasing company because the original owner failed to meet their financial obligations, such as making loan or lease payments. These cars are then sold to recoup the losses, often at auctions or through dealerships.

What are Certified Pre-Owned Cars?

Certified pre-owned cars are used vehicles that have been inspected, refurbished and certified by the manufacturer or a dealership. These cars typically come with an extended warranty, a detailed inspection report and other benefits to ensure they meet certain quality standards.

Price Comparison

One of the most significant differences between repossessed cars and CPO cars is the price. Repossessed cars are usually sold at lower prices because lenders aim to recover their losses quickly. These cars are often sold “as-is,” meaning there might be hidden issues or necessary repairs that could add to the overall cost.

On the other hand, CPO cars tend to be more expensive due to the thorough inspection and reconditioning process they undergo. The additional warranty and peace of mind that come with a CPO car also contribute to the higher price.

Quality and Condition

CPO cars generally offer better quality and condition compared to repossessed cars. Since CPO vehicles go through rigorous inspections and any necessary repairs are made before they are sold, buyers can be more confident in their reliability. Additionally, CPO cars often come with a clean vehicle history report, ensuring there are no hidden problems.

Repossessed cars, however, can be a mixed bag. Some repossessed cars may be in good condition, especially if the previous owner maintained them well. However, there is a risk of buying a car with underlying issues that were not addressed before repossession. It’s crucial to have a repossessed car thoroughly inspected by a trusted mechanic before purchasing.

Warranty and Benefits

One of the standout benefits of buying a CPO car is the warranty. Most certified pre-owned programs offer extended warranties that cover major components and systems, providing buyers with additional peace of mind. These warranties often include roadside assistance and other perks like free maintenance for a certain period.

Repossessed cars, on the other hand, typically do not come with a warranty. Buyers should be prepared to handle any repairs or issues that arise after purchase. Some dealerships might offer limited warranties or service contracts for repossessed cars, but these are usually not as comprehensive as those provided for CPO vehicles.

Financing Options

Financing options can also differ between repossessed and CPO cars. Many dealerships and lenders offer attractive financing rates and terms for CPO vehicles, making them more accessible to buyers with varying credit scores. The certification and warranty make CPO cars a lower risk for lenders, often resulting in better financing deals.

Repossessed cars might be more challenging to finance, especially if bought at an auction. Buyers might need to secure their own financing, and interest rates could be higher due to the perceived risk. However, the lower initial cost of a repossessed car might offset some of the financing challenges.

Conclusion

Choosing between a repossessed car and a certified pre-owned car ultimately depends on your priorities and risk tolerance. If you’re looking for a lower upfront cost and are willing to take on some potential risks, a repossessed car could be a great option. However, if you prioritize reliability, warranty coverage and peace of mind, a certified pre-owned car might be worth the extra investment.

Both options have their merits, and conducting thorough research, inspections and considering your own needs will help you make the best decision. Whether you opt for a repossessed car or a CPO vehicle, ensuring you have all the information and understanding the potential risks and benefits will lead to a more positive purchase experience.

RepoFinder has a full directory of links to banks and credit unions that are selling repo inventory. Find a car you love today! 

financing a repo car

Tips for Financing a Repossessed Vehicle Purchase

Purchasing a repossessed vehicle can offer a unique opportunity to acquire a car at a potentially lower cost, but it comes with its own set of challenges, especially when it comes to financing. If you’re considering financing the purchase of a repossessed vehicle, here are some valuable tips to help you navigate the process and make informed decisions.

Understand the Repossession Process

Before diving into financing, it’s crucial to understand the repossessed vehicle’s history. Know the reasons for repossession, its current condition and any potential issues that might affect the vehicle’s value and performance. Many repo cars are in great condition, but it’s still important to do your due diligence. Since there is no warranty, you’ll inherit whatever problems the vehicle has. 

Check Your Credit Score

Assess your credit score before seeking financing. A higher credit score can help you qualify for better interest rates and loan terms. If your score is lower, take steps to improve it before applying for a loan. If you don’t have time to wait, expect higher interest rates. A low credit score doesn’t make buying a vehicle impossible! 

Research Financing Options

Explore various financing options, including traditional banks, credit unions and online lenders. Some institutions specialize in providing loans for repossessed vehicles, and they may be more willing to work with individuals who have experienced financial challenges.

Budget and Affordability

Establish a clear budget that takes into account the cost of the repossessed vehicle, taxes, fees and potential repair costs. Ensure that the monthly payments fit comfortably within your budget to avoid financial strain. Buying a new car is exciting, and it’s tempting to go overboard, but you’ll have this payment for years to come. 

Consider a Pre-Approval

Obtain pre-approval for a loan before shopping for a repossessed vehicle. Pre-approval provides a clear understanding of your borrowing capacity and allows you to negotiate with confidence when making a purchase. Pre-approvals can be especially attractive when placing a bid. 

Down Payment

Save for a substantial down payment. A larger down payment not only reduces the amount you need to finance but can also improve your chances of securing favorable loan terms. Creative ways to save for a down payment include getting a second job (Uber, Lyft), trading in your current car, refinancing your home or automating your savings. 

Explore Specialized Lenders

Some lenders specialize in financing repossessed vehicles. Research and contact lenders who have experience with these types of transactions, as they may be more flexible in their loan terms. Some of the sellers on RepoFinder.com do exactly this! 

Shop Around for Rates

Don’t settle for the first financing offer you receive. Shop around and compare interest rates, loan terms and fees from different lenders to ensure you secure the most favorable financing package. Doing this in advance gives you time to make the best decision. 

Inspect the Vehicle Thoroughly

Before finalizing the purchase, thoroughly inspect the repossessed vehicle. Consider obtaining a professional mechanic’s inspection to identify any potential issues that might impact its value and safety.

Read and Understand Loan Terms

Carefully review and understand the terms of the loan agreement. Pay attention to interest rates, repayment schedules, and any additional fees. Seek clarification on any terms that are unclear before signing the agreement.

Negotiate for Better Terms

Don’t be afraid to negotiate with the lender for better terms. If you have a good credit history or a substantial down payment, you may be in a position to secure more favorable interest rates or flexible repayment terms.

Be Wary of Predatory Lenders

Exercise caution and be aware of potential predatory lenders. Some lenders may take advantage of individuals seeking financing for repossessed vehicles. Ensure that the lender is reputable and transparent in their dealings.

Get Financing and a New Repo Vehicle

Financing a repossessed vehicle requires careful consideration, research and financial planning. By following the tips above, you can make a well-informed decision that aligns with your budget and financial goals.

Shop for repossessed vehicles on RepoFinder.com. We have a large directory of banks and lenders selling their repo inventory at a discounted rate. Many are also able to provide financing for a one-stop shopping experience! 

car keys

What is the Best Way to Find Repo Cars Near Me?

This entry was posted in Repo Cars and tagged , , , on by .

Are you looking for repossessed cars for yourself or a new driver in the household? If so, you’re probably wondering where you can find these vehicles quickly, easily and affordably. More people are turning to repo cars due to the price hikes on new and used vehicles. While you’ll have to be patient and do your research, you can find repo cars at great prices – all they may need is a bit of TLC! 

Here are some tips for finding repo cars, trucks, SUVs and recreational vehicles near you. 

Used Car Dealerships 

There is a possibility that you can find a repo with a local dealership. BUT…dealerships often advertise repos to get you in the door and thinking you’re getting a great deal. But really, these repos are no different than used cars. They’ve been bought at an auction, cleaned up and had repairs made, which means they cost more. 

That’s not to say that buying a repo from a dealership is a bad deal, but rather that you’re going to pay a markup. Dealerships generally do not sell true repos. 

Banks and Lenders

Some banks and credit unions sell their repo inventory directly to the public at certain times of the year. You may be able to find these vehicles being advertised in local newspapers or on bank and credit union websites. Lenders list basic details about the vehicles they have so that people can submit their bids. 

While it’s actually advantageous to go through a bank or lender, it can be hard to track down which banks are selling their repo inventory. Wouldn’t it be nice if there was a website that had a list of the banks and credit unions selling repos? (Hint: There is!) 

Public Auctions 

Not all auctions sell vehicles to the public. Many require bidders to have a dealer’s license, which is a license that allows dealers to purchase cars from auto auctions on a large scale. But, if you can find an auction that sells to the public, you can certainly check out their options. However, be prepared for cars that have been poorly maintained, as well as lots of bids. 

RepoFinder 

RepoFinder.com is an online directory that has the links to banks, lenders and credit unions selling repossessed vehicles. You can easily find banks in your area by clicking on your state. Pictures and information about each vehicle are provided for free. This way, you can shop around and place a bid when you’re ready. 

All repos listed on these websites are available to the public. The lender will tell you how to place a bid, and many are willing to negotiate. You may even be able to get financing through the bank itself – this is their business after all, NOT selling cars! To find a repo in your price range, browse RepoFinder today. 

motorcycle

Tips for Buying a Motorcycle Out of State

What happens when you fall in love with a motorcycle – but it’s out of state? This is a common scenario now that more people are shopping for vehicles online. Not only is shopping online more convenient, but also it opens up a much wider selection than what you would have in your local area. 

However, buying a motorcycle in a different state can be tricky. This doesn’t mean it can’t be done, but it does mean that you’ll have to sort out a few details before you commit to buying the bike. Let’s explore some tips to help you in your search! 

Make Sure the Seller is Legit 

The first consideration about buying a motorcycle out of state is the seller. Are they credible and trustworthy? Here are some of the ways you can tell who you’re working with. 

  • Establish good communication. A solid line of communication is essential. Pay attention to how long it takes the seller to respond and the manner in which they speak to you.
  • Ask the right questions. You’re making a big investment, so don’t be afraid to ask questions such as how many people have owned the motorcycle, if it has been involved in an accident and if it comes with a clean title. 
  • Speak over the phone. FaceTime works as well. If the seller only wants to text or email, this is a red flag. 

Go See the Motorcycle or Have it Inspected 

It’s always ideal to go and see a motorcycle before buying it, and test drive it if you can. A lot of people fly or drive a rental car to see the bike and then drive it back. You can also drive a trailer and haul the bike back. 

If this doesn’t work for you, pay a mechanic to inspect the motorcycle on your behalf and let you know if it meets the seller’s description. If you do decide to hire a mechanic, you can have the motorcycle shipped to you. Average costs are around $500. 

Gather the Necessary Paperwork 

Before agreeing to buy the bike, check the VIN number and plates. Ask to see the title. Cover all of your bases so that you know you’re getting a legit motorcycle in good condition. 

In terms of payment, you might find it best to work with an escrow service. These third party services will protect your money from fraud. It’s also possible that the seller may accept financing. Never send any bank information or money over a direct wire transfer. 

RepoFinder: The Safer Way to Buy Used Motorcycles 

RepoFinder is the largest bank repo list in America. We continuously get used motorcycles being sold from banks and credit unions at affordable prices. You can narrow your search down to motorcycles in your state, or you can open up your search. At least you know you’re buying from reputable sellers! 

Start your search for repossessed motorcycles and see what you can find! 

car repo'd during COVID

Can Cars Be Repossessed During COVID?

This entry was posted in Repo Cars and tagged , , on by .

COVID-19 has disrupted the economy, leaving millions of Americans struggling to pay their bills. The economy is slowly improving, but this doesn’t mean that all families have bounced back. It can take months, if not years, to recover from an income loss. 

One of the biggest monthly bills for Americans is their car payment. The average monthly car payment in the U.S. is $563 for new vehicles, $397 for used vehicles and $450 for leased vehicles. With payments this high, some people have stopped paying them due to pandemic-related hardships. 

If you’re in this boat, you might be wondering if your car can be repossessed. Below is everything you need to know about car repossessions during COVID-19. 

Are Cars Still Being Repo’d in 2021? 

In difficult times, repossessions go up. Due to the coronavirus recession and high levels of unemployment, over 7 percent of all car loans in the U.S. are in some type of deferment program. Missing car payments damage credit scores and can result in a visit from the repo man. 

While some lenders have declined repossessions during COVID-19, not all have. And unlike mortgages, utilities and rent payments, there hasn’t been much relief for auto loans. So, while many lenders have tried to be more flexible with auto repossessions, they are still happening every day during the pandemic. 

Where Do Repossessed Cars End Up? 

While it’s always in the consumer’s best interests to speak with their lender and try to work something out, it doesn’t mean they’ll get to keep the car. Lenders can still repossess vehicles without warning. 

When a car is repossessed, the lender usually tries to work something out with the owner. If they can’t catch up on their payments, the car will usually go to an auction. Most commonly, repos go to dealer-only auctions where you’ll need a dealer’s license to place a bid. This is why dealerships get their hands on repos first. 

But there are options for the general public. On RepoFinder.com, banks, lenders and credit unions sell their vehicles directly to the public – no dealer’s license required. You can browse our selection of vehicles for free and place a bid at your convenience. 

What are the Benefits of Buying a Repossessed Car? 

Due to pandemic-related hardships, car repossessions are up in many areas. While it’s not fun to be on the giving side of this relationship, people who are shopping for affordable, accessible cars can benefit. 

Here are some of the advantages to buying a repo car:  

  • Cheaper than new and used cars from the dealership – pay a fraction of the price! 
  • Work directly with the banks and lenders – no middleman to drive up prices or complicate the process 
  • Highly motivated sellers that are open to negotiations 
  • All-in-one shopping experience as you can get financing directly from the seller 
  • Wide selection of vehicles available for purchase NOW – unlike the dealerships that are facing a chip shortage 

While it’s unfortunate that cars are still being repossessed, it does allow for a strong repo inventory for those searching for cheap, readily available vehicles. Find a car that suits your needs and budget today on RepoFinder.com. 

car shopping during chip shortage

How Long Will the Car Chip Shortage Last?

If you’ve gone shopping for a new or used car lately, you’re probably very familiar with the chip shortage. Since the COVID-19 pandemic hit, car shopping has been a rollercoaster ride. First, the pandemic prompted many dealership showrooms to shut down, and both demand and production plummeted as a result. 

To bring in sales, automakers quickly responded with incentives and financing. The plan worked – probably too well. Consumers snatched up vehicles faster than automakers could produce them. Combine that with a global chip shortage and now inventory for new vehicles has significantly decreased. 

So how long is the car chip shortage expected to last? And when can you expect car shopping to return to normal? We answer your questions below. 

How Long is the Chip Shortage Expected to Last? 

Reports are saying that the chip shortage will last until 2022 or 2023. To try and work around the shortage, dealers are encouraging customers to order the cars they want in advance. With a hefty deposit and a bit of patience, shoppers can have their vehicle delivered rather than buying it straight out of inventory. 

If you need a car right away, it’s recommended to shop outside of your local area and be flexible on the features you want. Unfortunately there are not enough vehicles to meet consumer demand, leading to high prices and a low selection. And it’s not expected to get better for a long time. Flexibility is key!

What Other Alternatives Do Car Buyers Have? 

If you need a reliable vehicle sooner than later, a better option is to shop for a repossessed vehicle. RepoFinder has the largest database of repo vehicles, including SUVs, pickup trucks, luxury cars, sedans and recreational vehicles like boats and RVs. 

Banks, lenders and credit units sell their vehicles directly on our site, which means the transaction is between you and the seller – no middleman. These sellers are highly motivated, so you can usually work out a deal with them. 

While a repo car purchase is not for everyone, it’s definitely worth considering if you need a quick, reliable vehicle to get you to and from work. And you don’t have to worry about chip shortages, putting down a deposit for a vehicle you won’t see for months and so forth. You can pick out the car you want and take it home right away!

pumping gas

5 Gas Saving Tips That Really Work

This entry was posted in Outdoor Vehicles and tagged , , on by .

Looking to save money on gas? It’s a smart decision considering that gas is very expensive right now. The cost to fill up an American’s tank of gas has risen by 40 percent since the turn of the year, with the average gallon of fuel costing $3.13. And sadly, prices aren’t expected to go down for the rest of the summer. 

With the cost of fuel being so high, here are five gas saving tips that are guaranteed to save you money! 

1. Use a Fuel Additive 

Fuel additives are compounds made to enhance the quality and efficiency of fuels. By adding one to your vehicle, you can increase engine power, boost acceleration and prolong engine life. Be careful about the additive you purchase for your car, as not all are created equal. Some of the best brands to look for are Lucas, Red Line and Star Tron. 

2. Be a Relaxed Driver 

If you’re not a relaxed driver, now is the time to become one. It might feel good to press down on the gas pedal, but this also causes you to waste more gas. If you become a relaxed driver, you can boost your fuel efficiency by as much as 37 percent! So what’s a relaxed driver? Someone who accelerates slowly, brakes lightly and drives at a lower speed (say, 75 mph to 65 mph). 

3. Use Cruise Control 

When you do a lot of driving on the expressway, it’s best to use cruise control. Set it at a reasonable speed and relax. Staying at a consistent speed and not changing lanes very often prevents sudden high-speed accelerations. In fact, you can save up to 14 percent over someone who’s changing lanes and accelerating. 

4. Check Your Tire Pressure 

Having under-inflated tires can cause you to go through more gas. On the other hand, properly inflated tires are safer, last longer and have better gas mileage. To find the proper tire pressure for your car, check the owner’s manual. Then take your car to the nearest gas station to make sure your tire’s have adequate pressure. 

5. Use the Right Motor Oil 

When giving your vehicle an oil change, make sure it’s getting the right oil. Using the wrong grade of motor oil can cost you 3 to 6 cents more per gallon, according to the US Department of Energy. Not sure which oil is the best? Refer to your owner’s manual for a recommendation, and look for oils that are branded as “energy conserving” or “energy saving.” 

By following these five tips, you can improve fuel efficiency and put more money back into your pocket. And as gas prices increase, it’s more important than ever to make sure you’re doing your part in preserving fuel. 

RepoFinder is the largest bank repo list in America. Shop our inventory today and find an affordably priced vehicle in good condition! 

credit union pickup truck

Benefits of Buying Credit Union Repo Cars

Credit unions are a popular way to finance vehicles. They tend to have lower interest rates and fewer minimum loan requirements than banks. And because credit unions establish relationships with their members, they’re often more willing to work with people who have poor credit. 

Credit unions make money by charging interest on loans, collecting account fees and reinvesting money. So, if a member is unable to back the money they borrowed to purchase their vehicle, the credit union can take away their car and sell it to someone new. 

If you’re considering purchasing a used vehicle, here are some benefits to buying a credit union repo. 

Lower Prices 

Certainly, the biggest benefit to buying any type of repossessed car is the cost savings. You’re not paying anywhere close to what you would pay for a used car at a dealership – and you can walk away with a better vehicle in return! Your savings all depend on the car you’re buying and the condition it’s in, but experts say you can save around 20 to 40 percent. 

So why are the prices so low? Is it because the cars are in bad shape? Not necessarily. Credit unions aren’t in the business to sell cars and want them off their lot as soon as possible. To make these vehicles attractive, they must be priced competitively. However, in exchange for buying the car at a discount, you are buying it as-is. 

Easier Financing Options 

Another perk to buying a car from a credit union is that you can get easier financing options. Credit unions are motivated sellers so they’re often willing to negotiate and offer better loan terms if you get the financing through them. And depending on the cost of the car, you may even be able to pay in cash. 

If you do need financing, repos work similarly to a new or used vehicle. To strengthen your offer, it’s helpful to get pre-approved for financing in advance. This way, the credit union will know that you are a serious buyer. Typically, there’s less paperwork compared to a dealership as well.

Safe, Trustworthy Sellers

If you purchase a vehicle from a private seller, you don’t know what you’re getting. While credit union vehicles are purchased as-is, you are still buying them from a reputable seller. If you browse the inventory on RepoFinder.com, you’ll see that our sellers provide as much information on each vehicle as possible. 

Most sellers also encourage you to inspect the vehicle before signing the paperwork. They are not trying to rip off anyone – they are just motivated sellers looking to get rid of their repo inventory! For the best deals, keep an eye on the cars that you’re interested in. Credit unions slash their prices if no one bids on their vehicles. 

Ready to find a credit union repo car that meets your needs and won’t hurt your bank account? Check out the inventory at RepoFinder.com for free! 

repo cars

What are the Steps to Buying Repossessed Cars?

When making the decision to buy a repossessed car, the best thing you can do is educate yourself on the process. Even though buying a repo car is similar to buying a used car, there are still some differences to be aware of. The more you know, the better position you’ll be in to make strong bids and take home the car you want.

Below are the steps to follow to make repo car shopping smooth and stress free!

Visit RepoFinder.com 

RepoFinder makes buying a used car easy. We are a directory of banks selling repossessions across the country. You can browse our listings for free and become a member and start bidding for just $4.95 a month! Our site is user-friendly and easy to navigate, making it easy to find valuable information on the cars you’re interested in. 

Narrow Down Your Search 

Make sure you do the proper research when browsing and closing in on a car. You can also filter vehicles by different categories to find something that’s just right for you! Repo car listings include the vehicle information, specifications and features. Most sellers do a good job of posting images, so be sure to examine the photos for the condition of the vehicle, possible damage and more. 

Bid on the Car You Want

Once you find the car you would like to purchase, you will need to bid on the vehicle. The most common is an open bid where all buyers are able to view the highest bid. Sometimes it’s a closed bid, meaning you won’t see what others have offered for the vehicle. Don’t get bid-happy though! Only offer what you feel comfortable and leave some budget for repairs and maintenance. 

Schedule an Inspection

You probably won’t be able to test drive the vehicle for liability reasons, but you should have it inspected. You can hire a mechanic to assess the vehicle or bring along someone who understands cars. If the vehicle is in another state, you’ll have to find an inspection company within that state. The mechanic will provide updates and their analysis of the car. Mechanics may not always find all the issues but their input is critical. 

Pay for the Car

After getting the analysis on the car you recently bid on, you’ll have to complete payment. Buying the car from a credit union is similar to buying from a car dealer or private party. The banks will assist you with the financing, and you’ll have to fill out paperwork and make a down payment. 

Buying a repossessed car is a process that most people may not be as familiar with, but it’s easier than you think! And you can get a great deal by shopping for bank-owned vehicles. Check out RepoFinder’s database today to start viewing the cars we have available!