Thinking about buying a repossessed vehicle? This is a great way to save money while getting a reliable car with all the latest features. But chances are, you probably have a few questions about what the process entails and how to find the best deals. We’re here to help!
Shopping for repo cars is easy, but it helps to be an informed buyer. This is the best way to ensure you bid on the right vehicles and walk away with something safe, reliable and reasonably priced.
Below are the top five questions we hear from people interested in buying repos, along with our responses.
1. What are repossessed cars, exactly?
When people can’t afford to make their car payments, the bank that gave them the loan can take the car back. Some cars are returned voluntarily while others are taken by the repo man. Based on 2021 data, there are over 2 million repossessions every year. While there are many repos out there, not all are available to the public. Many repos are sold at dealer-only auctions.
2. Should I buy a repossessed vehicle?
Only you can make the decision as to whether or not you should buy a repossessed vehicle. However, we can tell you that there are many reasons to consider this avenue such as:
- Cheaper than used vehicles sold at a dealership
- Able to negotiate the price – repo sellers are highly motivated
- Quick turnaround times, especially in today’s market
- Save money on insurance and interest
3. How do I know I’m getting a repo car?
The only way to know that you’re getting a true repo is by buying directly from a bank or credit union. Dealerships sometimes advertise repos, but this isn’t really true. Usually in these cases, the dealer purchased the car at a discount, cleaned it up and is now selling it for a profit.
You can research repos in your local area or use a site like RepoFinder to find repossessed cars, pickup trucks, SUVs and motorcycles. RepoFinder gives you a much better selection and you can feel good knowing that all transactions are between you and the seller – no middleman.
4. What concerns should I have when buying a repo?
The hard thing about repo cars is that you don’t know how well the previous owner took care of them. Some repos are in great condition while others need some work. The key is to place a smart bid that leaves room to afford necessary repairs.
We always recommend that buyers do their research, ask questions and schedule an inspection before signing the paperwork. Avoid overbidding as well. Even though we’re experiencing a car shortage, you shouldn’t pay more than you need to. Patience goes a long way in this industry!
5. Why should I shop for repos at RepoFinder?
RepoFinder lets you buy repossessions directly from local banks and credit unions. Our site is free to use, though you can upgrade to RepoFinder Pro for just $4.95 a month – cancel anytime. We add new repos on a regular basis and make it easy to research and place bids directly on our website.
Don’t take our word for it – shop at RepoFinder and find affordable repos in your area.