Thinking about buying a repo car, truck or SUV? RepoFinder has a wide selection of repossessions being sold directly from the banks and credit unions. As long as you’re patient and do your research, you should have no problem finding a vehicle at a discounted price. Keep reading for five things you probably didn’t know about repos.
1. To save money, you have to buy repos directly from the bank.
Dealerships often market “repo vehicles for sale” but they’re typically not true repos. Instead, dealers buy these cars from auctions, fix them up and sell them to the public. By this point, you’re getting essentially any other used car.
To get a true repo, it’s best to shop directly with the source: a bank or credit union. These institutions make money by lending money, so when a person stops making their car payments, they take away the vehicle. To recoup their losses, the banks will sell these cars directly to the public – no middle man.
2. Repos are often in good condition.
It’s true that repos are not always in good condition. When people stop paying on their car, they typically stop paying for maintenance, too. Some may even damage the car once they receive notice of repossession. Fortunately, the banks often send these vehicles straight to auction.
We always encourage car buyers to do their research, but rest assured you can find a great selection of repos in good condition on RepoFinder. Many owners are unable to afford their new car payments, and some even turn their vehicles in voluntarily.
3. You can save money – but not always.
Repos are sold “as-is.” This is why they are priced lower than average, as you’re taking on whatever repairs the car needs. Cars are worth buying this way as long as they only need basic repairs and maintenance – new tires, oil changes, etc. Be wary of buying a repo that shows signs of bigger problems because you will end up inheriting them on your dime.
4. You’re responsible for doing your own research.
Car salesmen can be bothersome, but it’s also nice to have someone showing you the ropes and assisting with negotiations and paperwork. When browsing repos, you’re essentially on your own. You have to watch out for yourself, so be sure to research the cars you’re interested in, ask the seller questions about the vehicle’s condition and have an inspection done. Also, know the NADA Guide’s lowest value and bid accordingly.
5. You’ll have to be patient.
Buying a repo isn’t like buying a new car. You can’t just walk into a dealership and drive away with something new on the same day.
Even though there are many online auction sites, repos are a bit more difficult to get than people realize. Good quality repos are in demand, and there’s often multiple people bidding on them. Take your time, research each vehicle and make a strong bid. It could take weeks to hear back, so be patient.
Find a Great Deal on a Repo Today
Browsing the repo inventory on RepoFinder.com is always free! If you choose to upgrade to RepoFinder Pro, it’s just $4.95 a month (cancel anytime). This membership allows unlimited searches, full access to our repo list and the ability to buy directly from the bank – no sales, commissions or dealer’s license required!