Repossessed cars—also known as “repo cars”—can offer some of the best deals in the used car market. These are vehicles that lenders have taken back from owners who failed to make payments. Because banks, credit unions, and finance companies want to recover their losses quickly, they often sell repossessed vehicles at significantly reduced prices.
For buyers willing to do a little research, repossessed cars can be a great opportunity to save thousands of dollars. Here’s a clear guide on where to find repo car deals and how to buy them confidently.
1. Check Local Bank and Credit Union Auctions
Banks and credit unions frequently hold auctions to sell repossessed vehicles. These auctions often offer:
- Lower prices than dealerships
- Well-maintained vehicles
- Clear titles
- Fair selling practices
Visit their websites or call their “asset recovery” or “loan department” for auction dates and listings.
2. Look for Government and Police Auctions
Government agencies also auction off vehicles, including repossessions and impounded cars. These auctions may feature:
- Cars, trucks, SUVs, and motorcycles
- Vehicles seized for unpaid taxes or legal issues
- Competitive bidding opportunities
Search for state, county, or city auction websites for schedules and inventory.
3. Explore Online Repossession Marketplaces
Several online platforms specialize in selling repossessed cars directly to the public, including:
- RepoFinder
- AutoBidMaster
- GovDeals
- Copart (some vehicles may require a broker)
These sites list thousands of repo vehicles with photos, condition details, and bidding options.
4. Contact Local Tow Yards and Impound Lots
Some tow yards sell repossessed or abandoned vehicles at discounted prices. While inventory may vary, these lots can occasionally offer exceptional deals.
5. Visit Dealer-Only Auctions Through a Broker
Dealer-only auctions typically feature large inventories of repossessed vehicles. While the general public cannot attend, you can hire a licensed dealer or broker to:
- Bid on your behalf
- Access better inventory
- Negotiate final prices
This option is useful if you’re looking for newer or higher-quality repo cars.
6. Inspect the Vehicle Carefully
Repossessed cars are usually sold as-is, so inspecting the vehicle is essential. Check for:
- Engine issues
- Transmission problems
- Accident damage
- Electrical faults
- Tire condition
- Interior wear
Whenever possible, bring a mechanic or request a professional inspection.
7. Compare Prices Before Bidding or Buying
Even if the price seems low, compare it with:
- Kelley Blue Book (KBB) value
- Edmunds pricing
- Local dealership listings
This ensures you’re getting a truly good deal and not overpaying.
8. Understand All Fees Before Purchase
Repo sales may include:
- Auction fees
- Buyer’s premiums
- Storage or towing fees
- Documentation fees
Knowing these costs upfront prevents unwanted surprises.
9. Act Quickly — Repo Cars Sell Fast
Because repo vehicles are priced to move, good deals disappear fast. Once you find a promising car, take action before someone else buys it.
A Cost-Effective Way to Buy a Car
Repossessed cars provide buyers with a unique opportunity to save money on reliable vehicles. With research, inspection, and smart bidding, you can secure a great deal and drive away with confidence. Repo deals aren’t just for car experts—any informed buyer can take advantage of them.
