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Repossessed Cars in Fort Wayne

Daily, many Americans fail to pay their car loans or leases and, as a result, their vehicles become repossessed cars. What actually happens to those repossessed cars after the financial institution hauls them away? These cars don’t just magically disappear to some car repo heaven - most Fort Wayne car repos head to repossessed car auctions.

The financial institutions are in a rush to sell the repossessed cars because the sooner they sell the vehicle, the sooner they get at least a portion of the money that was owed to them. Additionally, most don’t have a convenient place to store the car repos and so they try to sell these vehicles to a Fort Wayne IN repo car auction as soon as possible. A repo auto auction can be open to the public or limited to dealers or other private bidders, so before you head out to get your auto repo, make sure you will be able to participate.

With the right amount of preparation and research, you should be able to get a good deal on a repossessed auto. Since there are a variety of makes, models, and car repo conditions at a Fort Wayne repo auction, you need to figure out what kind of car you want and how much you are willing to bid. You will want to research the retail value of the car repos you are interested in bidding on, so either bring along a few pricing guides or use the repossessed car auction catalog (often available at the auction house) to research specific vehicles before you go.

To make sure that you do not end up with any surprises, it is always best to try and get the VIN (Vehicle Identification Number) and do a Vehicle History Report on any Fort Wayne auto repo in which you are interested. Also, no matter how much research you do on the car, make sure you get a chance to inspect the car repo in person before the repo auction begins. Get a copy of the repo car auction site’s terms and conditions so you know the auction house’s rules and what you need to bring the day of the car repo sale.

Here are some ways to find a repo auction in your area:

  • Ask local banks or credit unions if they sell to a repo car auction.
  • Check the yellow pages in your phone book to see if they list any Indiana repossessed car auction sites or auction houses.
  • Look in your newspaper for listings about any local repo auto auctions in the area.
  • Search online for repossessed cars in Fort Wayne or Indiana repo auctions.