Q:

How do you find repossessed credit union cars for sale?

A:

Quick Answer

Find cars repossessed by a credit union by looking for the auto auction and repossession section of a credit union's website. Alternately, you can search on repossessed auto auction sites, such as RepoVehiclesForSale.com or RepoFinder.com.

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Full Answer

A credit union or other financial institution repossesses a car when the owner defaults on a payment made on a loan from that institution. In some cases, the loan may be for the vehicle itself, while in other situations the vehicle was placed as collateral on another type of loan. In both cases, when the borrower is unable to consistently make payments on a credit union's loan, the institution legally gains possession of the car to offset the financial loss associated to the loan. As such, credit unions proceed to sell the vehicles as quickly as possible to recoup as much money as possible.

Many credit unions post information about repossession auction on their websites, typically under specific auto loans sections. If you can't find this section on a credit union's site, you an also visit a physical branch and speak to an associate about any available cars. Some credit unions accept bids at any time, while others only do so during a specified auction period.

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