Where to find Repo RV and how to buy a Repo RV
People all over the United States are excited about buying used RV dealerships. RVs are a great way to vacation and see the United States from the comfort of your own home. Unfortunately, taxes are going up and the economy may not. People looking for ways to save money may benefit from recent economic downturns, as the chance of finding more great deals from desperate sellers or repossessed and repossessed RVs may be on the rise.
Most new RVs are very expensive. People know that when they take that new RV off the lot, they automatically lose 30% of its value. Buying used or repossessed RVs is a great way to save you a ton. For the best deals, I don’t normally recommend a dealer. Instead, we recommend finding great deals through private sellers or buying Repo RVs at a bank.
The problem is that most repossessed RVs never go to private auctions. They are simply auctioned off to a dealer and delivered to an authorized dealer as part of a consignment deal. Banks are not professional RV dealers. They don’t have an advertising budget and just want to sell as fast as possible. Either way, you are still buying from third parties when you buy a bank repository.
A good idea for finding bank repo RVs is to contact your lender and ask if they have any that they are selling or if they have any to contact you if they do. You may be lucky, some lenders may be helpful. One of the largest subprime RV lenders is American General Finance. You could also try contacting them. Most RV repos are sold as a silent auction. You may be allowed in before or right after the auction. All sales are normally final and you purchase the RV as is.
The great part is that unlike foreclosed homes, most repo RVs are in good condition. You can get a RV in good condition at a great price. Another benefit is that it could come with many upgrades such as satellite, internet access and multi-swipe. You can get a lot more RV for your money.
When buying an RV repo at auction, it’s important to focus on what you want and keep a maximum bid in mind. Set this amount in half before you go to auction to avoid a bidding war. This is the maximum you will allow yourself to bid. The only real way to lose at an auction is to get excited and overbid.
Before bidding, please be sure to thoroughly inspect the unit (when possible). Anything that needs to be fixed should be deducted from the price you would otherwise be willing to pay. If it is not possible to inspect the mobile home beforehand, consider a 5-15% contingency factor to repair potential minor repairs. Make sure you are not forced to buy if the unit has some major problem. Sometimes they will give you 24 hours or 3 days to have the unit inspected and this is usually worth more than the cost. Use a basic guide to determine the approximate value of the repossessed RV. If you use the NOTHING guide, keep in mind that you are not buying at private party price, but probably at or below market value. If you don’t have access to this value, call a dealer and ask what the trade-in value is. In most cases, they will be happy to help you. This will allow you to get the best deal on repo RVs.