People across America are excited about buying used RV repositories. RVs are a great way to vacation and see America from the comfort of your home. Unfortunately, taxes are going up and the economy may not be. People looking for ways to save money can benefit from recent economic changes, as the opportunity to find more great deals from desperate sellers or repossessed and repossessed RVs may be increasing.
Most new RVs are very expensive. People know that when they drive that new RV off the lot, they automatically lose 30% of its value. Buying used or salvaged RVs is a great way to save yourself a bundle. To get the best deals, I don’t normally recommend a dealer. Instead, we recommend finding great deals through private sellers or buying RVs from a bank.
The problem is, most repossessed RVs never go to a private auction. They are simply auctioned off to a dealer and delivered to an authorized dealer as part of a shipping agreement. Banks are not professional RV sellers. They have no advertising budget and just want to sell as fast as possible. Either way, you are still buying a third party when you buy a bank repository.
A good idea for finding bank repository RVs is to contact your lender and ask if they have any they are selling or if they can get them to contact you if they do. You may be lucky, some lenders may be helpful. One of the largest subprime vehicle lenders is American General Finance. You can also try contacting them. Most RV repositories are sold as a silent auction. You may be allowed to check in before the auction or right after. All sales are normally final and you purchase the RV as is.
The great part is, unlike homes in foreclosure, most RV repo’s are in good condition. You can get an RV in good condition for a great price. Another benefit is that it could come with many updates, such as satellite, internet access, and multi-swipe. You can get a lot more RV for your money.
When purchasing an RV repo at auction, it’s important to focus on what you want and consider a maximum bid. Set this amount to half before going to the auction to avoid a bidding war. This is the maximum you will allow yourself to bid. The only real way to lose out at auction is to get excited and outbid.
Before bidding, be sure to thoroughly inspect the unit (where possible). Anything that needs to be repaired should be deducted from the price you would otherwise be willing to pay. If it is not possible to inspect the motorhome beforehand, consider a contingency factor of 5 to 15% to repair possible minor repairs. Make sure you are not obliged to buy if the unit has a major problem. Sometimes they will give you 24 hours or 3 days to have the unit inspected and this is generally worth the cost. Use a basic guide to determine the approximate value of the repossessed RV. If you use the NADA guide, keep in mind that you are not buying at the private party price, but probably at or below the bargain value. If you do not have access to this value, call a dealer and ask what the commercial value is. In most cases, they will be happy to assist you. This will allow you to get the best deal on RV repo.