The best way to locate a repo RV is through making contact with a bank or other lending institution. You may face some challenges getting to the right person who can answer your question, but be persistent. Eventually online silent auction ideas you’ll learn what’s available and whether their auctions are open to anyone. Ideally, you’ll find good bank repo RV opportunities with several different lenders. The largest West Coast subprime lender, historically, has been American General Finance. That’s where we used to send any buyers we knew couldn’t get financing elsewhere. Those kinds of subprime lenders are the ideal place to find bank repo RVs.
Sometimes the repos are sold at silent auctions, and other times you’ll need to attend a vocal auction. They should let you inspect the RV before the auction, but RV bank repo sales are considered final. It’s an As-Is arrangement.
Unlike homes that have been foreclosed on, a repo RV bought at auction can generally be assumed to be in excellent condition, but you’ll still want to get the most value for the price. In particular, a bank auction is a great opportunity to get lots of normally pricey upgrades along with your RV. It’s common to find things like internet, generators, and satellites at prices far below their market value. Pay attention to these little details and make the most of your purchase.
The most important part of making the purchase of a bank repo RV is to be focused. Know what your ceiling bid is going to be before the auction even starts. That way you don’t end up overpaying or losing your shirt in a bidding war. Commit yourself to that price. If you start getting emotional and wanting to overbid, you’re entering dangerous territory. That’s how people lose at an auction.
Be sure and do an inspection of your bank repo RV wherever you’re allowed. Figure out what needs fixing and deduct that cost from your preset maximum bid. In cases where an inspection isn’t permitted, you still need to have a contingency factored in. Plan on somewhere around five to fifteen percent over the general cost of making minor repairs. (Though, in some states, lemon laws will give you between 24 hours and three days to get your money back for the bank repo RV if you find significant problems.
Just make sure you know what your target repo RV is worth. That’s where you start when you’re looking for a good deal. Before you ever start bidding, have an approximate idea of the value of the bank repo RV. You might use one of the guide books that are available: NADA, for example, or the Kelley Blue Book. Should you use NADA, keep in mind you are buying at private party value. This means you’re going to making the purchase at or below trade in pricing. Not many people know this pricing, but you can call dealerships, telling them you have a trade-in, and they’ll be all too happy to give you a low price to work with. Talk to several to get a good average.