Bank repossessed RV’s are RV’s that were purchased by some owner through bank assistance or financing. Then the bank would have you pay for it through a monthly basis, most often, and add to it a monthly interest. The bank would also give the owner only a certain amount of time to pay for delinquent bills, which is called the grace period, but after these they would have to repossess the owner’s RV.
Repossessed RVs as well as other bank-foreclosed properties do not generate income for the bank. So the best option for them is to dispose of these repossessed RV’s as soon as possible while the units has still high appraisals or selling values. Although secondhand RV’s are typically cheaper compared to brand new units, the longer it will take the bank to sell these RV’s, the cheaper they will get because of depreciation. To avoid this, banks will have to schedule an auction as soon as possible.
Bank repo RV’s sometimes will go 50% cheaper than those secondhand units sold in display centers or even offered in craigslist and classified ads. As mentioned, banks will avoid depreciation at all cost of the RV’s value by delaying their sale. Because of this, repossessed RV’s are in demand to RV lovers.
But how to find one? Since you are looking for bank repo RV, then the best place to start looking is in your local banks. Banks may post an advertisement inviting the public to an auction, so keep an eye for these ads. Also, it will help if you call the bank itself and inquire. Using your phone is the best way to conserve time, effort and gasoline.
Just one important piece of advice though, get your money ready at hand in case of an opportunity to bid for your desired RV at an auction.