Buying motorhomes and Rvs at repossessed motorhome auctions is such a good deal for many reasons. For starter, you can often buy these Rvs for 50 to 70% below retail. As with car repos, motorhome repos occur when an individual falls behind in their payments and the vehical get rpossessed by the lender. Because lenders are not in the business of buying and selling Rvs, they often get sold quickly at an auction to the highes bidder. For the most part, they are sold with little or no reserve and you can get a great deal if you know what you are doing.
What is the condition of most units?
Most units are in great condition, because a lot of repos occur during the first 3 years. In addition, to buy a motorhome, most people need to have good credit. (Average Credit score is 720.) People with higher credit that default, will more often then not be responsible and still have the unit in decent condition. That being said, it is still possible to find motorhomes that smell like cigarettes, mold, or pets. This motorhomes should be avoided because they will be harder to sell later on.
Where to Find Repossessed motorhome auctions?
A good place to start is to search local newspaper classifieds and boat magazines from advertised auctions. Some of the the best auctions may be the hardest to find. Another way to search is to search for car auctions or Boat Auctions that will sell these as well. If you will near a large city, you may also want to search online. Remember that is is best to keep your search radius as local as possible.
Once you find when and where these auctions are occurring make sure to check to see if the auctions occur on a monthly or quarterly basis. Often times, RV auctions occur on a repetitive basis.
When searching online, try searching for local auctioneers or auction houses. These people make a living selling auctioned items. They should advertise the dates of their auctions along with the items that they sell be selling just prior to the auctions.
Before bidding on repossessed motorhome auctions, it is a good idea to know the trade in values of the motorhomes you would like to bid on. The NADA and the KBB offer these values, but they typically charge money for them so if you know someone in a car dealership or who works at a bank, they may be able to get these values for you for free. Another way, is to subtract 20 to 25% off of the private party value. This is the quick and dirty way, but it tends to work for a lot of units.
Another way to find inventory before it goes to auction is by talking to lenders. Ocassionally, lenders will have the inventory parked in front of the lending institution with a for sale sign in the window. This is an opportunity to get a great deal on the purchase of your next repossessed motorhome or RV.