How to Find the Best Deals on Repossessed RVs for Sale
Buying repossessed RVs for sale can save you a lot of money. One of the best ways to do this, is to buy repossessed RVs either directly from the bank or from an RV Auction. For the past 3 years, there have been a lot of trailer and RV Repossessions for sale. In addition, interest rates have been very low, and this also makes buying a motorhome less expensive.
Why are Repossessed RVs and Trailers Such a Great Deal?
Buying repossessed RVs for sale can save you 50-80% off of retail. Just like car repossession, RVs and trailers are repossessed when the owner cannot make their payments. Usually they need to be a few months in arrears before the lenders repo the RV.
However, unlike cars, you are more likely to find repoed RVs that have been well taken care of. RV owners usually have great credit when they buy their RV. Most RV lenders will not lend without a credit FICO score of at least 720. So most of the people who get to the point of repossession have really fallen on hard times. However, since most RV owners are very responsible people, repossessed RVs can be really nice.
Once the lender reposses the RV or trailer, they are taken to a local auction and sold to the highest bidder. The lenders are bankers and not sales people, so they are not attached to a fixed sales price. Most often a lender will give you a “steal of a deal” in order to get rid of the “bad debt” on their books. Don’t be afraid to ask for a lower price. When banks list RV repossessions for sale, they rarely list it for the lowest price that they would be willing to take for it. You never know, you may be able to get an even bigger discount.
Most often, auctions in which have RV repossessions for sale occur are ongoing. These auctions will often be held at the same time and place repeatedly. So finding out where these auctions are held is key to your savings. The easiest way to find the auction is to go to a local RV dealer that specialized in selling used cheap RVs. They probably know where all the auctions are and you can cut them a deal. For a nominal fee they can go to the auction with you or for you, and help you find a great repossessed trailer or RV. Another way you can find these auctions is to look in your local newspaper regularly. The auctions are not always advertised in the local paper, so you need to look online as well. Sometimes sites like Craigslist.org will advertise RV repossession auctions. As a last resort, you can ask a local RV lender if they know of any foreclosed RVs for sale. This may take some time and determination, but your hard work will pay off in the end, with huge savings on a great used RV. Another option is an online rv auction.
In most states, you don’t have to have dealers’ license 7 bid at auction on repossessed motorhomes for sale or trailers. But you will have to ask around to be sure. Be ready to go with your cash to the auctions. When you are buying repossessed RVs for sale, you will most often have to pay right away for the RV you have just purchased.
You will find two main types of auctions for repossessed RVs. There are live auctions where your bid is given aloud against others bidders, and silent auctions. Each auction type allows you to buy RV repossession for sale at a fraction of the cost of buying them used. In this case, each bid is in a sealed envelope and the highest bid wins. In either case, you will have the opportunity to inspect each of the repossessed trailers & RVs to decide which ones you want to bid on. Be sure you know, or bring someone with you who is very knowledgeable about RVs & trailers. You don’t want get a lemon. If you don’t know how, however, you can always learn. Below are some great resources to teach you everything you need to know before buying used or repoed RVs.
***Motorhome Owner Help: 4 Tips To Lower Your RV Insurance Rates
Here are some related articles you might be interested in:
*All About RV Auctions, Repossessed Motorhomes, & Foreclosed RVs
*RV Foreclosures Guide
*The RV Repo Market and RV Repo Auctions: