Finding repo trailers can be a great way to save you 50% or more on the purchase of your next RV trailer. In the last decade, people have become more and more convinced that buying an RV trailer is a great way to get away for the weekend. These RV trailers can be a home away from home. They make like a lot easier than camping and they make extended visits with family possible.
New RVs are far to expensive. In this day and economy people are looking to buy bargain RVs. Lot’s of people shop used RV dealers as well as trailer repos at auctions.
Buyers know that when they drive a new rv off the dealer’s lot, they will automatically lose 25-30% of it’s retail value. I suggest buying used or repo trailers as a great way to save a bundle of money. Avoid the dealer, to get the best deals. Focus on finding great deals through private party sellers, bank repo RVs, or RV Auctions. or buying Repo trailers from a bank.
Unfortunately you will never see most repossessed trailers at auction. They only get auctioned to dealers or they get turned consigned over to dealers. Banks do not want to assume the role of professional trailer salesman. They only want to sell it as quickly as possible. You are still buying from a 3rd party when you buy from these second hand auctions. If you are able to bid at these repo auctions yourself, you should do much better.
It is a good idea is to focus on RV auctions in your area. Find bank repo trailers by contacting your lender and asking them if they have any RVs they are selling and to contact you later if they do. A few lenders may be helpful. American General Finance is one of the biggest big sub prime lenders. They may be a good source for repos. RV Trailer repos are sold in a silent auctions or a vocal auctions. A silent auction is one where everyone submits Ideally, they will allow you to walk through before the rv auction. Typically, the sales are final and you buy the RV in As-Is condition.
Unlike foreclosed home, most repod trailers are in great condition with little wear and tear. Look for an RV in good condition for an excellent price. Fortunately, you can also benefit at an auction by getting a lot of upgrades. Look for trailers with useful upgrades like Internet access, generator, satellites and multiple slide out. You can get a lot more trailer for your money.
Focus is the first part of buying a trailer repos at an auction. It is important to have a ceiling bid in mid before bidding. This will help you avoid a avoid a bidding war and spend to much for the trailer at auction. The ceiling bid is the is the maximum you will bid so stick to it. The people who lose at an auction are the ones who become emotional and overbid.
When possible, allows make sure to inspect the repo trailer before bidding. Find out whatever needs to be fixed and then deducted the amount of repairs from the price you are willing to pay. When it is not possible to inspect the trailer first, it is probably a good idea to factor in a contingency. A good percentage is 5-12% above the likely cost of minor repairs.
In most cases you are not stuck with the unit if you find any major unforeseen problems immediately after purchase. Most states have a three day lemon law. However it is best to know this beforehand. Auctioneer sometimes give you 24 hours to 3 days to have the unit privately inspected. This is strongly recommended.
Before you bid on the repo trailers, it is important to know their approximate value. You can also use a guide book such as the kelley blue book and NADA guide to determine the approx value of the repossessed trailer. If you use the NADA remember you are buying under private party value. You should be able to get it for trade in value or less. Most people do not have access to this value, but if you call a dealership they will be happy to give you a low trade in value to work with. (Especially if they think they might be getting a trade in.) Knowing the correct value is the best place to start when looking to get the best deal on repo trailers.