A bank repo RV can save a buyer thousands of dollars over buying used or new; however, you must be patient and willing to do your research when looking for a repo RV. Anyone who is considering buying an RV should look for one that has been repo-d.
Bank Repo RVs
An RV repo is the same as any other vehicle, such as a car or a truck that has been repossessed by a dealer. A repossession means that the item has been taken from their previous owner because of non-payment. The dealers then turn around and sell the repossessed item, usually at a large discount, so they can get them sold.
A lot of people wonder why lenders try to sell their merchandise at large discounts, especially RVs. This can mean losing a good deal of money. The problem is - lenders who have possession of repossessed RVs are holding onto the vehicle without getting any kind of payment for it. Since many of these lenders are not dealerships, they cannot sell these repo-d RVs at the normal, higher prices. They may simply want to get something for their trouble, and get them sold. Thus, they try their best to sell the repo-d RV for a price that they know will get it off their lot. These RVs can be bought by people like you.
Finding RV Repo's In Your Area
You can find RV repos in many different places. Many people automatically turn to a dealership to look for one, but this is not advisable. Many dealerships find lenders who own repossessed RVs and do business with them. They then buy RV repos in bulk, usually for a good deal. From there, the dealership advertises their repo-d RVs, luring people in for great deals and savings. Unfortunately, the dealers will mark the repo RVs up more than necessary, so they can make an amazing profit. You could pay hundreds if not thousands of dollars more by turning to a dealer for your repo-d RV.
To get the best deal on a repo-d RV, check your local newspaper listings. Auctions that sell off repossessed vehicles will usually be listed. You may also look into your local county office to inquire if the state you live in runs public auctions, as they usually do. If you look at a repo RV, make sure that the lender's name can be found on the title. This is important to know if the RV is definitely a repossession or not.
Finding RV Repo's Online
You can also use the Internet to your advantage when you are searching for RV repos. One good rule to remember is that if you find an auction online, you want to be sure that it is local. eBay is one exception, as it is the biggest and most reliable auction site online. If it is another auction site, make sure you do your research to make sure it is reliable and trustworthy. When you are bidding online for RV bank repos, you will definitely want to check them out in person. When you find one that is being sold locally, it is much easier to make sure that it is the right one for you.
You may also find repo-d RVs online through ads made from the lenders who now own them. Again, make sure that the lender is reliable before making an offer on the RV.
More Information On Finding Repo RVs
You can also talk to your local lending institution to see if they lend on an RV, and if they do, if they have any. A credit union may also lend on RVs, so you can also check with them. You may have to wait a bit to develop a good relationship with a particular lender before they allow you to view their repo-d RVs. You may also get information from American General Finance, as they have been one of the largest sub-prime lenders of RVs. If you have less than a perfect credit score, you may be eligible for a sub-prime loan. Just remember that your interest rate may be higher. Although it might be harder working with a company that isn't local, this is still an option.
When a lender has a repossessed RV that they are trying to sell, they generally want to get rid of it quickly. That means they will usually want cash for the title. When you have cash to give them, you may be able to negotiate an even better deal for your RV. However, if you choose to try and finance, you will want to make sure you have a great credit score and history to get the one that you want. Banks who are selling RV repos will more than likely not do anything to get their RVs ready for their auctions. But, as long as you know what to do and what to look for, you can still get an excellent bargain on your purchase.
Making The Purchase: What To Expect
When you are looking at repo-d RVs, there are a few things to take into consideration. One is to make sure that the mileage is something you are comfortable with. You will want to make sure that the interior is in good condition, and that it is not worn out. You will find that many RV repos are still in very good condition, and that many even have extra amenities that are very modern. These may include satellite systems and Internet access. An upgrade on a repossessed RV will not affect the price as it would on a new RV. The most important thing to remember is this - buying an RV that has been repossessed will probably save you a lot of money, and it can be well worth the time and effort spent looking for one.