| The best way to locate a repo RV is through making | | | | starts. That way you don't end up overpaying or |
| contact with a bank or other lending institution. You | | | | losing your shirt in a bidding war. Commit yourself to |
| may face some challenges getting to the right person | | | | that price. If you start getting emotional and wanting |
| who can answer your question, but be persistent. | | | | to overbid, you're entering dangerous territory. That's |
| Eventually you'll learn what's available and whether | | | | how people lose at an auction. |
| their auctions are open to anyone. Ideally, you'll find | | | | Be sure and do an inspection of your bank repo RV |
| good bank repo RV opportunities with several | | | | wherever you're allowed. Figure out what needs |
| different lenders. The largest West Coast subprime | | | | fixing and deduct that cost from your preset |
| lender, historically, has been American General Finance. | | | | maximum bid. In cases where an inspection isn't |
| That's where we used to send any buyers we knew | | | | permitted, you still need to have a contingency |
| couldn't get financing elsewhere. Those kinds of | | | | factored in. Plan on somewhere around five to |
| subprime lenders are the ideal place to find bank repo | | | | fifteen percent over the general cost of making |
| RVs. | | | | minor repairs. (Though, in some states, lemon laws |
| Sometimes the repos are sold at silent auctions, and | | | | will give you between 24 hours and three days to |
| other times you'll need to attend a vocal auction. | | | | get your money back for the bank repo RV if you |
| They should let you inspect the RV before the | | | | find significant problems. |
| auction, but RV bank repo sales are considered final. | | | | Just make sure you know what your target repo RV |
| It's an As-Is arrangement. | | | | is worth. That's where you start when you're looking |
| Unlike homes that have been foreclosed on, a repo | | | | for a good deal. Before you ever start bidding, have |
| RV bought at auction can generally be assumed to | | | | an approximate idea of the value of the bank repo |
| be in excellent condition, but you'll still want to get | | | | RV. You might use one of the guide books that are |
| the most value for the price. In particular, a bank | | | | available: NADA, for example, or the Kelley Blue Book. |
| auction is a great opportunity to get lots of normally | | | | Should you use NADA, keep in mind you are buying |
| pricey upgrades along with your RV. It's common to | | | | at private party value. This means you're going to |
| find things like internet, generators, and satellites at | | | | making the purchase at or below trade in pricing. Not |
| prices far below their market value. Pay attention to | | | | many people know this pricing, but you can call |
| these little details and make the most of your | | | | dealerships, telling them you have a trade-in, and |
| purchase. | | | | they'll be all too happy to give you a low price to |
| The most important part of making the purchase of | | | | work with. Talk to several to get a good average. |
| a bank repo RV is to be focused. Know what your | | | | That should be plenty to get you started. Have fun |
| ceiling bid is going to be before the auction even | | | | finding a killer deal on a bank repo RV! |