About RV Repos and RV Repossession

1.       Most repo RVs that are for sale are only a few years old.bank repo RVs are most of the time repossessed in the two to three year loan period and were bought new. We all know that new RVs are much more expensive than the old ones. The value depreciates a third as soon as you buy them and 20% more in two years. Because of this, selling it will be difficult and it won’t be enough to pay the outstanding loan amount, then it will be repossessed, just like all other repossessed vehicles.

Typically, RV repos are used a few times only. The use of it is seasoned. Some even use it for a total of one or two months worth of time in a year. Those who are facing repossession even use it less because of financial issues. This only means that they still look new because they were hardly used.

3.       Motor homes are considered great investments that is why owners take really good care of them.Some of them would rather not use it if they think it will damage it in the process.

4.       Repo RVs are always upgraded and have several features. Most of the time it is the more expensive repo RV that gets repossessed fast because the monthly payment of this high end luxury car could be really high with all the best amenities it has. The cheaper RVs are less likely to be repossessed due to non- payment compared to the more expensive RVs.

5.      Repossessed cars for sale as well as rv repos are sold cheaper than the market value at auction. Banks want to sell the RVs they repossess as quickly as possible to cover the remaining loan balance and other expenses. The banks will likely take the highest bid at auction because it would mean expenses on their part if they keep the RV. So if the starting bid doesn’t get higher, the RV will be sold at a bargain price.

6.       RV dealers sell repos with their other inventory. Dealers buy repos at auctions so they can be added to their inventory. They will earn a good profit because the RVs in auctions are sold at a low price.

7.       Visit an auction and buy your own repo RV. Some auctions give low prices only to dealers, though there are still some that are open to public. You can still bid on an RV at an auction which is in good condition and at low price too.