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The RV Repo Market – Save 1000s Buying Used Repo RVs
In this economy, there is a lot of enthusiasm for buying RV pensions. Buying RVs that have been repoed is a great way to save thousands of dollars, but it takes hard work, courage, patience and a strong mind.
What is a Repo RV?
A repossed motorhome is the same as a car that has been repossessed or a house that has been foreclosed. This is an RV that was repossessed by the lender (or repossessed) and is now being sold by him so he can get rid of it. Many times these RV pensions are sold at a very low price so that the lender can get them off their books.
Many wonder why a lender would sell anything at a discount. They usually leave thousands of dollars on the table when they sell their repossessed items. The answer is – the business of the lender is to lend money. If they own an RV that they don’t receive payments for, they don’t make money. They are not set up to sell the RV at premium prices because they are not a dealer – they don’t have the systems in place to market and sell repo RVs at a premium price. They just want to get rid of it. The federal government has laws requiring lending institutions to keep a percentage of the money they loan in cash.
For example: Let’s say the bank has $1,000,000 in cash. According to federal regulations, they can lend up to $10,000,000. At 7%, that earns them $700,000 a year. Now let’s say they have an RV that they have rested. The RV has a balance owing of $100,000. Because they have this RV on their land and because they don’t receive any interest payments, instead of it being an asset, they have to record it as a liability. This means they must subtract $100,000 from their cash pool. For them, it’s a loss of $70,000 a year! (Now they only have $900,000 in cash to lend against so they can lend up to $9,000,000. At 7%, that’s $630,000. So $700,000 – $630,000 = 70 $000!)
So you can understand why lenders are desperate to sell the recreational vehicles they own.
So where can I find a good RV rest?
First – they place NOT to find them at a dealership. Many dealerships will find these lenders and develop business relationships with them. They will buy multiple RVs at once, get a awesome agreement (often the lender will take a huge loss on a RV repo just to take it out of their land). The dealership will then advertise the RV repo offers and try to get people to buy these “awesome” offers. But usually the dealer marked the repo RVs up to a little less than the market price. If you go to a dealership, you’re missing out on thousands of dollars in savings.
The first place to look is in your local newspapers. Auctions are usually advertised in the newspaper. You can also check with county offices to see if your state holds public auctions. When looking at RV repo’s, make sure the lender’s name is on the title. This will tell you right away if the RV is a repo or not.
You can also check online. Beware of online scams! As a general rule, if you find an auction online (unless it’s an eBay auction), don’t get involved unless it’s local to you. You want to be able to verify the motorhome you are bidding on and local is a much better way to do that. Ask lending institutions if they lend on RVs and if so, do they have repos. Check with local credit unions as they are the largest local RV lenders. It may take some time to develop a relationship with the lender before they let you look at one of their recreational vehicles. Remember to a lender, having repossessed items is like having a messy house. They don’t want to let in someone they don’t know because it’s embarrassing.
One of the largest subprime lenders for recreational vehicles is American General Finance. Subprime loans are loans given to people whose credit is not perfect for a higher than normal interest rate. This is another place to look. Be careful, it will be more difficult to work with someone who is not local.
Lenders selling repos RVs will want to sell them as soon as possible and will usually want cash for the title. Sometimes, though, if you’ve done a great job of building a good rapport and have good credit, they’ll finance the purchase for you and they may offer you a great rate as well.
What can I expect when buying an RV repo?
These banks may not do much to prepare the RV for auction. That’s good because if you know what you’re doing, you can get a really good deal.
You should look for low mileage units and recreational vehicles that have not been manned. Generator hours are a good indicator of usage and another is worn upholstery. Most RV Repos will be in very good condition. Some may even come with many “upgrades” included in the base price, such as satellites, internet access, and multiple slide outs. Upgrades on used depots affect the price much less than a new RV. The bottom line is that by buying an RV repo, you can get more for your money.
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