Finding Bank Repo RVs at silent Auction

You can find out where repo campers are being auctioned by contacting any bank or by contacting some other lending institution.  It might take several tries to actually get the right department on the phone, but stay with it and ask good questions.  Eventually you’ll get there.  Hopefully you’ll be able to find campers with multiple lenders.  American General Finance is a good example silent auction basket of one large subprime lender-the largest on the West Coast.  They’ve always been great about financing buyers who can’t find financing elsewhere.  An established subprime lender like that is generally sure to have bank repo camper opportunities at any given time.

You may end up buying the repo camper at either a silent auction or a vocal auction, depending on the preference of the lender.  Hopefully you’ll be free to inspect the camper before auction.  You should at least be allowed to give it a walkthrough.  Once you’ve made the purchase, the sale is final.  The camper is purchased As-Is.

You can generally assume that a bank repo camper bought at auction is in good condition.  Still, get the most bang for your buck.  You’ll easily be able to find popular add-ons like internet access and multiple slide-outs, not to mention generators or satellite dishes, at below market pricing.  Look for ways to maximize your value.

Stay focused throughout the process of making your bank repo camper purchase.  It’s crucial to know your ceiling bid before the auction starts.  This will keep you out of a costly bidding war and save you from overpaying.  Once you’ve decided on a maximum bid for your repo camper, that’s it.  No spending more.  This sounds easy, but takes discipline.  People who make emotional over bids at auction always end up losing in the end.

Do as much inspecting as you’re permitted and add up the costs of any visible repairs.  Be sure and subtract that amount from your already set maximum purchase price.  If you can’t make an inspection, then you still need to figure in some sort of contingency.  A good figure is 5% to 15% over the price of minor repairs.  Keep in mind, too, that states with lemon laws will allow you to return the bank repo camper up to three days after you buy it if you come upon a major needed repair.