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Buying a Repossessed RV in Arizona
With the amount of repossessed RVs that banks have sitting on their lots, right now it’s the perfect time to buy a repossessed RV. You don’t know how to begin to buy a repo RV? No problem, anyone can do it by learning the essentials of the repo process, benefits of doing so, a couple basic buying tips, and a few pricing guidelines.
The RV Repossession Process
Like any other property repossession, a RV repossession occurs when the owner defaults on their RV payments. This process typically starts when the loan agency or bank sends the owner a late payment notice. This notice generally includes warns the owner that, should they not pay the amount due by the listed date, the RV will be foreclosed on. If the date arrives, and the payments are not caught up, the agency or bank will contract a repossession agent to confiscate the RV and will generally store it until it is sold at a repossessed RV auction.
Benefits of a Repossessed RV
Buying a repossessed RV at an auction is on top of the list of practical ways to buy a used recreational vehicle at a low cost because, unlike other types of repossessed properties, repo RV’s have generally only been used on periodic vacations and are commonly repossessed shortly after they are bought.
Another excellent reason to buy a repossessed RV is to avoid the hidden costs and mark-ups that used RV dealers add when they purchase the vehicle from the bank.
Where to Buy a Repo RV
The last stage of the repossession process is selling the RV at an auction. Basically, there are three main types of auctions: Fast moving live auctions where bidders are in a room of other people whom they are competing against, slower moving silent bid auctions that have larger crowd but allow bidders time to inspect the RV’s, and online auctions where prospective buyers can get RV’s for much less than market value, but can’t inspect the models before they bid.
Locating Repossessed RV Auctions in Arizona
There are a variety of auctions options in Arizona. Many local area banks offer information about the units they will be auctioning. Some even provide this information online - which allows prospective buyers to peruse the units from the comfort of their own home. Online search advertisements, auction houses, used RV dealers, and repossession companies are other excellent places to search for leads on any auctions in the state. American General Finance and the IRS are additional fountains of information that buyers could check out to see where and when auctions will take place.
Repossessed RV Auction Prices
Just like any other big ticket purchase or bidding situation, it is wise to have a maximum amount in mind that you are prepared to spend before the bidding begins at an RV auction. There are many consumer resource WebPages, books, and other reliable sources available where potential bidders can find helpful RV market value information on most RV models. Once the market value is determined, it is generally safe to assume that the RV can be bought at a savings of 15-22% below market value.
These are the basic process, benefits, basic buying tips, and a few pricing guidelines that will get the best quality repossessed RV at the lowest possible price. But, what can they do when they have it?
Fun Things to do in Arizona
Spring is nearly here, and one of the most famous Arizona sights are the state’s vibrant wildflowers (Poppies, Coneflowers, Chicory, Daisies, Wild Blue Flax, Bachelor’s Button, among others) and wildlife (Bobcats, Mountain Lions, Javelinas, Elk, Jaguars, etc). RVers can admire all of this as they camp, hike, and drive along scenic routes and famous National Parks and attractions that fill the state and make it one of the most popular RV vacation destinations in the country.