Repossessed RV’s in Southern California
Thanks to the recent economical crunch, many banks throughout Southern California have found themselves with more repo RV’s on their hands than they can handle. This is a situation that is being taken advantage of by many people who are looking to buy a used RV at considerable savings, and anyone can do it to just by learning a little about the process, benefits, basic buying tips, and a few pricing guidelines:
The Process of RV Repossession
As is the case with other property repossessions, when an owner defaults on their RV payments the RV is then repossessed through the normal bank foreclosure procedures. This usually starts with the loan agency sending a late payment notice, which ordinarily includes a warning of foreclosure should the tardy amount not be paid by the date listed on the notice. When the payments are not caught up by that date the agency contracts a repossession agent who confiscates the property and generally stores it until the lending agency sells it at a repo RV auction.
The Benefits of Buying a Repossessed RV
Repossessed RV’s are often only used infrequently on vacations and are commonly repossessed shortly after they are bought. This means that they are in excellent condition, unlike other types of repossessed properties, and have stayed in much the same shape as they were in when they were found on the dealer’s lot. This nearly new condition means that buying a repossessed RV at an auction is generally top on the list of practical ways to buy a used recreational vehicle at a low cost.
Another good reason to buy a repo RV is to avoid used RV dealer mark-ups and hidden costs that are added when the dealer purchases the vehicle from the bank. Buying straight from the lending agent at an auction saves money that would otherwise be spent of these unnecessary commissions, registration charges, fees, and other add-ons.
Where to Buy a Repossessed RV
The last stage of the repossession process is selling the RV at an auction. Basically, there are three main types of auctions: Live auctions, silent bid auctions, and online auctions:
Live auctions are what are often thought of when auctions are mentioned and consist of a room full of people bidding against one another. These generally have less people than a silent auction, providing the opportunity to buy the repo RV at a low price. However, there is a higher chance of overbidding since it is easier to get emotionally caught up in the process.
Silent bid auctions allow more time to examine a repossessed RV, decide what to bid, and submit a written bid. The down side is that there are more people, meaning more competition and less of a likelihood of buying the RV at a considerable savings.
Online auctions on Ebay, Craigslist, Crankyape, and other sites generally sell RVs for much less than market value, but it is difficult to know exactly what condition the item is in before the bidding starts. Also, many of the sites (Crankyape is especially bad about this) extend the auction after the last bid, leaving bidders biting their fingernails for what seems like forever as they wait to find out if they’ve won the bid.
Locating Repossessed RV Auctions and Trade in Actions
To start you off, here is a list of some of the major Southern California Auction Yards
- Manheim Specialty Auctions
10700 Beech Ave, Fontana Ca
RVs, Boats, Motorcycles and Powersports
- Bellflower Actions
16307 Bellflower Blvd., Bellflower, Ca
- Santa Ana Actions
16790 S Harbor Blvd, Santa Ana, CA
- San Diego Actions
6970 Mission Gorge Rd, San Diego, Ca
- Inland Empire actions
1530 Fairway Dr, Colton, Ca
- Norwalk auto Auction
12405 Rosecrans Ave, Norwalk, Ca
- San Diego ADESA
2175 Cactus Road, San Diego Ca
- Los Angeles ADESA
11625 Nino Way, Mira Loma, Ca
There are a variety of ways to locate auctions in southern California. Local banks, American General Finance, and the IRS will generally know where and when auctions are will take place. Online search advertisements for repo RVs, used RV dealers, auction houses, and repossession companies are also excellent places to hunt for leads on any auctions that are around.
Repossessed RV Auction Prices
It is always a good idea to have a maximum bid in mind when buying a RV at auction. NADA and the Kelly Blue Book are reliable sources to find helpful RV market value information on most any RV model. Once the market value is determined, it is a safe bet that the RV can be acquired at 15-22% below that price.
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!
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