How to Buy a Repo Motor Home

Lender Repossessions

Contact a lender in your area and ask to speak with the repossession manager. Find out if the manager currently has any motor home repossessions for sale. Arrange a time to meet with the repossession manager if there is a motor home for sale that interests you. Take a mechanic with you if you are not confident in your ability to decide whether the motor home is roadworthy. Ask a mechanic how much the fee is for an on-site inspection before you hire one.

Finding the Value of the Motor Home

If you decide that you want to make an offer to purchase the motor home after inspecting it, do not make the offer right away. Thank the repossession manager and ask for a business card so you can get back in touch later. Once you are home, use a search engine to find a website that has motor home pricing to determine the value of the vehicle. Find the motor home on the website and scroll down the list of options. Check the box next to an option the motor home features, such as a refrigerator or awning. Print the valuation report to refer to when you begin negotiating with the repossession manager.

Negotiating the Purchase

Call the repossession manager and find out what the asking price is for the motor home. Compare the price to the website valuation report. If the manager is asking the “Retail” price, make a counteroffer that is close to the lowest price on the report. Depending on how badly the lender needs to sell the motor home, you may be able to negotiate with the repossession manager until you arrive at a final sales price that is close to the low value on the report.

Financing the Motor Home

Ask the repossession manager if there is a discount on the interest rate for using the lender to finance the motor home purchase. The manager may not have the authority to offer a specific interest rate, but you may still be able to receive a discount if you ask. Apply for the motor home loan with the lender and if the financing terms are agreeable, set up a time to close on the loan and to take delivery of the motor home.

Motor Home Auctions

Many lenders use a motor home auction to sell repossessions. If you are unable to find a motor home repossession at a local lender, look online for auctions in your area. Check the auction website for motor home repossessions that are for sale. Research the value of a motor home you like and print the report to take with you to the auction. Take your mechanic if you need help evaluating the condition of the motor home. Set a maximum price that you will bid for the motor home and do not get into a bidding war that causes you to exceed the price. Finalize the sale if you are the winning bidder and arrange the financing to complete your motor home purchase.

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