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Buying a Repossessed Motorhome - A Good Way to Get a Great Deal

If you are looking to buy a new motorhome for your family, consider buying a repossessed motorhome.
Repossessed motorhomes are motorhomes that have been taken back by the lender after the borrower defaulted on payments.
Once a bank or other lending institution has taken repossession of a motorhome, they then have to pay heavy storage fees.
In addition, the value of the repossessed motorhome takes away from the total amount the bank is able to loan out, making it a financial liability.
Because repossessed motorhomes are such a financial drain and liability on banks, they often hold auctions to try and quickly get rid of their stock.
The aim of the bank is to get rid of the motorhomes as quickly as possible, not to make a profit.
Therefore, they often start the bidding very low, sometimes as low as $100.
Though you will likely pay more than $100 for your motorhome, you can see that there is significant opportunity to save big at the auction.
Bank motorhome auctions can be difficult to find, and in fact are most often attended by dealers.
However, these dealers tend to place a 30-40% markup on the price they pay at auction, which is why you will get a better deal by attending the auction yourself.
To find a bank motorhome auction, you can join a website that will inform you of the dates and locations of auctions.
Another option is to simply call some local banks and lending institutions to find out when they hold their auctions.
Do some research before attending the auction.
Look at several floor plans and make a list of the features you want.
Try to prioritize those features that you need versus those you want and decide on the maximum amount you are willing to spend.
Also, take full advantage of the time allotted before the auction to inspect the vehicle.
Though repossessed motorhomes are often in excellent condition, it would be unwise to purchase a motorhome without ensuring that it functions well.
You won't be able to test drive it, but you can bring a mechanic with you who can help you determine that the key components (engine, heating and cooling system, etc) are in working order.
Another tip is to check generator hours and upholstery to try and find the motorhomes with the least usage.
With a little careful planning, a repossessed motorhome can be a great value.

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