Bank Repo Campers – How to Find the Best Deals at an Auction

Bank Repo Campers – How to Find the Best Deals at an 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 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{4d40cc26d078fd4100d2daf00165e0560f17ee302de6bc2409b7ee95793dc9eb} to 15{4d40cc26d078fd4100d2daf00165e0560f17ee302de6bc2409b7ee95793dc9eb} 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.

But most of all, remember that a good understanding of the approximate value of your target bank repo camper is the key to your success and the place where you’ll want to start.  Know it in advance, before you even go to the auction, if possible.  You can get the information from a guide book that are easily available.  NADA is excellent.  You can also use Kelley Blue Book.  If you do decide to use NADA, keep in mind that you should be using the private party price.  You should be looking to get the camper at trade-in value or below.  This value is not generally known, but if you phone a dealership and let them think your making a trade-in, they’ll be happy to give you a low value that you can work with.

Those are the basics.  Now you’re ready to go out and find a great deal on a bank repo camper!