Should I Finance An Rv Through A Bank Or Dealership How to Buy Trailer Repos and Finding Repo Trailer Auctions

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How to Buy Trailer Repos and Finding Repo Trailer Auctions

Today’s financial times are a bit uncertain and the number of trailer repos and foreclosures is on the rise. Many people recognize that this is a good time to be a buyer. Buying a trailer repo can be a great way to save money.

As we all know, new trailers aren’t always a big deal. Typical markups on RVs and trailers range between 30% and 60%, with an average markup of around 40%. If you buy a new trailer, you will lose as much as 30% of its value in the first year. For this reason we recommend buying used and try to avoid buying from dealerships when possible. 9 times out of 10, buying a trailer as a private party or bank trailer repo is a better deal.

Looking for a repo trailer There are many ways to find good repo trailers at auction. The first step is to find out where and when these trailer auctions are held. Talk to several people in your local RV industry who are in the business of buying and selling trailers. (Some will be helpful and some won’t.) There’s a good chance savvy buyers and dealerships know where and when regular trailer auctions are held. Another idea is to contact your local lender (on your trailer) and ask them if they have any repo trailers that they will sell soon. Many big banks are difficult to work with, many don’t want to admit, they have trailers in foreclosure. You may have an easier time working with local banks and credit unions that lend on trailers. Once you make friends with the local rv dealer finance department, they will be happy to tell you which local organizations lend money on trailers.

How to buy a trailer repo The first step to buying a repo trailer at auction is to know in advance the price of the unit you are bidding on. You can use price guides like NADA and Kelley blue book to help you estimate price. (You may also want to go to a few trailer auctions before you buy to learn more about what things are actually selling for and how repo trailers are sold.) The worst thing to do at a trailer auction is to overbid. So if it is important to focus and set in advance a limit bid for the maximum amount you are willing to bid on the bank repo trailer. Also don’t get too emotional about any trailer as it might make you overbid.

Before bidding on a used repo trailer, be sure to inspect the unit. Listed below is more information on our site trailer inspection. Any repairs you have to carry out will be deducted from the maximum price you would otherwise pay. In some cases, it is not always possible to inspect the trailer before buying it. If so, usually factor in a 10-15% contingency for potential repairs. Make sure the auctioneer gives you time to inspect the trailer after the auction before handing over the money.

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