However, in some cases the owner of the motorhome will voluntarily give it up if he or she knows they can no longer afford it. Either way, it will help you save a great deal of money. Here are a few tips to help you get the best possible deal on a repossessed motorhome.
Tip #1- Call Lenders In Your Local Area
Finding a repossessed motorhome isn’t all that hard. Call a few lenders in your area and ask if there is a repossession manager you can speak to. See if there are currently any repossessed motorhomes they are trying to sell. If there are you should arrange a time to meet up so you can look at it. Always take a qualified mechanic with you to check it out before you make an offer. Ask the mechanic how much they charge for an on site inspection. You need to know this information before you hire one.
Tip #2 – Research, Research, Research
Once you find a motorhome you like you need to take the time to research its value. Don’t get caught up in the excitement of the moment and fail to do your own research. Tell the repossession manager you would like to go home and do your own research before you make an offer. Base your offer on the information you find about the value of that particular motorhome.
Tip #3 – Don’t Be Afraid To Negotiate
A repossessed motorhome is basically a vehicle the lender had to write off. At this point they are just trying to get rid of it. They will never recoup the total value of the vehicle. That’s why it’s such a great deal for you. However, that doesn’t mean they will let the motorhome go for pennies. In some cases they will ask for the retail price. And that is when you will start the negotiation process.
As stated before, most lenders just want to get rid of the vehicle as quickly as possible. It is no longer making them money so they have no need for it. Make a reasonable counteroffer and see how they respond. If they are willing to negotiate they will come back with something else. The idea is to negotiate a price that is well within your price range.
Tip #4 – Check For Motorhome Auctions
In the event your local lender has no motorhomes available for sale you can look into motorhome auctions. There are tons of great auctions you can find online. If you find something you like research it in advance. If everything checks out you can go to the auction to bid on the motorhome. Be sure to set your budget before you leave home and do not go over it.