You've probably heard about great deals on motorhome foreclosures and repossessed RVs and the like, but you might be skeptical.
But foreclosures and auctions for repossessed RVs are very real. Foreclosure is when the bank or lien holder takes back the vehicle because the person who signed to buy the vehicle could no longer afford the payments or choose not to.
Once the banker or other lien holder has these vehicles on their hands, they need to get rid of them. The bank is not in the business of selling RVs to make money. As a matter of fact, I think that law prohibits them from making money on a foreclosed RV.
The bank just wants to cut their losses by selling the RV quickly. Once they have repossessed the RV it is also called a ""nonperforming asset"". For this reason, motorhome foreclosures can be a very good deal, especially if you buy them at motorhome or RV auctions. Sometimes they have places to put them, and sometimes they can sell them directly to you, but most often they just go to an auction.
At an RV auction, you can find several dealers and other individuals looking for a great deal. If you're careful and do a thorough inspection on each vehicle you want to bid on, you can get yourself a great motorhome at a good price.
Make sure that you inspect the roof or any cracks or signs of leaking. Also make sure that you inspect the bathroom, so that you know that everything is working properly.
The third thing that you want to inspect is the engine. Make sure that all the fluids are at the correct levels, and that there is no unusual discoloration. Often the level of the fluids and their quality, will tell you a lot as to whether or not the vehicle has been well maintained.