Foreclosure Trailers and Trailer Repo Auctions
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It's true, today's economic times are a bit uncertain and the number of trailer repos and foreclosures are increasing. Most people recognize this is a buyers market and that this is a great buy. Buying a trailer repo can be a great way to save money.
When you buy a new RV from a dealer you can really get taken to the cleaners. Dealers can mark up their new and used inventory by as much as 30-55%. When you buy used or from a bank repo auction, this can really allow you to save big.
The first steps to finding good deals at trailer repo auctions is finding where these auctions take place. Here are 3 ways to do it 1) Talk to a local trailer dealers and find out where they their inventory at auction. (Caution: They may view you as a competitor. 2) Talk to local financial lending institutions (i.e. bank and credit unions) (They may not know what you are talking about.) 3) Check local trailer classifieds and newspapers for ad about trailer actions.
When bidding on a repo trailer, it is important that you do not become emotional and bid too much. Make sure you know or have access to the Kelley blue book or NADA guides to know how much the repo trailer you are bidding on a auction is worth. Set a ceiling bid, this is the maximum you are willing to bid and do not go over that bid amount. The main way you get a bad deal at a repo auction is by bidding too much.
Inspection is required before bidding on a unit. When possible find out in advance if the auction allows you to inspect the unit before bidding or allows you time to have it professionally inspected before finalizing the sell. The most expensive repairs can be related to water damage or mechanical problems. If you do find things that need to be fixed, make sure you deduct the cost of these repairs from the amount you would otherwise be willing to bid.
Article Source: Articlelogy.com
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