Foreclosure RV

We bought one from a dealer who specialized in repos. It was dirty and we had to make some repairs and buy a new water heater, but that was about 3 years ago and its still in great shape. I think we spent $5000 for it and put in less than another 1000.
I think if your willing to do the repairs, consider that they usually have been poorly maintained and will need to have every appliance etc, rebuilt or replaced or at least maintained. Will need new tires and probably a new mattress, and lots and lots of elbow grease.

Jack_Diane_Freedom wrote:
My concern would be if they are unable to pay for it they probably did not have the money to properly maintain it. I personally would not.

There's plenty of owners who are *not* underwater on their payments, but are *definitely* underwater on maintenance!..:S

So you need to inspect a repo carefully - especially MHs with a drive train. Remember, whoever has it *now*, knows nothing about it's history!
If it looks good to you - take it to a trusted mechanic
That shouldn't bother the "owner" - the lender that repossessed the RV a bit.

The mechanic check-out shouldn't bother a "normal" seller either..:W

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We bought a '96 Bounder several years ago from a repossessed only dealer in VA. We got it for a good price. The unit turned out to be a POS, but that was more related to the then Fleetwood lack of quality rather than lack of maintenance by the previous owner(s). The Ford chassis was not a problem. If you decide to go that route and you don't have the requisite expertise, I agree with the other responses that you should get the unit thoroughly checked out by a knowledge mechanic and RV person.

Lots of reasons why it might be a repo. In my case I bought a 2000 Holiday Rambler via auction in 2010 that was owned by Bank of America. The husband passed away and the wife must of not been able to afford it. When I was inspecting the unit a few days before auction, I found the orignal bank note where they financed in 2008, saw the names and googled them, found the obituary and figured that was the reason. Not everyone drops all the maintenance prior to losing them. The owners manual had service dates right up to the time the husband passed away.

So....do as much research as you can. I ran a Carfax with the Vin number and was able to tell where it had been in its 10 years, not much other useful info though.

At the time, my unit was worth about 35K on the street and I paid 24K. Savings was enough for me to take a chance.

Good luck.

Got my 07 Bounder 3 years ago this month,10,200 miles on it, got it a SONG AND DANCE. and I sang my on song. REPO is a GREAT way to go. JMO

Our TT was a repo. We did a thorough check out. Fortunately, the previous owners had taken very good care of it.

Many have purchased repossessed cars, trucks, and RVs without knowing it. The bank repossesses the vehicle, it goes to auction, dealers buy them, and sell them to you.

To be foreclosed it would have a mortgage and be sitting on a foundation.

We have a dealer just north of us in Wabash, IN who only sells repos. He travels the all over the US, inspects then chooses the best, repairs whatever is needed then sells them at substantially below suggested used retail. I would not be afraid to buy one from him.

Otherwise, if you know someone that can really do a thorough inspection you shouldn't be any worse off than if you buy a new or used unit from a dealer.

Dave

Don't let the naysayers scare you away from the idea. Just be sure to do your homework and have any potential purchase THOROUGHLY inspected before handing over any $$$$$. There are some amazing deals to be had.

If you are searching, search for repo, not foreclosed.
You could get a great deal, or a can 'o worms.