The first step is to actually find the repo trailers, which you can do by getting in touch with a bank or similar lending institution. It’s not always easy getting through to the correct person’s desk, but your persistence will pay off. Someone will be able to tell you what they ideas for silent auction have available and whether anyone form the general public is allowed to bid at the auction. Hopefully, more than one lender will be able to help you find available bank repo trailers. On the West Coast, American General Finance is bigger than any other sub-prime lender. We always sent them our buyers who couldn’t find another source of financing. That, quite frankly, is one of the reasons sub-prime lenders are such a great source of bank repo trailers.
Both silent and vocal auctions are common for selling repo trailers. Generally you’ll be permitted to inspect the trailer prior to the auction-at the very least you can do a walk through. Once you purchase the repo trailer, though, the sale is considered final. You purchase the Trailer as-is.
A bank repo trailer is not like a bank repo home. It’s generally in great condition. Try to get the most for every dollar. Bank auctions are terrific for finding trailers with upgrades. Things like multiple slide outs, internet access, satellites and generators will come a lot cheaper. Get the most trailer you can for the price.
Have a focus before you go to make your bank repo trailer purchase. That’s key. If you know exactly what the maximum is that you’re willing to spend before the auction begins, then you’ll avoid bidding wars and over paying. Don’t go back once you’ve decided. Stay committed to you maximum bid. There are other repo trailers out there-people who get emotional at auction and start overbidding are the ones who lose.
Be sure, if you’re allowed, to make a full inspection of your bank repo trailer. Compute the costs of any repairs and deduct that total from your already decided maximum bid. But even if you are not allowed to inspect the trailer, you still ought to have a contingency figured into the equation. A good figure is between five and fifteen percent above the cost of small repairs. If you’re in a state with a lemon law, you’ll still be able to take the bank repo trailer back as much as three days after the purchase if you come upon a big problem.
Be sure you’re aware of the repo trailer’s value. That’s fundamental, and it’s where you start when trying to find a good deal on a bank repo trailer at auction. Know in advance the precise value of your target trailer. Use NADA, or use the Kelley Blue Book. Remember, if you’re using NADA, that your price is the private party price. You’re generally aiming to get the repo trailer at or under trade-in value. This price is actually something of a guarded secret, but you can get a good general idea by calling dealerships and letting them think they might be getting a trade in. After talking to two or three, you’ll have a solid idea of what’s a good, low price that you can begin to work with.