Author Archives: repofinder

RV sitting on campground

Can You Really Save Thousands on a Bank Repo RV?

Are you drawn to RV living? You certainly aren’t alone. The RV industry has seen tremendous growth over the years because it’s an affordable way to see the country. Plus, if you’re handy, you can purchase an inexpensive bank repo RV and transform it into a classy and cozy home for you and your family. 

So, can you really save thousands by choosing a bank repo RV? The short answer – yes. In order to save as much money as possible, it’s important to know what to look for. Below are some tips for saving thousands of dollars on your next RV purchase. 

Lenders Have the Lowest Prices  

Start with lenders and find out how they manage their repossessions. This is better than searching online for repo RVs, as you’re more likely to come across dealerships selling them than lenders and credit unions. While there’s nothing wrong with buying a previous repo from a dealership, you will pay a lot more for it. For the best deals, stick to lenders, banks and credit unions in your area. Find a full list on RepoFinder.com. 

Negotiate with the Banks 

Banks and lenders will try to get what they can for repossessions, so they may be willing to go below the listing price. The only way you’ll know is by asking. Sometimes, the listing will say, “Prices negotiable. All reasonable offers considered.” Other times, it won’t be as clear. You don’t want a low-ball offer to prevent you from getting the RV, so arm yourself with solid information, make a compelling offer and have a counteroffer. 

Choose RVs with Good Resale Value 

Now, this is a bit of a personal suggestion. If you don’t mind these smells, you may not mind taking on an RV that has them. However, RVs that have strong pet or cigarette odors were probably used for long-term living, and it may be difficult to get the smell out. Plus, if you choose to sell the RV in the future, you may have a hard time doing so. Air out the RV for a few minutes during the inspection to see if it helps the problem. 

Always Inspect the RV Before Buying 

As with any repo purchase, we always recommend that buyers inspect the vehicle. On an RV, you should inspect the brakes, engine and radiator, as well as look for signs of leaks. As you know, there is more to RVs than the vehicle side. You’ll also need to inspect the toilets, showers, windows, awning, lighting, power ports and so on. Here’s a great article to refer to. 

For a full list of bank repo RVs in your state, visit RepoFinder.com.

cars in a flood

How to Look for Flood Damage in a Used Vehicle

This entry was posted in Repo Cars and tagged , , , on by .

Every year, thousands of vehicles are damaged in floods. Some of them are expected to be sold on the used car market, putting consumers at risk. Floodwater damage can lead to safety risks because parts in the engine, transmission and drive train become damaged. This means that they won’t work properly, making cars unreliable and unsafe on the road. 

Fortunately, there are ways to look for flood damage in a repossession or used vehicle. Below we’ll teach you how to spot the signs of floodwater damage and how to keep you and your passengers safe. 

Ask about the Vehicle’s History

The first thing you can do is ask about the history of the vehicle. A dealer can verify that there is no damage, as they must report the car’s condition back to the consumer accurately. However, in the case of repossessions, there may be no way to tell where the vehicle came from. Lenders and banks often have no history on repossessions, which means you’ll have to do some more investigating. 

Check the VIN 

Always check the VIN before buying a used car. There are a number of sites you can use, such as the National Insurance Crime Bureau’s VinCheck or Experian’s Auto Check. These reports provide a detailed history report. You can find out if flood damage was reported or the vehicle was given a salvage title. Additionally, pay attention to where the vehicle was from. Were there recent hurricanes or storms in the area? 

Inspect the Interior 

The next step is to check the interior of the vehicle. Responsible sellers will allow you to do this before placing a bid on the repo. Here is what we recommend paying attention to: 

  • Damp, musty odors 
  • Dirt buildup in unusual places
  • Sludge or debris in unusual places
  • Excessive use of deodorizers
  • Unusual aesthetic upgrades, like brand new interior fabric 
  • Rusted or corroded electrical wiring 

Look at the Exterior 

It’s normal for repossessions to have some exterior damage, especially as many sit outside for extended periods of time. But, there are a few things to pay attention to. First, look for moisture beads or fog in the light fixtures. This is hard to remove, so a car with water damage will often have foggy lights. 

Second, check for signs of rust. Corrosion is not common in vehicles that are new or owned in warmer climates. Lastly, there are rubber drain plugs located under the vehicle and doors. If they look like they were messed with, it’s possible they were used to drain water. 

Conclusion 

Make sure to always bring a trusted expert with you when inspecting the repo. There are many great cars out there, and you want to be sure that you walk away with one. To browse repossessions in your area, visit RepoFinder.com today. 

college student

5 Reasons Why Repo Cars are Great for College Students

Do you have a college student who’s begging to have a car? With the increasing costs of college tuition and everything that comes with it, it’s no wonder why buying a vehicle is the last thing you want to do. But, there are practical reasons why some college students need a vehicle, such as getting to and from work or sports practice. 

Fortunately, there is a solution to your dilemma: a repossessed vehicle. These used cars are a great pick for college students and other young drivers. Here are five reasons why. 

  1. Repos are reasonably priced. 

Repossessions have been taken away by the lender or bank. They want to recoup their losses as quickly as possible, which allows you to land a great deal on a used car. Use RepoFinder.com to find repossessions in your area. We recommend buying directly from the lender – not a dealership or third party. Buying direct is cheapest, and you may even be able to purchase the vehicle without financing. 

  1. You won’t mind leaving it parked on campus. 

If your student comes to college with a car, they won’t get a heated, covered parking space. The vehicle will be left out in various parking lots or on the sides of streets. It may be borrowed or used to transport friends. Repos are not always in poor condition, but many of them have been well-loved. You won’t mind if it gets a few dings along the way. 

  1. …Or they sit in your driveway.

Perhaps you want to purchase a used vehicle for your student to use when they come home. If the car will be sitting on your driveway while your child is away at college, a repossession is a great option. Again, the used car will probably already have some dents and dings, so it can sit outside without you worrying. When your child does come home from college, they’ll have a safe car to drive.

  1. Your insurance rates will be lower. 

Car insurance rates are typically lower with repossessions. Because these cars aren’t new, they are cheaper to insure. And, if you choose to buy the vehicle without financing, you don’t have to get full coverage. You can get the basic insurance in your state and save money on your monthly premiums. 

  1. They’re not beaters. 

Lastly, repossessed vehicles are not beaters. In fact, many are new and in great condition! This means that your college student can have a car that they’re proud of and start working toward more responsibility by making monthly payments, paying for oil changes, etc. It’s a win-win for everyone in the household.

To browse repossessions in your area, visit RepoFinder.com. It’s free and updated regularly, so check back often for new repos that you can bid on.

retired woman on bench

Why Retirees Should Consider Repo Cars

Each year, thousands of people buy repossessed trucks, cars and recreational vehicles because of their affordability. Many repos are in good condition and sold at a fair price, allowing buyers to pay in full for the vehicle or finance a small amount. But, repos are not just reserved for young people with little to put down or car enthusiasts who love getting a good deal. They are also a great option for retirees.

Once retired and living off savings, people have a different perspective when making purchase decisions. If you’re currently retired and living off a fixed income, you may want to consider a repo for your primary or second vehicle. Here are the reasons why these used vehicles make a great option for retirees. 

Affordable Monthly Payments 

The most obvious benefit to repos is that they are affordable. How much they cost depends on the condition they are in and what the previous owner owed on their loan. Banks and lenders try to recoup their losses, but there is always room for negotiation. That’s why it’s important to do your homework, look up Kelley Blue Book prices and know what you should be paying for a particular vehicle. 

In general, repos sell for 25 to 40 percent of a similar car’s value. This means that you can walk away with a lower car payment than if you were to buy new or lease. And, if you choose to buy the car outright, you won’t have a car payment at all. This usually isn’t an option with new and used cars, but it can be with a repo. 

Service and Warranty Plans May Be Intact 

Many repossessions are in good working condition, as they were being used and driven up until they were taken away. If you can land a repo that’s new, the service and warranty plans may still be intact. While you won’t get a warranty with the bank or lender, the existing warranties that came with the vehicle can transfer to a new owner. 

Greater Flexibility with Car Choices 

When you were working, driving the kids around, etc., you may have been limited on the types of vehicles you could drive. Today, you probably don’t need that minivan with built-in tablets and sliding doors. You may only need a vehicle for practical purposes – getting from Point A to Point B. This opens up many possibilities. For example, you can buy a repo that’s in good condition but has a lot of miles. 

As you can see, repo cars are worth considering for retirees. They are affordable and do the job of providing you with reliable transportation. Before buying a repo, always do your research and inspect the car. We recommend bringing along someone who knows cars if you don’t. To browse the repo vehicles in your state, visit RepoFinder.com today. 

checking for used car problems

Used Car Problems You’ll Want to Avoid

Buying a used vehicle can be a stressful experience, especially when you’re not sure what to look for. Things get even more complicated with repossessions because they do not come with a warranty. Whatever problems the repo has will become yours to fix. Many issues can be fixed but there are some you’ll want to avoid. 

To ensure you are making a good decision, always inspect the vehicle you’re going to bid on and take a friend with you, preferably someone who understands cars. This way, you have a second set of eyes and ears picking up on things you might miss. Below are used car problems we recommend avoiding. 

Inoperative Gauges or Warning Lights 

Make sure the warning lights and gauges work properly. You’ll need these lights to tell you if something in the car needs immediate attention. If you see the lights come on, this means they’re working, though you probably need to address an issue like low tire pressure, low oil pressure or power steering problems. 

Major Structural Damage 

Minor body damage that has been professionally repaired shouldn’t be a big deal. But major body damage is a different issue. Damage from car accidents that bend the frame or structure can be difficult and expensive to repair. Even if you were to get them fixed, there’s a possibility that you and your passengers wouldn’t be properly protected in a car crash. Bottom line: avoid repos with major body damage. 

Flood Damage 

Another type of damage to avoid is flood damage. Rising water can be just as damaging as a severe crash because it can create rust and mold in the interior. Aside from damaging the carpeting, insulation and upholstery, water can also cause corrosion in the electrical connections. Some signs to look for include mold, rust and mud in unlikely places.

Missing Titles 

As long as you purchase the repo from a reputable seller, you should have no problem getting the title. The bank, lender or credit union that owns the vehicle will release the title once you pay for the vehicle. However, we do not recommend buying a repo without the title, even if it seems like a good deal. Otherwise, there’s always a chance that the true owner could come back and claim the car. 

The best way to avoid bringing home a used car with lots of problems is by inspecting it before buying it. Bring along a mechanic, or at least someone who knows a lot about cars. This way, you can look over the vehicle and make sure nothing obvious stands out. To shop for repossessions in your area, visit RepoFinder.com. 

fixing a common car problem

Common Car Problems You Can Fix on Your Own

This entry was posted in Repo Cars and tagged , , , on by .

When buying a used car, there’s always a chance that you’ll inherit some problems. Most car buyers are aware of this but recognize they’re getting a much lower price on the vehicle than if they were to buy it new. The hope is that any problems that do turn up will be minor and easy/inexpensive to fix. 

Even though used cars don’t have the same warranties as new cars, dealerships will often provide a limited warranty on some or all of the vehicle’s components. When buying a repossession, this is not the case. You buy the car “as-is” and that’s that. Whatever problems the vehicle has will become yours. 

This is not to say that all repossessed cars, trucks and RVs have problems. Many are actually in great condition and only require light cleaning and routine maintenance. Below are the most common car problems you can fix on your own. Don’t let them scare you out of a great repo purchase! 

Replace Dead Battery 

If the repo you’re inspecting isn’t running, it might need a new battery. Batteries are reasonable and can be replaced on your own. Here are a few ways to tell if the battery is dead or close to dying: 

  • The engine cranks but doesn’t start. 
  • The car starts but is sluggish. 
  • The engine starts but the interior lights don’t turn on. 
  • Jumpstarting the battery works. 

If it’s not the battery giving the repo vehicle trouble, it could be the alternator, which will need to be fixed by a professional. Alternators run from around $500 to $1,000. 

Install New Bulbs 

It’s possible that the repo will have non-working lights. You can change out any non-headlight bulbs (e.g., license plate, side marker, fog lights) by removing the retaining screws, pulling out the old bulbs and replacing them with new bulbs. Car headlights can be more difficult to remove and replace, but referring to the owner’s manual will likely provide you with the direction you need. 

Switch Out the Air Filter 

Air filters trap dirt and debris that could damage internal engine parts. They are often checked and replaced during routine oil changes, though it’s very likely that the previous owner didn’t do this. Inspect the air filter during your initial inspection. If it blocks 50% or more light, it will need to be replaced. 

Touch Up Chipped Paint 

It’s common for repossessed vehicles to have chipped auto paint from sitting outdoors. Fortunately, it’s easy to touch up auto paint without it looking shoddy. Clean the chip with wax and grease remover (purchased from the auto store). When dry, dip the applicator in paint and dab it onto the chip. After a month, apply wax to the area. The vehicle will look good as new! 

Fix a Leaky Sunroof

If the repo you’re interested in has a leaky sunroof, don’t be discouraged. It’s probably leaking because the sunroof drains are clogged. To fix this, locate the sunroof drains and clean out any debris that is stuck in them. There is protocol to follow on this, as you don’t want to damage the drain tubes. But, it’s an easy job you can do yourself. 

These are just some of the things you can fix on your own, so you shouldn’t let them deter you from an otherwise good repo purchase. To browse repossessions in your area, visit RepoFinder.com and click on your state!

repossessed used RV

Repossessed RVs: How to Spot a Great Deal

Are you interested in buying a recreational vehicle (RV), but you don’t want to spend a fortune? A great option is a foreclosed RV, which is an RV that has been repossessed by the creditor after the buyer failed to make their payments. In order to recoup their losses, the creditors sell these vehicles at a discounted rate. Their loss is your gain. The price of the repo depends on a number of factors, but some people are able to purchase a good quality RV for half the retail price.

To ensure you are getting a good RV at a good price, it’s important to do your research, know what you are buying and know who you are buying from. Once you walk away with a repo, it’s yours, so you want to know what you’re taking home. 

Below are some helpful tips for picking out a great RV. To browse the inventory of recreational vehicles from creditors in your state, visit RepoFinder.com. 

Buy Direct from a Lender

If you do a quick search of repo RVs, you’ll come across dozens of listings. Be careful, as the majority probably aren’t real repos. Instead, they are dealerships disguising themselves as repo auctions to sell used and new RVs.

In other cases, the dealerships acquire repo RV inventory and provide repairs on them. However, they add their markup, so you’re not paying any less than you would for another used vehicle. Your best bet is to go directly to the source – creditors, banks and lenders in your area. RepoFinder.com has everything sorted by state. 

Identify a Good Deal 

It’s exciting to be buying a new RV for your road trips and excursions, but don’t let this override a rational decision. Just because you see a decent looking RV at a good price doesn’t mean it’s worth it. Here are a few ways to identify a good value. 

  • Pick the right seller 
  • Research the RV market 
  • Find out the fair market value 
  • Inspect the RV 
  • Place your bid 

Considerations to Make 

Repo RVs can be a great buy, but you do have to keep a few things in mind. For instance, if you’re in a time crunch, we do not recommend buying a repossessed RV. Finding a good RV takes time, and you have to be prepared to do your research, inspect the vehicles and place a bid (that you may or may not win). 

Second, you should always inspect the RV. It’s likely that you’ll find one that isn’t nearby, so you’ll need to drive out to that location and decide if you want to place a bid. If you don’t know a lot about RVs, you’ll have to pay to have it inspected and possibly delivered to your home. 

Lastly, anticipate some maintenance or repair costs. While you can find repo RVs in great shape, many have not been taken care of by their owners. Be sure that you have enough room in your budget to pay for these repairs. If the RV is newer, find out if it still has its warranty. This can give you some added peace of mind. 

If you’re looking for a repo RV from a reputable creditor, check out RepoFinder.com. Inventory changes frequently, so be patient and check back often! 

BMO Harris car repo

Purchasing a Repo Car from BMO Harris

BMO Harris has more than 12 million customers that count on them for personal and commercial banking, wealth management and investment services. They are the 8th largest bank in North America, based on assets. The bank takes great pride in helping customers make the most of their money. 

With millions of customers, there will always be some who default on their loans. This sometimes happens with auto loans. 

BMO Harris Auto Loans 

When purchasing a car, a buyer may have to put some money down to cover the down payment and title fees, but they can finance the rest of their purchase. What some people don’t realize is how expensive car payments can be, especially once the interest rates are added on. 

Here is some basic information on BMO Harris auto loans. 

  • BMO Harris will finance cars, motorcycles, boats and RVs. 
  • Auto loan amounts start at $5,000 and go up to $30,000.
  • All loan products have fixed APRs that range from 4.8% to 7.11%.
  • Maximum loan terms are 72 months.
  • Loan origination fees are up to 1% of the loan amount.
  • Borrowers are charged late fees. 

When Auto Loan Borrowers Default 

When taking out a loan, the borrower agrees to pay it back according to the loan agreement. If, at any time, they can’t make the loan payments, the loan will go into default and the car can be repossessed. Usually, it only takes a few months for this to happen, as the bank isn’t going to continue losing money every month. 

Once the vehicle is repossessed, it is usually sold at an auction. Everyday people can bid on the vehicle, though dealerships are good at picking up decent cars and reselling them at a higher price. This is why it’s best to buy repossessions directly from the bank, as you don’t want to buy a repo with a price markup. 

Where to Find BMO Harris Repo Cars 

The best way to find repossessions from BMO Harris is by visiting their site directly. Being a large bank, their inventory changes often. Visit RepoFinder.com and click on the state you live in. You can then search for BMO Harris’ inventory of repo vehicles. Also, because BMO Harris provides financing for motorcycles, boats and RVs, you can also find these vehicles for auction. 

Currently, BMO Harris is only in ten states: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada, Washington and Wisconsin, so do keep this in mind. You always want to be able to see the car before buying, so shop only as far as you’re willing to drive. 

cheap repo truck

The Best Way to Get Cheap Trucks for Sale

There is no such thing as an affordable pickup anymore. Truck prices are skyrocketing, and it has forced some people to leave their favorite vehicles behind. Pickups are steadily getting bigger and more expensive, pushing them out of reach for average consumers. Some trucks sell for over $100,000! 

If you love trucks but have a limited budget, you don’t have to give up your passion. Repossessed trucks offer the best of both worlds – a great selection of pickups at affordable prices. 

Benefits of Repo Trucks 

Repossessions happen all the time, especially when it comes to trucks. Many truck owners pay $40K or more for their vehicle, and it ends up being too much to afford. Their payments might be too high or their loan too long. Once they stop making payments, it takes just a couple months for the truck to be repossessed. When the vehicle is in the hands of its bank or lender, it’s sold at a discounted rate. In other words, their loss is your gain. 

Some people assume that repo trucks are in poor condition and need a lot of work. Sometimes, this is true. But many times, it is not. Consider that someone who has almost paid off their loan wants to make the truck theirs. On the other hand, a person who has just purchased a truck but can’t afford it will cut their losses and stop paying. After all, they’d still owe on their loan. 

Do be aware that many repossessions require light maintenance, such as cleaning, oil changes, new tires, etc. If the person wasn’t paying their loan, they probably weren’t keeping up with the maintenance. To ensure you are buying a reliable repo truck, always inspect the vehicle before placing a bid. 

How to Find Repossessed Trucks 

The best way to find repossessed trucks is through a lender, bank or credit union. You always want to go straight to the source, otherwise other people get involved and put their markup on the vehicle. 

If you do a Google search, you’ll probably find car dealerships and auction sites selling trucks, so visit lender sites directly. By using RepoFinder.com, you can get a breakdown of the banks and credit unions in your area that are selling repo trucks. Be sure to check back often, as inventory changes regularly. 

Bottom line: Repossessed trucks are a great option when you’re looking for a cheap truck. Be patient, as it can take time to find the right fit, and always inspect the vehicle before buying. Other than that, have fun!

repo car bought direct from a lender

Buying a Repo? Make Sure it’s Direct from a Lender

There are different ways to buy a repossession, such as through a physical auction house, an online auction service or a lender. At RepoFinder.com, we always recommend buying repos direct from lenders, banks and credit unions. You can find a better deal this way because lenders are motivated to sell. Also, they rarely put money into repos, so you’re not paying for things you can do yourself, like cleaning the vehicle or making minor repairs. 

It’s not always clear cut who you are buying from when purchasing a repossession. For example, some dealerships advertise repo cars and trucks. They aren’t lying – the vehicles really were repossessed. However, the dealership most likely put money into cleaning up and restoring the vehicle, which means the vehicle has a markup to it. 

So, how can you make sure that you’re buying a repo directly from the lender? Here are a few suggestions to keep in mind.

Go Straight to the Source – Lender Websites 

If you do a general search for repossessions, advertisements and sponsored content will pop up first. This content is dominated by dealerships and auction sites that are trying to sell repos for a profit. They’ve likely taken the repos off the hands of lenders and credit unions, then prepped, repaired and added their markup to it. 

The better option is to look for repossessions directly on the websites of lenders, banks and credit unions. This means that you have to visit each site independently, which will take more time. But at least you know that you’re looking at true repos.  

Not sure which lenders and banks to start with? No worries! RepoFinder.com has taken care of the sorting for you. Visit our site, choose the state you live in and that’s it! You’ll be given a list of the banks and credit unions in your area that sell repos. Their inventory changes often, so be sure to check back frequently for newly added repossessions. 

Be Patient in Your Research 

While some people have landed a great repo car right away, this isn’t the norm. It usually takes time and patience to find a decent car at the right price. This is why we recommend starting early and taking your time finding a repossession. 

In some cases, you might find that a car you really like is going for more than its NADA or Kelley Blue Book value. This usually happens because more is owed to the bank than what the vehicle is worth. You should have some negotiating power in these instances, but it’s also possible that the bank will be firm. So, give yourself time to find the right vehicle. 

RepoFinder.com makes it easy to find repossessions directly from banks and credit unions. Browse our site today to find a repo car or truck that fits your needs and budget.