If you’re looking for a great deal on a used car, truck, boat, or even real estate, repossessed properties are a great place to start. SERVU Federal Credit Union is one of many financial institutions that offer repossessed vehicles and properties for sale. In this blog post, we’ll guide you on where to find SERVU Federal Credit Union repos, explain how buying a repossessed item can save you money, and provide tips on how to start the process.
A Little History of SERVU Federal Credit Union
SERVU Federal Credit Union was founded in 1956 to serve employees of Corning Glass Works in New York. Since then, the credit union has grown to serve a wide variety of members. Their focus is on providing financial services to their community, including loans for homes, cars, and more. Like other credit unions, SERVU offers competitive rates and benefits to its members.
When members who have borrowed money for a vehicle, boat, or other large purchase are unable to keep up with payments, the credit union may need to repossess the property. Instead of selling these repossessed items through third-party dealers (who charge a commission), SERVU sells them directly to the public at a much lower price.
Why Buy Repossessed Vehicles from SERVU?
Buying a repossessed vehicle or property can be a fantastic way to save money. When SERVU or any other financial institution repossesses a vehicle, they are not interested in making a profit. They simply want to recover as much of the remaining loan balance as possible. This often results in prices much lower than market value.
Here are some benefits of buying a repossessed vehicle or property directly from SERVU Federal Credit Union:
- Lower Prices: Since the credit union is trying to recover the loan balance and not make a profit, you can often get a car or truck at a much lower price.
- No Dealer Commission: Buying directly from the credit union means you’re not paying any middlemen or dealer fees, further lowering your cost.
- Good Condition Vehicles: Repossessed vehicles are often in good condition because many were relatively new before the owner fell behind on payments.
- Wide Range of Choices: From cars and trucks to motorcycles, RVs, and boats, SERVU repos often include a wide selection of vehicles.
- Real Estate Opportunities: In some cases, repossessed homes or land may also be available, offering opportunities for investors or homebuyers looking for a deal.
Where to Find SERVU Federal Credit Union Repos
Now, let’s get into how to find these deals. Many people aren’t aware of the opportunities available through credit unions like SERVU for repossessed vehicles. Here’s how you can start looking for these hidden gems:
- Check SERVU’s Website
Start by visiting SERVU Federal Credit Union’s website. Many credit unions, including SERVU, will list their repossessed items for sale on their website. They often provide descriptions and sometimes pictures of the repossessed items, making it easy to browse and compare before you make a decision. - Visit RepoFinder.com
RepoFinder.com is a fantastic resource if you’re looking for repossessed vehicles from credit unions like SERVU. They list credit union repos from across the country, making it easy to find a car, boat, or even real estate at a great price. Start your search for SERVU Federal Credit Union repos here. - Contact SERVU Directly
If you’re not seeing many listings on the website, give SERVU a call. Credit unions sometimes have repossessions that haven’t been posted yet. By calling, you might be able to get a jump on other buyers. - Check Local Dealerships
Sometimes, when repossessed vehicles don’t sell quickly, credit unions will partner with local dealerships to help move them. While this might add some dealer fees, it’s still a good place to look for discounted vehicles. - Keep an Eye on Auctions
Many credit unions, including SERVU, participate in local vehicle auctions. These auctions can include cars, trucks, RVs, and more. Keep an eye out for announcements from SERVU or check RepoFinder for details on upcoming auctions.
The Repo Buying Process: How Does it Work?
If you’re wondering why banks and credit unions have repossessed vehicles to sell, it’s pretty simple. When a person takes out a loan to buy a car or another large item, they agree to make regular payments. If they fail to make those payments for an extended period, the bank or credit union has the right to take back, or “repossess,” the item.
Once repossessed, the bank will sell the item to recover the remaining loan balance. Instead of going through a third-party dealership (which would charge a commission), banks like SERVU Federal Credit Union often sell the vehicle directly to the public. This allows the bank to recover their money faster and gives buyers like you the chance to save big.
What to Expect When Buying a Repossessed Vehicle
- Inspection
Always inspect the vehicle before you buy. While repossessed cars are often in good shape, they might have some wear and tear or need maintenance due to neglect. Bring a trusted mechanic with you to ensure you’re getting a good deal. - Financing Options
You can often finance the purchase of a repossessed vehicle through the credit union itself, making the process smoother and more convenient. - No Negotiation
In most cases, the prices of repossessed vehicles are fixed, meaning there’s little room for negotiation. But since you’re already getting a lower price than you would at a dealership, this is often a good trade-off.
Start Your Search Today
If you’re ready to start looking for a great deal on a repossessed car, truck, RV, or even a house, start by checking out RepoFinder. It’s the best place to find SERVU Federal Credit Union repos and other bank repos directly from financial institutions. By buying directly from SERVU, you can skip the middlemen, avoid dealer fees, and save thousands of dollars on your next big purchase.