Buying RV foreclosures is a great way to save money on the purchase of your next RV. Most RVs are well-cared for and this includes those that have been repossessed. Typically owners faced a change in their financial situation that led to them getting behind in their payments and facing the possibility of RV foreclosure. Their first step is to put it up for sale, usually with a price that covers the remaining balance of their loan. These prices tend to be too high because of the rapid loss of value that RVs experience in the first few years and the higher frequency of foreclosures occurring in the first year or two of ownership. As they get closer to have the RV repossessed, they may drop their price and you might get a good deal. A lender may allow a “short sale,” where they agree to let the owner sell it for less than what is still owed, either forgiving the remainder or getting the difference in cash from the owner. But if you want to find the lowest prices on the best RVs, look for RV bank repos being auctioned off by the lender. Continue Article...