I just hauled a repo fiver over 300 miles from a repo lot in GA to an auction yard in SC . There was a whole field of RV's there . I bet there were some great deals there but you have to feel for the people that lost them . Some people have salesman talk them into buying something they can't afford . The repo isn't the end of it . The vehicles very often sell for less than the balance due and the debtor has to pay the balance plus fees - including over a 300 mile transport fee on this one . Must a GA bank ship a vehicle 300 miles to sell it ? Couldn't they take sealed bids in GA ? Did they ever hear of eBay and reserved bids ? What do they care ?

 

One of the problems I've seen with new RV's of any kind is that they loose a huge part of their value in the first couple of years.

Combine that with the low down, or no down, and the really long term loans they are offering, and it easy to see how a not too savy buyer could end up way upside down...

Afterall, I would imagine if it were easy to sell the rig in GA for what was owed, the owner probably would have done so to avoid the repo on their credit history... On the other hand, you probably hit the nail on the head with "what do they care?". The bank is likely to do what is easiest for them...

 

may be getting easier for these lending institutions to "not care" with the new "Bush bankrupcy laws"

 

Who dispatched you? Most likely the auction did. These repo's are transferred to the auction to pickup and sell to highest bidder. There are some laws that govern this. If it is sold on the market, everyones brother would be getting a deal and it would be hard to trace the way it was done. That is probably the closest major RV auction to the area.

Same thing happens with cars, ADESA has a contract with different banks and FMCC, GMAC, Chrysler, etc. to pickup and auction the cars. I have moved quite a few for ADESA. They have the temporary ownership to sell them. Some flaky repo operator picks them up, takes them to his apartment or wherever, I would then go to his location and bring a load to the ADESA lot for resale.

Most likely where you took the RV is to an ADESA or a Mannheim Auction. They are the biggest and have the contracts. You can't really blame the banks on this one, the local dealers do the same thing with trade's if they don't think the car will sell easily, they just send it to the auction. That is how I make my living, transporting them. Gotta remember, the banks are not in the retail RV business and have no methods to handle them. Some banks do put some of them up for sale on their lot, but generally smaller local banks.

RV auctions would be a highly specialized operation, have not seen one in the Atlanta area that handles them. In Newnan there is a big truck auction which is ADESA. I go there all the time. And lastly, the 300 miles is not a big transfer, sort of normal. I take $200 cars over 200 miles and quite a number of them. Namely from Blue Ridge, Georgia to Alexander City Alabama.

What you are witnessing is the general way the vehicle business works, nothing out of line there.

 

have to find me a way into those auctions :P

 

Most of them are dealer only, need to check that before you go try to purchase, and you have to have cash up front.

 

Yup, its Bush's fault that RV's loose their value fast.

 

Yeah, he probably gets kickback from the banks and auctions.... If Kerry had won no one would default on the loans and the auctions would go out of business, I bet.

 

value may not had dropped so fast if gas were still at the "pre Cheney" era levels

 

The auction was dealers only . Got a friend that's a licensed dealer ? RV's have been selling at record numbers . Do you think anyone paying over $250,000 for a motorhome worries about fuel prices ? I'm contracted to transport RV's . I looked into hotshotting but the one company I checked out was a bad deal . They wanted me to get an IRP plate and pay all permits and taxes , buy insurance from them including cargo insurance plus pay a $20 a week surcharge . They would give me a fuel card . No thanks . I'd pay a transaction fee every time I bought fuel and they would get the discount for the card use . My carrier doesn't pay the highest rates but they pay all tolls and permits and I get my own insurance for NTL and property damage .They pay loaded liability and cargo . I stay under 26,000 and avoid the fuel tax hassles .

 

GOOD GRIEF the loony left blames everything on GW, We all know its Clintons fault.

But on a serious note why should people be able to run up huge debts and run out and file bankrupt and stick it to the lender? and raise the rest of our fees and rates?

**** poor prior planing on your part will never constitute an emergency on mine!

I have to pay my bills so should everyone else and there is no excuse I never had a lender force me to borrow it was my own greed and desires that did that. and yes I Owe I Owe

 

i agree, why should the goverment be able to run up huge debts and run out and file bankrupcy, oh wait, i guess the government doesn't do that they just stick it to the (lender? )and raise the rest of our intrests and penaltys ? (proably the majority democrats in the background doing it)

 

Banks prefer to loan to people with sound financial backing that will pay off the contracted amount. If they loose too much money from poor loans the rest of the customers suffer with added fees and reduced interest rates on good accounts. Simple business. Banks officers are not auctioneers. They need to make the money off loans to finance the rest of the banking business. Cut the losses fast and move on.

"Special financing" was created for the people with poor credit history to give them a break if they can afford to pay off the contract. Too often people over state their ability to pay off the loan they couldn't afford to start. Simple business, break the contract, loose the item. Zealous salespeople don't help, but personal greed and stupidity are not an excuse.

edit: need to read all of the posts better, ramlovingvet stated much of the same.

 

I hope you were jesting. Liberal politics removed the dollar from precious metal standards which allow greater public debt.

 

This trailer was 10 years old and obviously bought used . It was in real good shape for its age . Some people do overextend their credit but others face unexpected circumstances like health problems or loss of job . I have no idea what the circumstances were with this one .