In other words, you need a direct seller authorized by the bank for it to be an actual repo at a real repo price. To get an actual repo, you do need to go to the auction house, etc., that is handling the sale of the RV or trailer. All you are doing is buying a used RV or trailer at the standard used price tag, whatever that may be for that model, year, and so on. You are not actually buying an RV or trailer that is classified as a repo.
SAFE FEDERAL CREDIT UNION REPOS PLUS
When a used RV dealer buys a repo, they spend some money on repairs, marketing, cleaning, etc., then they add their mark up to cover their costs plus make a little profit. It is a bit technical in explanation but here goes. When you do your search as we did, you will find out that many of the dealers saying they are selling bank repos, may not be selling bank repos. It may take a little work to find a repo sale in your area. You can contact your local banks to see if they have any in stock and which agency they sell their repos through to get a jump on the next guy. Saving money is good but sometimes the savings is not always there. So be prepared to pay a little higher price, make some repairs or not find any listed in your area when you make this search. Some owners do tend to get a little angry and take their anger out on the trailer, etc. We found one selling new and used RVs, etc., not repos, and another website with no options listed.Īlso, be wary that if the bank did foreclose on an RV, etc., that vehicle or trailer may not be in the best of shape. Not all those websites on the results pages when you look for bank repos are selling bank repos. There are more than enough outfits that handle the sale of these repos for the banks and other financial institutions. What that means is that there are more than enough RVs, trailers, etc., that you can possibly get at a lower price than if you bought new. Unfortunately, that means there are hundreds of thousands of owners that fail to complete their payment schedules. While the rest of the financial services industry is swimming in controversy, Chivaho Federal Credit Union is truly a safe haven for your money.There are millions of RVs and campers, etc., that are financed by banks and credit unions.
SAFE FEDERAL CREDIT UNION REPOS FULL
Download the full Share Insurance Brochure for complete details. The National Credit Union Share Insurance Fund (NCUSIF) insures member shares on deposit up to $250,000 and also insures retirement funds up to $250,000. Therefore making Chivaho a safeguard for your finances.Īdditionally, the funds on deposit at Chivaho FCU are insured by the full faith and credit of the federal government. As of December 31, 2023, Chivaho had a capital to asset ratio of 13.96%, which represents over two times the regulatory requirement. A credit union must have a capital-to asset ratio of at least 7% in order to be considered "well capitalized" by the regulator. Capital serves as a buffer against any losses and remains at a historically high level. As consumer confidence in the financial services industry begins to waver in light of recent bank failures, you can be certain that your deposits are secure with a longtime friend – Chivaho Federal Credit Union.Ĭhivaho is very well capitalized. Many members have questions about how safe are my deposits. Credit union members can rest assured that their deposits are protected. In the history of credit unions, not one penny of insured savings has ever been lost by a member of a federally-insured credit union.
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