bank repo of RV

[monaco66]

Any ideas on the best way to let the bank have my rv back since I can't afford the payments any longer now that I have been forced to retire. I still owe $122K and about 15 yrs of payments of $1058.00

The real question is what hassles can I expect to go thru if I were to do this and what can the bank take of my other possessions.

Has anybody out there experienced that yet?

[garynrosvi]

Emailme at runningbowline@aol.com. I will reply in private.
Gary

[travelingmary]

Has anyone else let their motorhome get repossessed? I am just wondering how you could get out of a jam.

[chaznrobin]

Several years ago I had some financial problems due to illness in the home. The mistake I made was NOT contacting my lending agency and trying to work out something we both coulkd live with. I told them to come and get it, which they did in the middle of the night. I had to discover who took it and had to make an appointment to retrieve my personal property. Between the damages done to the MH during the repo and the sale at auction, I still owed considerable for the MH. The damage to my credit report and the legal hassles over the remaining amount due was uncomfortable. They can not get anything from you except the MH and must bring suit in an attempt to get more ( my personal thoughts, not an attorny). Have you considered selling your MH for the amount you still owe and take the loss but keep your credit?

[travelingmary]

the problem being right now. Who wants to buy a motorhome. I'd love to be able to sell mine and walk away.

[sederjerry]

what kind and how much

[travelingmary]

It's a 2004 Seabreeze lx. Mint condition for $72,000.00. I hate to sell it but, somehow the economy has won. Let me know if you'd like more info.

[garynrosvi]

I always thought you could not do better (on a retired G.I.s income) than a Cat diesel on a Gillig chassis going through an Allison. Holiday Rambler made one in the early 90's on 38 and 40' Limiteds. Our caring for my wifes parents has about come to an end (her mom just passed and he is now 90) and I found a 40' Limited that had low milage and been cared for all the way back in Philidelphia (I am in OR.) We had one just like it when I worked for Holiday and we both loved it.

Well, long story short, I had a truck service center and a HR dealer give it a complete inspection and they gave it a clean bill of health. Only a few minor items that we could correct/upgrade. I flew back and drove it 3,000 miles home in six days. Now my bride had a new knee replaced and needs twin beds or an island bed. The 40' rig runs great with its 300 hp turbo Cat. Just had engine and transmission serviced.

I really hate to, but I need to get another rig with a couple slide outs, (one for the bed and easy access for her) even if it is smaller. Guess I need to find someone that wants my kind of rig and will work out some kind of trade. Do to limited funds, I'll probably have to keep what I have. Oh well, I will just dream about the new Prevosts and Newells...:(

Gary in OR
Serenity@myRVspace.com

[utmtman]

Believe me when I say collection agencys think they are gods and in some cases they will try to take you to court for everything you own. They cannot touch disability pensions such as SSD or DAV. But they can put a freeze on your accounts at banks and can try to take away from you anything of value they can sell to get the money owed once they repo and sell a rig or give it away leaving you paying what ever is still owed. Try to work out something with them and clean out your rig and take it to the nearest office for them once you have it worked out rather than letting them come get it. Good luck to you all.

[cb5300]

What make, model and year is your motor home. Maybe some one could take over the payments.

[roadtrash]

i got into a bad jam went and got a lawyer
and got the pro/con and did what was to my best intrest . i have not had any problem getting anything on credit in fact they call me wanting me to buy car ,truck ,rv, but iplan on staying debt free they say it is harder now to file
good luck

[roadtrash]

Go See A Lawyer I Hate Them But They Work

[longname13]

In 2001 due to serious health problems and not wanting to lose our home, we contacted a BK lawyer and let the Mortgage companye take back the 36 ft diesel pusher. Filed Chapter 11 first, then the next year changed to Chapter 7 and have no further problems since that time. Credit did not seem to be affected that much by our BK 7 filing. Did not want to take this course of action; however, in order to keep our home we did the leap and am not sorry for the action.

[riggsrepair]

In the state of Michigan when you sign a bank contract you also are giving them EVERYTHING you ever bought on credit with them thats paid off as collateral to. If you dont believe me its on the back. Especially credit unions. If they repo it they can sue you for the balance. If its a considerable amount then they will probably sue. One piece of advise though. When you bought the motorhome did you put money down or did they make it look like you did on your bank application? If they fudged the numbers which is called "dealer rebate" thats illegal and all you have to do is tell the bank. They will make the dealer pay the difference.

[alaska315]

Another thing few people know about as the banks and lawyers don't want you to is that every state has a statue of limitations on collecting on outstanding debts.
You can google it and there is a page that shows what the limits are for every state in the union.
I went thru a divorce 8 years ago and had some financial problems because of it.Six years later,I get a collection call one day saying I owed 10K on a debt and how would I be paying it.
First,I didn't remember ever owing anyone that much altho with late charges and penalties,anything is possible now a days.I didn't even get to that part tho as I asked when this debt was originally made and since it was well past the statute limits from the state I took the debt in and lived in at the time,I simply told the collector I wouldn't be paying it and why and not to bother me again,and 3 years later,I still have never heard anything.
I have never tried since that divorce to get credit again,preferring to pay cash for everything and on big ticket items,like my MH,I just saved and searched until I could afford it.
I will add these stautes are only good if they haven't filed suit against you,and if your hard to find,your hard to serve on.

[alaska315]

I need to add that I am not condoning skipping on a debt in the hope the statutes will expire.In my case after a divorce I was stuck like many with debt that wasn't mine thru agreement and in the case mentioned above,I just didn't owe the debt period and stating the statute law was the easiest way to defend myself from that collection person.
I merely mentioned the statute issue as a means to defend one's self from less than honest collectors of which sadly enough,there are some as has been mentioned in these postings like the repo that get's sold for next to nothing when it's worth far more,and the debtor get's stuck actually paying for someone else's bargain,and many times because that bargain went to a collection agencies/repo man's friend.
Many times these collectors are merely trying to get you to pay even a dollar on an old debt that has been retired due to the statutes because by paying,you have just re-affirmed that old debt and are now stuck in the collectors web.

[kd8wdave]

I have seen several people in this spot, and all I can say is I hope I never put myself into this type of situation. How do you expect someone to take over payments on a rig that is worth less than what is owed ?? I think that is an impossible task unless you have a rich family relative you want to give the rig to. That can also put strain on family relationships as well.

Been there, seen that, and it isn't fun.

cheers

[protool]

I am thinking of giving my motorhome back to the bank, I can no longer afford it. I have been told by several people the banks are so consumed with repos that they are not coming after people for the balance of the loan. Has anyone experienced this recently?

[kd8wdave]

One major problem is if the motorhome is not 'worth' what is still owed. That's the classic position over half of motorhome owners face today especially with the bigger rigs. Sorry for the problem, but I doubt you will get anyone to 'take over payments' if its upside down to start with. Maybe a family member who understands, but still a gamble...

cheers

[jimbo]

I wouldn't believe anyone that says they are overwhelmed by repos and will not try to recoupe their losses. IMHO they may not come after you now but will when they get caught up. I have never had anything repoed but back in the 70's I recieved some money from the goverment and general motors and didn't like many others understand we were supposed to repay part of it. It took three years but the collectors did call and they got their money. These bussinesses are not going to let kind of money slide it may take them some time but they will try to recoupe their losses. Some of the delay could be that they don't know how much they actually lost till they resell the units on the lots. I look at the repo sites regularly at used campers and some have been there over a year.