A Guide to RV Repossessions

RV repossessions start with an owner getting behind in their loan payments. This may be because of a change in their financial situation or maybe they took out a bigger loan than they could afford to pay back. Their lender notifies them that the repossession process will be startin soon.

At this point, the RV owner has an opportunity to catch up with the payments and stop the RV from being taken back. However, usually they are unable to do because they have fallen behind so far for a reason. Because of the increased amount of RV repossessions recently, some lenders are willing to work with owners if they only need a short reprieve or reduction in payments, tacking the postponed amount onto the back end of the loan.

Another way to avoid RV repossessions is to sell the RV to pay off the loan. Many owners will get more for the RV selling it themselves than a bank will at auction, so banks are usually pretty reasonable amount giving a little extra time to sell if you are seriously working on it.

Unfortunately, trailers tend not to sell well during the off-season, so timing is important. Some lenders may agree to a “short sale” that allows the owner to sell the RV for less than what is owed on it. A lender may accept that amount as paying off the entire loan or they may require theseller to make up the difference.

If an owner cannot or does not sell the RV or catch up in the payments, the bank takes it back.  Then the bank has a bad debt on its books and a used RV. It sells the RV for as much as it can to get back as much of the loan balance as possible. But the bank also wants to sell it quickly as it costs money to keep RVs around. Most send them to auctions where they are sold to the highest bidder, but a few lenders, mostly small credit unions, will sell them on their own.

 

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38 Responses to “A Guide to RV Repossessions”

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