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Old 08-06-2018, 09:38 PM   #1
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LLC question

Currently have my coach titled in a llc. Considering purchasing a newer coach. In talking with my bank regarding financing, they are balking at providing a loan as my name will not be on the title but my llc. Anyone else run into this issue? Didn’t run into this with my current coach as there was no financing. I will explore other lending institutions but am a little disappointed as I was getting a great rate from my bank. Any insight / advice is appreciated.
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Old 08-06-2018, 09:42 PM   #2
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Yep, one of the problems with an LLC, then there's insurance.
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Old 08-06-2018, 09:55 PM   #3
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Unfortunately, I think you are going to find that most banks will have the same view of financing a coach for an llc. I looked into them at one time and decided that the negatives outweighed the positives; at least, in my situation.

Wishing you good luck.

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Old 08-07-2018, 08:27 AM   #4
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Thanks TJ
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Old 08-08-2018, 06:49 PM   #5
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Old 08-08-2018, 06:57 PM   #6
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Quote:
Originally Posted by Tigerfan1 View Post
Currently have my coach titled in a llc. Considering purchasing a newer coach. In talking with my bank regarding financing, they are balking at providing a loan as my name will not be on the title but my llc. Anyone else run into this issue? Didn’t run into this with my current coach as there was no financing. I will explore other lending institutions but am a little disappointed as I was getting a great rate from my bank. Any insight / advice is appreciated.
Read through this Financing help with different Motorhome ,it may give you some places to call and ask.
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Old 08-08-2018, 07:27 PM   #7
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A LLC is a vessel some massive billion dollar corporations some very small. One structured to hold just a motorhome has no assets beyond the motorhome so if the LLC defaults they are left with a motorhome. If it's in your name then they have more possibilities depending on your situation.

One thought off the top of my head is you being a guarantor of the loan. So if XYZ defaults you guarantee the full loan. They then can go after your other assets.
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Old 08-08-2018, 10:32 PM   #8
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Yep, one of the problems with an LLC, then there's insurance.
LLC name only isn't a problem on title and registration for me.

A Montana attorney manages the LLC and my Colorado insurance company has no problem insuring both my motorhomes with LLC name only on my insurance cards.
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Old 08-08-2018, 10:53 PM   #9
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LLC name only isn't a problem on title and registration for me.

A Montana attorney manages the LLC and my Colorado insurance company has no problem insuring both my motorhomes with LLC name only on my insurance cards.
But, the OP is not having a problem with titling and insurance! The problem is with financing and that issue was quite well explained by Mark D.

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Old 08-08-2018, 11:43 PM   #10
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A friend told me that ESSEX specializes in rv and boat financing and does loans for full timers. I called them and they would finance a mh that would be titled in a llc. So I started the loan process and thought all was good. When I told them the llc was in Montana they said that was the only state registered llc they would not provide financing. She was not sure why. Ended up forgetting about titling in llc and got a rv loan from my bank. Thank all of you for all your suggestions and advice.
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Old 08-11-2018, 09:06 PM   #11
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But, the OP is not having a problem with titling and insurance! The problem is with financing and that issue was quite well explained by Mark D.

TJ
I was addressing Mr_D, not the OP, and his belief insuring a MT LLC might be a problem. Obviously, it has been for the OP.
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Old 08-12-2018, 02:44 PM   #12
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I was addressing Mr_D, not the OP, and his belief insuring a MT LLC might be a problem. Obviously, it has been for the OP.
Thanks for posting your experience! When I read Mr_D's post (never heard it being an issue in the past), it concerned me. Prior to buying our DS, I guess I better still call Miller RV Insurance and/or Overland Insurance to confirm.
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