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Old 01-21-2007, 09:06 AM   #1
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My husband and I purchased our first RV this past May, and were pleased to learn that the interest on the loan is tax deductible. However, I've received all of my tax documents from my employer, bank, mortgage co., etc., but have yet to receive anything from GEMB Lending. I know that have until the end of Jan., or something like that, to get the documents out, but I wanted to double check that they would automatically send it, and that I don't have to request it.

Thanks for your help!
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Old 01-21-2007, 09:06 AM   #2
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My husband and I purchased our first RV this past May, and were pleased to learn that the interest on the loan is tax deductible. However, I've received all of my tax documents from my employer, bank, mortgage co., etc., but have yet to receive anything from GEMB Lending. I know that have until the end of Jan., or something like that, to get the documents out, but I wanted to double check that they would automatically send it, and that I don't have to request it.

Thanks for your help!
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Old 01-21-2007, 09:55 AM   #3
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In my personal experience, lending institutions have always mailed a statement showing total interest paid for the calendar year. I suppose when they send it is determined by each institution.

If you need the amount in order to complete your return, you might give them a call. You'll still want to get a printed statement for your files to hold to support the deduction in the event you're audited.
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Old 01-21-2007, 01:13 PM   #4
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I work at a bank and banks do typically mail Mortgage interest statements, but not other kinds of Installment Loans. Even though your loan interest does quailify as a "second home" there is usually nothing in the bank's files to identify that.

Call or stop by your bank, they can either print it for you right there or order the info and have it mailed to you.

Sherry
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Old 01-21-2007, 02:11 PM   #5
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Ditto what Sherry said. I've never gotten an interest statement on an RV loan - only on a mortgage. The banks just don't know that you can deduct it and they aren't required by law to send it out. If you ask, they'll tell you.
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Old 01-21-2007, 04:14 PM   #6
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I'm sure different institutions handle things differently and it won't hurt to ask for it but I get a statement from Bank of America every year stating the interest paid on our motorhome loan without asking for it. I've already gotten the statement for last year's interest paid.
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Old 01-21-2007, 04:27 PM   #7
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Louie & TC

I am using GEMB also. If you call GEMB at 800-404-2647 anytime 24 hrs a day, you can access your loan info by either loan number or SSAN. Just follow the voice mail prompts, and you can get interest paid last year, payoff info, etc. I know it works because I just did it for my tax return info.
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Old 01-21-2007, 05:37 PM   #8
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I also use GEMB and they do send out a statement of interest paid. I'm still waiting on mine too. You can also call their 800 number like AFChap mentioned.

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Old 01-23-2007, 05:53 PM   #9
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Thanks everyone! I called GEMB yesterday, got the interest amount, and my taxes are done! Woo hoo...with our refund, we can get new tires on the rig!
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Old 03-10-2007, 08:10 AM   #10
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I discovered that at Bank of America, that you can not see your entire loan history unless you have a checking or credit card with them as well, they do not send out statements, and you must call, cannot use the internet to get info, the emails I sent telling them this is a crappy system were responded to by some guy who told me that BOA values me as a customer and as part of their worldwide customer service threatened to turn me into their so called security division so that my accounts can be suspended because of my, in his words, inappropriate language. When I finally got thru to a real person and explained what happend, they took a report and the guys name, he will be job shopping soon.
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Old 03-10-2007, 04:24 PM   #11
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I get those BOA "values me" emails too. Horse puckey! Just a few years ago they were great but now its hard to get any info or action out of them. What a struggle I had getting the interest on a loan I paid off last December when we traded rigs. It no longer showed in history in my accounts online cause it was paid off last year (2 months ago). Got plenty of details on the new RV loan, though.

Email customer service said I was valued but would have to call Customer Service. But customer service is all automated computer response and didn't want to cough up anything bizarre like interest payed on an old loan. Can't get a real person on the line for love or money! Finally stumbled into a phone menu option that got me a list of all my accounts and Lo! there was the old loan. After a few more minutes of fumbling through voice menus I got one that gave interest and I was a happy, if rather red-faced, camper again. Took me a good 15-20 minutes on the phone talking to a computer, though.
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Old 03-11-2007, 07:12 AM   #12
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I'm surprised at the problems people are having with BOA. I've had good experience with them. The interest paid during the previous year is printed right on the monthy billing I get from them. It's always been printed on the billing I get for Jan, Feb, Mar, and Apr every year since we got the loan. I wonder why some people get it that way and others don't? Anyway good luck with your taxes and I hope your able to get the interest information you need!
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Old 03-11-2007, 07:24 AM   #13
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We dumped BOA some time back. They got too large and no longer offer any form of personal service. Last thing we got from them was a schedule of fees for personal service and I went across the street and changed banks.

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Old 03-11-2007, 10:14 AM   #14
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They're too busy farming the illegal alien credit market to serve you properly.

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