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Old 05-25-2015, 02:10 PM   #1
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Has anyone got finance on RV while in early BK?
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Old 05-25-2015, 02:14 PM   #2
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Seems like the min. now is 700 or above. Mine was over 770 and my wifes was 820. Even then BOA downgraded us because we had no recent car buying credit. WELL DUH!! If the cars are paid off (far in advance and cash) then there won't be any recent credit history. Also, they didn't give us credit for the house being paid ahead or even the MH we were trading in paid ahead.
But then our age was working against us, which they never mentioned since it's illegal!
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Old 05-25-2015, 02:14 PM   #3
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Good luck with your search.
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Old 05-25-2015, 02:25 PM   #4
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Quote:
Originally Posted by vanwood View Post
Has anyone got finance on RV while in early BK?
While I can understand your desire, it seems like an odd question.
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Old 05-25-2015, 06:13 PM   #5
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No, never
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Old 05-25-2015, 06:20 PM   #6
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Normal finance sources I.E. Banks and CU's would probably not even look at you for a minimum of 2 years after resolution. After that, you would probably pay a high interest rate until your credit scores comes back to life. There are exceptions to every rule, but they are expensive.
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Old 05-25-2015, 06:21 PM   #7
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Doesn't really seem like a good program for a lender??

Russell
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Old 05-28-2015, 02:13 PM   #8
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Check out RVBrokers, and consignment RV dealers.

Also search, "assume payments", "assume financing", and For Sale By Owner.

You will find that there are many RV purchasing options for those in financial distress, (recent divorce, death, bankruptcy, medical expense, etc..).
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Old 05-28-2015, 10:12 PM   #9
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I would think that if you're having financial problems you wouldn't want to add to it by buying an RV.
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Old 05-29-2015, 01:14 AM   #10
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Old rv are just enough fun... sometimes you get to camp at the side of the road, but not a big deals since it like a house...

Lemonaid book use to say VW-Westy was the most comfortable camper waiting for tow truck...
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Old 05-29-2015, 01:31 PM   #11
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I would think that if you're having financial problems you wouldn't want to add to it by buying an RV.

There are many thousands of people in "financial trouble" that really need to purchase an RV immediately, all the time. These people generally have a good steady income, but terrible credit due to circumstances that "normal" people will never experience, (or even understand).

For example, Oil Pipeline, Oil-field, Electric utility linemen workers do not always have the best credit or financial stability to qualify for conventional financing, but they need to live where the job is. They purchase thousands of RVs every year without conventional financing.

Recently divorced people, (generally fathers, living through "financial trouble"), who need a place to live and have "visitation" periods to entertain their children need RVs. They purchase thousands of RVs every year without conventional financing.

Unfortunate people (who may have had great careers, savings, and nice homes), have lost everything due to unforeseen medical expenses. They cannot qualify for conventional financing. They purchase thousands of RVs every year without conventional financing.

My grandfather developed, owned, and operated RVParks and private campgrounds in Southern California from the 1920 through the 60's. The dustbowl refugees were his biggest customers. He always had stories of the very severe suffering and strife of "normal" American people who chose to "fulltime" not because it was cool, but because they had no other choice, (or they could always live on the street, or in the backwoods somewhere).

Many people cannot qualify for conventional financing for the purchase of an RV, a home, or a business. Yet, they manage to find what they need, and eventually flourish.
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Old 05-29-2015, 02:48 PM   #12
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Quote:
Originally Posted by Mr_D View Post
Seems like the min. now is 700 or above. Mine was over 770 and my wifes was 820. Even then BOA downgraded us because we had no recent car buying credit. WELL DUH!! If the cars are paid off (far in advance and cash) then there won't be any recent credit history. Also, they didn't give us credit for the house being paid ahead or even the MH we were trading in paid ahead.
But then our age was working against us, which they never mentioned since it's illegal!
Don't know how credit scores work. Yours is higher than mine I think, but BOA actually gave me a lower rate than what I signed up for at the dealer. Nice surprise. Maybe because we put down a healthy down payment
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Old 05-29-2015, 05:07 PM   #13
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Quote:
Originally Posted by twogypsies View Post
I would think that if you're having financial problems you wouldn't want to add to it by buying an RV.
Best...answer...yet!
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Old 05-30-2015, 08:54 PM   #14
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When I was in the auto finance business, I dreaded customers with RV's,

At any time, I'd have 10 or so customers that skipped town without leaving a forwarding address. There was nothing to keep RV owners in financial trouble from really disappearing from society--at least for awhile.

At least it's not easy now to file a straight Chapter VII bankruptcy. The courts try to push debtors through Chapter XIII first.
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