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Old 09-22-2010, 11:38 AM   #1
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Banks May Not Finance Full Timers

I received an email today from Lazydays RV when asking about some prices of motorhomes. The salesman in the email message posted the following:

There is a change coming October 1st, The Banks are no longer going to finance Full Time RV owners. It has something to do with the government requiring the banks to set up escrow accounts ( ins. & taxes.) The banks are not willing to do this. This is all new, I just heard about this today. Our business office is best suited for answering any questions concerning this topic.


Has anyone else heard this??? Really curious as we're planning on going full time in the next 2 years and purchasing a larger motorhome.
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Old 09-22-2010, 11:51 AM   #2
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a full timer who sets up a permanet address should be exemt from the requirement
big thing is my address is 123 any street ctc
then reg your motor home to that address and have all your business mail
cc statements ,social security and medicare mail going to that address'and reg to vote from that address. i remember in a bus law class i took in college (about a 100 years ago) the question of residence came up and this is the response my old feeble mind remembers .this would make you a resident not a transient
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Old 09-22-2010, 12:41 PM   #3
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It's a little like don't ask - don't tell. If your mail forwarding address has a street number, don't tell it's a mail forwarder. Officially, our address includes PMB (private mail box) followed by a number, but we always write the number preceded by "#" instead of by "PMB."

That being said, if you're thinking about buying a new rig, you might want to consider doing so while you still have a fixed address just in case. Getting a loan should also be easier before you retire (assuming you're not yet retired).

BTW, you have excellent taste in motorhomes.
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Old 09-22-2010, 01:25 PM   #4
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Try Essex Credit. They did an excellent job of getting my MH financed. Banks are unwilling to finance MHs right now. They figure that if you suddenly have problems that you will let the MH go behind on payments before the house.
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Old 09-22-2010, 10:38 PM   #5
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I don't see what having an escrow account (or not) has to do with being a full timer. You don't need a fixed address to have an escrow account.

My guess is that some sales guy heard a rumor and it got distorted.
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Old 09-23-2010, 06:32 AM   #6
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As part of our wonderful new healthcare law, beginning Oct 1 any bank loaning money to a full time RVer must collect a year of property tax and sales tax up front and escrow it. There may be something else in there also. Greg Gerber had it on his report yesterday. Many banks are choosing not to lend to a fulltimer instead of going through all of the hoops. What property tax would we pay and whom to is the question.
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Old 09-23-2010, 06:33 AM   #7
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Quote:
Originally Posted by Gary RVRoamer View Post
I don't see what having an escrow account (or not) has to do with being a full timer. You don't need a fixed address to have an escrow account.

My guess is that some sales guy heard a rumor and it got distorted.
Yes everyone likes to blame stuff on the government but never acknowledge when a government rule saves your A$$$. How did 30 years of political deregulation of the banking industry work out for us! Great right - not! I doubt a government rule is involved here and in any event there are ways to handle this as pointed out above.
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Old 09-23-2010, 07:22 AM   #8
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Originally Posted by Olive View Post
As part of our wonderful new healthcare law, beginning Oct 1 any bank loaning money to a full time RVer must collect a year of property tax and sales tax up front and escrow it. There may be something else in there also. Greg Gerber had it on his report yesterday. Many banks are choosing not to lend to a fulltimer instead of going through all of the hoops. What property tax would we pay and whom to is the question.
Olive..rings true for me. Who is Greg Gerber and what is the "report" you reference? If I assume he is an info source on rules/regs..how does one access the report?

Thanks!
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Old 09-23-2010, 12:29 PM   #9
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The gov't doesn't even know fulltimers exist, so it seems unlikely they made a special regulation for them. Might be something about people with no known address, though.

What does healthcare have to do with bank loan regulations? I don't doubt there are some gems of truth in this rumor, but I'm totally lost...
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Old 09-23-2010, 12:41 PM   #10
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Originally Posted by Kountry87Air View Post
Olive..rings true for me. Who is Greg Gerber and what is the "report" you reference? If I assume he is an info source on rules/regs..how does one access the report?

Thanks!
RVDailyReport is Greg's daily RV news site, but I can't find anything on the topic at hand.
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Old 09-23-2010, 01:21 PM   #11
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It's in his report for yesterday. No mention of it being associated with the health care bill and not a lot of details on it.

Maybe it's something similar to mortgage companies escrowing property taxes and insurance premiums to be sure they get paid on stick houses?
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Old 09-23-2010, 02:23 PM   #12
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Here's the link to the article others are referring to.

It's buried in the article. No wonder I couldn't find it.
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Old 09-23-2010, 04:04 PM   #13
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Thanks to route66 and radams for explaining who Greg Gerber is and how to access his reports. I bookmarked his site.
I read his piece and it would seem an RV loan for fulltimers will be treated much like a conventional mortgage on a stick house. I read no reference to what legislation this change is part of.
I am not a full timer so have paid little attention to legalalities concerning fulltimers...but I've picked up at campfires stories that some states are better than others to establish residencies from which to full time. Do all/most/few full timers have a residenticy established as a home base..if even a POB somewhere?
Here in Indiana personal property such as an RV or boat are subject to property tax from both state and county.
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Old 09-23-2010, 04:10 PM   #14
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Here's a link to another article outlining the issue:

New federal regulations to limit loans to full-time RVers > RV Daily Report |
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