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Old 05-06-2013, 02:23 PM   #1
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Purchasing after Bankruptcy

Does anyone have any experience of purchasing a motorhome after bankruptcy? Is it possible, whag down payment percent should I expect? Thanks in advance!
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Old 05-06-2013, 02:40 PM   #2
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Does anyone have any experience of purchasing a motorhome after bankruptcy? Is it possible, whag down payment percent should I expect? Thanks in advance!
Who's bankruptcy-your's or manufacturer?
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Old 05-06-2013, 02:43 PM   #3
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if your banker or credit union rep knows you well you can do just about anything and down payment is usually 20% if you have worked with a lender for a long time it goes a long ways...jeff
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Old 05-06-2013, 02:52 PM   #4
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Who's bankruptcy-your's or manufacturer?
that would be my bankruptcy ...
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Old 05-06-2013, 05:30 PM   #5
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You should expect a higher percentage rate until 2 or 3 years of paying. Then after you have shown some good payment history you can possibly get if refinanced. But you have to make sure you are in it right. You can't be upside down.
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Old 05-06-2013, 08:59 PM   #6
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that would be my bankruptcy ...

no disrespect.............but you want to back in debt again

especially on a RV which are well known for excessive depreciation
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Old 05-06-2013, 09:14 PM   #7
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no disrespect.............but you want to back in debt again

especially on a RV which are well known for excessive depreciation
If the guy just went through bankruptcy you think he can pay cash? Actually attorneys I know have told me that lenders may find people recently discharged a relatively good risk because they can't file again for another 10 years. Interest rates will likely be higher but if he can afford the payments I say go for it. We don't know the circumstances that precipitated bankruptcy. It may have been unavoidable. There but for the grace and all..... You'll be a long time dead and money isn't everything.
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Old 05-06-2013, 11:13 PM   #8
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Having just gone though that because of our business closing in 2009, why would you want to put yourself into that situation again? All you are doing is repeating the same mistakes again. Buy something you can afford and enjoy the RV. We waited until this year to buy something newer. Took 4 years, saving all we could, buying old and fixing it up, twice, and then finding something we could pay cash for. The only payment we have is the house and that only takes a few days each month of work to pay for. I won't go into that much debt again. Not worth it.
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Old 05-06-2013, 11:35 PM   #9
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Originally Posted by datrbone8 View Post
If the guy just went through bankruptcy you think he can pay cash? Actually attorneys I know have told me that lenders may find people recently discharged a relatively good risk because they can't file again for another 10 years. Interest rates will likely be higher but if he can afford the payments I say go for it. We don't know the circumstances that precipitated bankruptcy. It may have been unavoidable. There but for the grace and all..... You'll be a long time dead and money isn't everything.
I thought it was seven years before you could do it again? Never had a need to find out though although my son did when my parents could no longer support him!
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Old 05-07-2013, 12:42 AM   #10
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ya, long stupid story for the bankruptcy, the stupidity is all mine. I'm actually about to go into full time ministry as an evangelist so I'll be full timing it (I know, going in the ministry and already having money issues). I actually will have payout from my current employer when I resign and I could buy one outright with cash. However I'm also debating doing the financing instead and use the money for an investment. I know this isn't a financial forum so I left out the details, trying to get an idea what I'd be looking at if I went with financing. Thanks for all the comments and concerns!
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Old 05-07-2013, 12:49 AM   #11
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I would not presume the OP has poor money handling capability or inability to decide about handling credit.

I have worked with numerous persons who were forced to file bankruptcy due to medical bills, divorce situations, or other liability situations not under their control.

Credit worthiness after bankruptsy is looked at differing by different lending entities. And should be considered on a case by case basis.
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Old 05-07-2013, 04:37 AM   #12
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Getting back to the OP's question... I don't think there's a fixed answer. I know that a lot of banks simply won't lend you money at all... at least not for several years. Credit unions seem to be the most flexible in this area (as compared to a "big bank") but I don't think there's any rule of thumb, especially when it comes to motorhomes as compared to cars.

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Old 05-07-2013, 06:06 AM   #13
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I've don't have first hand experience and I've heard that for a house or car, it's possible after as little as 2-3 years after the bankcrupcy and pretty much a non-issue 6-7 years after but for something that's hard to sell and depreciates as fast as a mh, I would not be surprised if it's very difficult or impossible without a very significant down payment (i.e. 50% or more down)
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Old 05-07-2013, 06:49 AM   #14
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I do some volunteer life coaching for young veterans trying to work through some difficulties, among them being bankruptcy and other money issues. There really is no easy answer to the question. A lot depends, as others have said, on what the reason for the bankruptcy was, whether there is a secure future income stream that will help to turn things around, and whether there is a likelihood that the borrower will be willing and able to make the changes necessary. Again, as others have said, sometimes a local financial institution will work with you, but in today's world, big institutions may not be able to bend the rules.

The best way to find out, IMO, is find a couple of financial institutions you can work with, make an appointment with an officer, and ask them what you would have to do. Good luck.
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