Community Forums

Delilah · 08-25-2019, 01:17 AM

I am trying to refinance my RV loan to substantially lower my monthly payment. I have been rejected by numerous lenders (good-bye excellent credit score!) for being a full-timer, but have finally been approved by Alliant Credit Union. One of their stipulations, however, is to get a copy of the title. I am in WA state and the lien holder (my current lender) is in OH, both of which are title states; i.e., the lien holder maintains the title until loan payoff. I have asked Huntington National Bank to provide a title copy to Alliant, but they say they have no access to it. WA DOL has told me that they should have electronic access and if they both have "title vendors" they can exchange the title copy. Huntington rep said they have never heard of providing the title until full payment. I have to agree this would be normal but Alliant appears to be not following through without the title.

My question to the community is has anyone had this same experience and, if so, what was the solution? Or even if no experience, do you have any ideas what I can try next? I do have a call into my dealership to see if I can get a "memorandum title" (hoping for response come Monday) but don't know if that will suffice. Already tried providing my registration & they said that won't do. Thanks to all in advance for any valuable info you can provide.

HJLowell · 08-25-2019, 04:32 AM

We havent lived in a sticks and brick for some 20 years.
But we have never used the term Full Timers.
Full time What???
Full time sticks and bricks for 50 years?
Full time married for 30 years ? 60 years ?

Why would you have to tell a bank your ?
What ?
Full time what ?

How do you file taxes ? Your stated address.
One address, your designated Address.

We have a physical address for filing taxes.
All bank, phone, registration mailings go to that address.

We have two physical addresses.
We have 3 post office addresses.
But only one physical address is used for vehicle registrations
Drivers licence
And Taxes

We borrow now and then.

Its Never an issue.

Dont you have a physical address on your drivers licence??? [emoji553] Also.

In my opinion, disclosing that your full timing in a camper to 98 percent of the population means your homeless and a traveler.

Only other so called full timers, full time campers ? or wanna bees understand your situation.

But your not borrowing $$$ from them.
They might be gone in a month.
You might be gone at 6 am. The next morning after a cozy campfire budy budy experience.

So your a trancient traveling man declaring your ( full timing ) from the Banks way of thinking.
Image [emoji542]
Image [emoji542] [emoji848]

Just my opinion.

2Yung2 Quit · 08-25-2019, 07:39 AM

Quote:

Originally Posted by HJLowell

We havent lived in a sticks and brick for some 20 years.
But we have never used the term Full Timers.
Full time What???
Full time sticks and bricks for 50 years?
Full time married for 30 years ? 60 years ?

Why would you have to tell a bank your ?
What ?
Full time what ?

How do you file taxes ? Your stated address.
One address, your designated Address.

We have a physical address for filing taxes.
All bank, phone, registration mailings go to that address.

We have two physical addresses.
We have 3 post office addresses.
But only one physical address is used for vehicle registrations
Drivers licence
And Taxes

We borrow now and then.

Its Never an issue.

Dont you have a physical address on your drivers licence??? [emoji553] Also.

In my opinion, disclosing that your full timing in a camper to 98 percent of the population means your homeless and a traveler.

Only other so called full timers, full time campers ? or wanna bees understand your situation.

But your not borrowing $$$ from them.
They might be gone in a month.
You might be gone at 6 am. The next morning after a cozy campfire budy budy experience.

So your a trancient traveling man declaring your ( full timing ) from the Banks way of thinking.
Image [emoji542]
Image [emoji542] [emoji848]

Just my opinion.

Right, too much information. It hurts their heads.

MSHappyCampers · 08-25-2019, 11:15 AM

Hi ! Welcome to IRV2! We're sure glad you joined the gang!

Sorry, I don't have a clue!

Good luck, happy trails, and God bless!

TXTiger · 08-25-2019, 12:21 PM

The normal business transaction goes like this. The new lender calls the lienholder (existing lender) who holds the title and gets a 10day payoff. When you sign the loan docs you also sign a motor vehicle power of attorney. The new lender sends the payoff check to the old lender who then sends the new lender the title. The new lender reregisters your vehicle using the power of attorney you signed and the new lender gets a new title with the new lender as the new lienholder.

Delilah · 08-25-2019, 07:36 PM

Thank you TXTiger for providing that helpful info. I had not considered asking new lender to call current lender. I’ve already provided the 10 day payoff letter so I really don’t understand why that’s not enough, but I will provide the phone number and ask them to call the current lender themselves. Great idea! Thanks again.

Delilah · 08-25-2019, 08:00 PM

To HJLOWELL:
Wow. Why are you even on this thread when you don’t consider yourself a full-timer and are obviously not interested in providing any assistance? When asked a question I do what any decent, law-abiding citizen does & tell the truth. I AM homeless and a traveler. So are you. And I’m proud to call myself a full-timer.

FYI, lying on a loan app is a crime: https://www.law.cornell.edu/uscode/text/18/1014. I’d rather not chance going to jail for up to 30 years nor paying $1M.

You should go rant to someone who cares what you have to say but I doubt you’ll find anyone. Just my opinion....

Itchytoe · 08-25-2019, 10:59 PM

Sometimes it's better to not volunteer information. Telling everyone that you're a full time RVer is asking for trouble. As you've found out, banks and other financial institutions see that as a huge red flag. To them, you just told them that you're broke, homeless, and plan to skip out on them in a few weeks once you get their money. Look at it from their perspective, and you'll see why you got rejected a few times. Full timers, like us, are scary for lenders. We look like that guy who lives in a van down by the river....

You live at the address on your license. That's your permanent address. You happen to also own an RV and enjoy traveling in/with it. That's all 100% true and makes you look like a well established member of the community who happens to have the extra funds to travel. Now that's a guy who gets a re-finance loan. Bubba down in the van by the river ain't gettin nuttin!

You're completely right about not lying on a loan application. That's always a bad idea. There's a difference between lying and just keeping your mouth shut though. You can make things harder on yourself just by telling someone too much. Definitely tell us, here on IRV2 that you're a full timer, but your bank probably doesn't need to know that. My insurance agent knows, because I transferred my policies over the day after I got my South Dakota license. It was pretty obvious and they are wonderful to full timers there. Down in Louisiana, nobody knew when I made the switch. Telling people there, would just be asking for problems.

To resolve your issue, TXTiger is right. You'll need to get the two financial institutions talking to each other. It shouldn't be too difficult. Is your current lien holder a small local place? Sometimes it's best to just talk to the branch manager rather than the loan officers. It can make things easier.

Delilah · 08-26-2019, 01:40 AM

Just so we’re all clear on this thread...I did not just volunteer I was a full-timer. On all of the applications there is a specific question “Do you live in your RV full-time?” I answered truthfully. It also is listed on my ins papers that I had to provide to the one CU that has approved the loan because they were OK with me being a full-timer. Since this loan approval at Alliant, however, they have stalled because I couldn’t get the current lender to provide the supposedly required title copy prior to payoff. Please stick to my original question...ideas on how to get Alliant to complete loan process and/or get current lender to fork over a copy of the title to which they are in possession.

I thought this would be a good forum to pose the question as I’ve seen multiple posts that applaud Alliant CU because they WILL approve loans to full-timers. Since others have had mostly good experience with Alliant, I was thinking someone may have run into same issue and was able to resolve somehow. Thanks to all who have or can weigh in on & give advice on the title copy dilemma.

Sue46 · 08-26-2019, 05:24 AM

Several years ago we moved our Bank West loan to Alliant and had no problems except that Bank West kept hanging th pay off amount daily(felt like that). Alliant asked that we put $1000 in our savings account to cover any errors on the pay off amount from Bank West. We did that, Alliant sent them one of the pay off amounts they hd quoted, ended up being too much by a few hundred and were reimbursed.

I don't understnad why you are in the middle of this. Other than getting the pay off amount you should not be involved. It is between the two financial institutions.

Delilah · 08-26-2019, 10:21 AM

Thanks Sue and Tom! Yeah, it’s a mystery to me also. Maybe they’ve tightened their rules a bit. They are also requiring me to put a full year’s worth of ins payment into a savings account with them and not touching it until after I pay that off. Essentially doubling my ins payment at least temporarily. Anyway, thanks for responding and Happy Travels to you.

Itchytoe · 08-26-2019, 12:17 PM

Quote:

Originally Posted by Delilah

Thanks Sue and Tom! Yeah, it’s a mystery to me also. Maybe they’ve tightened their rules a bit. They are also requiring me to put a full year’s worth of ins payment into a savings account with them and not touching it until after I pay that off. Essentially doubling my ins payment at least temporarily. Anyway, thanks for responding and Happy Travels to you.

Now that seems odd. Is your insurance premium due soon? I can understand fronting the insurance payment if you only have a couple of months until it's due. Trying to escrow the full insurance premium over two or three months would make those few payments really high, which makes it less likely that they'll actually get paid.

Delilah · 10-24-2019, 09:58 PM

In case anyone ends up needing to know Alliant’s current practices and the final actions for my dilemma, here’s the low-down:
After phoning the WA dept of licensing twice and original lender twice, I spoke to the Alliant rep and told them that acquiring a copy of title prior to loan payoff was impossible for this state. They then finalized the loan refinance. However, I should also point out that part of that contract agreement specified that not only did I have to put the dollar amount equivalent to a full year’s worth of RV ins (over $1500) into my new savings account with Alliant but it is to remain there until this new loan is paid off - that’ll be years from now! I hope to be happy with all the interest it will earn. I should also mention that I had to make sure my ins deductible was no higher than $1,000.