Bank Financing: No more Full-Timers?

[edj]

I think it is a good idea to require banks to require proof that you can afford to make the payments for a loan for the foreseeable future. If one can not prove that, they should not get the loan. If the banks had been doing that for the past 10 years, the economy would be a LOT better now.

[SD Traveler]

Originally Posted by SlocanPaul

And so they shouldn't. It's not a right for everyone to own a $150,000 RV and or home for that matter. It's about time the government had put some restrictions out there.

And just who do you think created this mess in the first place? Do some research on the Community Reinvestment Act.

Nick

[Dadeaux]

Originally Posted by D in Davie

Does anyone know how this would effect us potential buyers who do not want to full time but just use it a lot of time? I would like to trade up in a year or two but would probably stay with what I have if the other economic shoe drops.

If you are buying through a dealer it will likely be easier however there are banks like BoA and Bank of the West who have large portfolios in RV financing. they know the industry and RVers and they don't make money in the long run unless they loan money. Make sure your credit has no unknown 'gotchas' and negotiate hard.

Good luck.

[Its Paid For]

There are just over 7,000 FDIC banks in America that made $21 billion in profits last quarter. The top 5 made $20 billion, the other over 7,000 split a billion or lost money. 884 are on the about to fail list. Last year the most failed since savings and loans bust 19 years prior.

The only reason 884 are on a list and not closed is because FDIC ran out of money and is holding onto a small reserve. 12% of current banks would be closed otherwise, each quarter more banks are added to the list.