General RV loan document fraud

[RS ODonnell]

Originally Posted by HarleyRider7

I'm thankful for our local friendly and honest credit union folks. 7 years at 3.9% and no inflatables. I put a little extra $ each month and will pay it off a year early.

Stay safe & enjoy the ride
Joe

Same here. Our credit union of almost 30 years holds the notes on both our 5th wheel and F350 dually. No muss, fuss or trickery BS. They give you a blank check good for "up to" whatever amount and you go shopping.

https://www.youtube.com/watch?v=qyxqBBDxvNg

[EcoRick]

Originally Posted by SkyHiView

Reading all of the posts here, how difficult could it be to investigate and get to the bottom of this? I see that people are inclined to assume nefarious actions by GenRV, but if they are found faultless in an investigation, will we even hear about it? I don’t think so.
So I’m going to keep that in mind and reserve judgment.

Investigations take time, especially with Covid, so I doubt we’ll hear much for some time. I agree that the end result will probably not get as much press as the initial story. For me personally, the story caused me to question our loan that was handled through General RV. The entire finance process purchasing our DP was painful. As expected, they tried sell me all their upcharge services which amounted to over $20,000. I dismissed most of the services but the finance manager said I had to take one service and could cancel one year and one day later. I disputed that but he insisted the loan would not be approved without it. We either had to take the deal or I’m sure they would gladly take the RV into stock so we signed knowing it would cost me a few thousand dollars. After the story I reviewed the loan document again and it was clear that was not true. I contacted the GM who did make it right and backdated the correction to the purchase date. Employees will perform based on their compensation structure and I suspect this cost the finance person commission. The GM did act extremely professionally and promptly to fix this.

[ttavasc]

Looks like the investigation into General RV is complete and unfortunately due to statute of limitations the people involved will not suffer any consequences.

https://www.rvtravel.com/scammed-doz...led-rvt-1026b/

[Rexlion]

Thanks for updating.

Some statutes of limitations can be tolled in certain circumstances, but apparently these circumstances don't fit. Too bad.

[redbaron73]

[Notlad]

If indeed the fraud was perpetuated by a few rogue employees then General should publicly admit what happened, disavow those employees and confirm they are no longer employed by them and most importantly unveil management and employee training that will specifically address unethical and unlawful practices. A chance for General RV to take a bad situation and move past it. Anything less than that and you can bet I will never darken their door.

[Jkjavelin]

Originally Posted by Notlad

If indeed the fraud was perpetuated by a few rogue employees then General should publicly admit what happened, disavow those employees and confirm they are no longer employed by them and most importantly unveil management and employee training that will specifically address unethical and unlawful practices. A chance for General RV to take a bad situation and move past it. Anything less than that and you can bet I will never darken their door.

Naw... They probably did have a follow up management meeting that went something like this:
It was a close call, but we DID get away with it.
How can we improve on this idea? Your Christmas bonus depends on it!
JK

[astrnmrtom]

Several people have expressed the surprise that someone would finance a depreciating product over a long period of time. People who've studied the human mind and brain function have a term for it - Temporal discounting, or Future discounting. It's the brain discounting future risk for immediate or short term reward. Some people are more predisposed to it than others - compulsive gamblers are an extreme example. Remember the housing bubble that burst in 2008? Massive amount of Temporal discounting going on. Low interest rate mortgages with 5 year balloons. That massive 5 year balloon was, well, five years away, but TODAY you were handed the keys to your nice new house! What could possibly go wrong?

[wolfe10]

I don't recall Fiscal responsibility being of interest to many Americans.


Lots of "I WANT IT".

[Bobby F]

But if you ride the bubble up while leveraged and bail at the right time, you're brilliant.

The difference between brilliant and dumb is about two weeks, I think.