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05-06-2013, 01:23 PM
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#1
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Junior Member
Join Date: May 2013
Posts: 22
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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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05-06-2013, 01:40 PM
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#2
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D333RLT Tower
Texas Boomers Club Entegra Owners Club
Join Date: Jun 2009
Posts: 2,075
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Quote:
Originally Posted by kidzrock5
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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Who's bankruptcy-your's or manufacturer?
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[COLOR=red]2022 KZ Durango D333RLT
[FONT=Arial][COLOR=red] Towed by2022 F-250 Lariat 7.3 Godzilla gas 10 speed , Texas Boomers RV Club
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05-06-2013, 01:43 PM
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#3
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Senior Member
Join Date: Nov 2012
Location: bis. nd
Posts: 1,124
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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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2007 Alfa Gold!! model 1008. 400hp Freightliner, IFS!!
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05-06-2013, 01:52 PM
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#4
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Junior Member
Join Date: May 2013
Posts: 22
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Quote:
Originally Posted by dlovitt
Who's bankruptcy-your's or manufacturer?
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that would be my bankruptcy ...
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05-06-2013, 04:30 PM
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#5
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Senior Member
Forest River Owners Club Ford Super Duty Owner
Join Date: Mar 2012
Location: anywhere, USA
Posts: 1,691
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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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05-06-2013, 07:59 PM
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#6
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Member
Join Date: Sep 2012
Posts: 76
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Quote:
Originally Posted by kidzrock5
that would be my bankruptcy ...
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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
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2008 Sprinter chassis with
2010 Four Winds House class C
Pulling a 6x12 enclosed trailer
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05-06-2013, 08:14 PM
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#7
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Senior Member
Join Date: Aug 2012
Posts: 852
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Quote:
Originally Posted by Showkey
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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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1998 Newmar Dutch Star, 3126B Cat/ Freightliner
2003 Honda Element
" Don't let the same dog bite you twice "
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05-06-2013, 10:13 PM
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#8
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Senior Member
Join Date: Mar 2011
Location: Kent, WA
Posts: 1,092
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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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Arnold
2006 Holiday Rambler Endeavor 40 PAQ
2017 Ram 2500 Big Horn 6.4 Hemi
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05-06-2013, 10:35 PM
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#9
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by datrbone8
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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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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2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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05-06-2013, 11:42 PM
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#10
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Junior Member
Join Date: May 2013
Posts: 22
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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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05-06-2013, 11:49 PM
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#11
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Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Jun 2012
Location: SoCal
Posts: 15,749
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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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Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
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05-07-2013, 03:37 AM
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#12
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Senior Member
Join Date: Feb 2010
Location: Sunnyvale, CA
Posts: 1,195
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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.
Steve
__________________
The Green Machine -- 2000 Mountain High Coachworks Summit (Spartan chassis / Cummins ISC)
...and F-Troop: Fearghus, Fiona, and Frankie (Cairn Terriers)
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05-07-2013, 05:06 AM
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#13
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Senior Member
Tiffin Owners Club
Join Date: Jun 2008
Posts: 619
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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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05-07-2013, 05:49 AM
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#14
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Senior Member
Join Date: Feb 2007
Location: Florida
Posts: 1,193
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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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