RE: Looking for San Antonio,TX area for this coming winter
Canyon Lake is a great place we are there now fot the summer. Rio Raft and most of the places here on the Guadalupe rent for Winter Texans. We are at Riverside Resort for the summer then back to Rockport. Prices are great here. $385.00 per month includes Electricity. It is about 30 miles to San Antonio.
RE: RV financing.
New federal regulations to limit loans to full-time RVers
Greg Gerber posted on September 23, 2010 15:05
By Greg Gerber
Editor, RV Daily Report
WASHINGTON -- It's true. Changes made by Congress to tighten control of the banking industry earlier this year may just squeeze full-time RVers out of the lending market.
Ken Rishell, a principal partner at Captive Financing, a company helping RV and manufactured home dealers develop lending alternatives, told RV Daily Report today than an unintended consequence of the 2010 Financial Reform Bill may be problematic for the RV industry.
The law is nothing new, he explained. Congress passed it in 2003. But it has taken seven years for the federal government to write and implement rules to crack down on the way mortgage loans are managed. New rules for mortgage lending took effect Oct. 1, 2009; and the new rules for chattel loans (those involving movable property) take effect Oct. 1 of this year.
An RV dealer told RV Daily Report earlier this week that Bank of the West, Bank of America, BBT and US Bank have either stopped making loans will stop making those loans by Oct. 1 to full-time RVers who use their RVs as their primary residence.
The new lending laws imposed by Regulation Z Section 226.35 requires banks to escrow property taxes and insurance on any RV or boat that is the borrower's primary residence. Since full-time RVers don't have a "permanent residence," the banks may have difficulty determining what taxes to withhold an in what amount.
Although a vehicle may be licensed in a particular state, various counties and even cities within those counties have different property tax rates. Without an actual location upon which to base the tax, banks won't be able to escrow the payments, and would thus be in violation of the law, said Rishel.
An additional complication may arise as cash-strapped states seek to tax RV owners that spend significant time within a particular state. For example, Maine may want to tax RVers who register their units in that state, but Florida may want a cut of the action because the RVers spend six months living there.
The confusion lies in the law itself, said Rishel, and the fact it delegates enforcement authority to an agency that is not yet fully established.
"RV owners pay some type of privilege or personal property tax in addition to vehicle registration fees in states where the RV is licensed," said Rishel. "It is that tax that banks are required to escrow."
Banks can avoid escrow
Banks may be able to get around the escrow requirement by collecting a year's worth of taxes at the time of sale and remitting it in advance to the appropriate taxing authority, Rishel explained. The same holds true with RV insurance, which would also have to be collected a year in advance at loan closing and submitted by the bank to the insurance company.
"The big question is do banks want to do it?" Rishel asked. "There are a lot of complications that must be worked out. If they don't want to go to that trouble, they won't approve those types of loans."
A quirk in the law allows RVers to opt out of escrowing taxes and insurance, but only after the first year of the loan, Rishel explained. For the first year, banks have full responsibility for ensuring the payments are collected and made.
Another quirk in the law is based on how banks, or the government for that matter, will know that an RV owner is really a full-time RVer.
"I suspect that RV owners will eventually have to sign affidavits stating that they are only going to use their RVs for recreational purposes, not as full-time housing units," said Rishel.
The whole process imposes a burden on banks to determine if the RV buyer intends to use the RV as a home, or as a short-term getaway. Banks may be forced to loan only to true recreational users, and require a signed statement from the borrowers that they will not live in the RV on a full-time basis.
"Banks making loans to full-time RVers will likely need attorneys who fully understand the law and how to write contracts to comply with the letter of that law," said Rishel. "There are only about five law firms in the entire country who have a full grasp of what these new financial regulations involve when it comes to retail installment lending or direct lending to consumers."
Broad federal powers
The newly created Consumer Financial Protection Bureau has a much broader scope for regulating housing loans than the Housing and Urban Development agency ever did, Rishel explained. The new agency absorbed much of HUD's responsibility and added regulation of pay day lenders, credit card companies and just about anything that requires a regular payment to be made.
To complicate matters more, part of the law allows regulation and control by the Federal Reserve Board. Rishel said that the Fed is likely to be more bank-friendly in its approach to the law.
But, on Sept. 17, President Barrack Obama appointed Elizabeth Warren to head the new agency. Warren is a Harvard law professor who heads the congressional oversight panel over the Troubled Asset Relief Program (TARP). Warren is part of the problem, said Rishel.
"With Liz Warren, banks have a tiger by the tail and they know it," he explained. "She hates business, hates lending and hates anyone who makes any money."
Under new federal law, Warren will also assume enforcement authority for the SAFE Act, which regulates who can even fill out and submit a credit application. If an RV salesperson even hands an application to a consumer, or advises a buyer on how to fill out the application, the salesperson must be licensed, and so must the dealership.
"I am not sure the RV industry is out of the woods on the SAFE Act," said Rishel. "The new consumer protection bureau will be much more aggressive than HUD ever was. For example, HUD didn't want to deal with boats or RVs -- only houses. The new agency will look right down the shoulders of RV and boat dealers, and will likely look down the shoulders of car dealers, too.
"A whole new body of law has developed that addresses the issue of lending money for someone's dwelling, and the law claims those loans need more protection than any other type of lending," he added.
Is it tax deductible?
The key test of whether the loan will come under the scope of the new law rests in this measure -- If the interest paid for the RV can be deducted as a first or second home loan, then the item being purchased is a dwelling. If it is considered a dwelling by the IRS, then the new agency will consider it a dwelling as well, said Rishel.
Oct. 1 is just the beginning of a host of new regulations steaming their way toward the RV market, he added. Starting Jan. 1, 2011, RV dealers will be required to disclose the interest rates on loans and give buyers three days to cancel the loan.
"They may not be able to cancel the sales contract, but they could cancel the loan that funds that contract," Rishel explained.
"This is not the time for the RV industry to bury its head and pretend that these rules aren't taking effect or don't apply to RV loans," said Rishel. "The industry has to face it and decide what it is going to do about it. There is so much uncertainty coming down the pike that the RV industry's trade associations had best get its ducks in a row legislatively and work to get the help and protection RV dealers and buyers need."
RE: RV financing.
You need to check with your Dealer on the new law about lending to full timers. My wife and I planned ahead and sold our home when we retired and after living in our fiver for a year we decided to upgrade. When we looked at and said that we liked a rig we then told the finance manager that we were full timers and he laughed and said that banks could no longer finance for us. Our credit is in the 800's and after talking with a bank they told us that they could no longer finance anyone that was a fulltimer.
RE: Strategic Memberships (museum, gas cards, etc)
Pilot/Flying j has a new debit card for Good Sam Members. You get .08 off of each gallon of Diesel if you are a Good Sam life member, .06 if you are a yearly member. Pump doesnt shut off at 75.00 and you pay the total bill once a month. There is no charge for the card and no interest on it. Check out the Good Sam Samborees(rallies) and schedule around them. Great prices and lots of entertainment for the price.
RE: Parks in Port Aransas
On the Beach has small sites, lots of wind (no awning) and a lot of sand. Pioneer is a much better choice, The ferry system is great and will transport any RV size. They haul fully loaded 18 wheelers every day. We go back and forth from Rockport at least 3 times a week. There is no charge. Just pull up and they will tell you what to do.
RE: Corpus Christi TX
As it was said not many parks in Corpus. Port Aransas, Aransas Pass, Rockport, Port Lavacca areas are best. Lots of activities for everyone, but you need to make up your minds because parks fill up fast. We made our reservations in Jan. of this year.
RE: Everyone down south already?
Arrived in Rockport on the 1st of this month staying until March of next year. This is our second year here. We love it here and belong to the Winter Texan HOC Chapter.
We're Back in Rockport
We spent last week at Rio Raft Resort in Canyon Lake visiting with friends and on Monday moved to our winter space at Drifter's Resort in Rockport. If you are in the area stop by. Missed this place. Come on down and join the rest of the "Winter Texans".
RE: Rockport Rv parks
Check out Southern Oaks in Aransas Pass, Ranson Road, Pioneer in Port A and some of the ones over there. Check with Drifters as I know there has been a couple of cancellations.
RE: Ready To Turn Into aWinter Texan
Let me know the name and location of the store as I need some new tackle and gear. I am bringing the Kayak back this year to fish the bays.
RE: Ready To Turn Into aWinter Texan
lmao at you rocket. I am sending your name to the Chamber of Commerece for tourism. Yes we will be in Rockport as we love it there. So much we are looking at land this year. Take care we get there Oct. 1
RE: Rockport Rv parks
We stay from Oct. until March at Drifters. You can't get a better park. Unfortunately they are full. Southern Oaks had a few spots left. They are in Aransas Pass. Great city and they treat you like family. In your question of making reservations Yes you will need to.
RE: 1st time Texas snowbirds
CDNSENIOR Just a little hint but when you get down there don't call yourself a Texas Snowbird, call yourself a Winter Texan. Snowbirds are on the other coast and as most of them will tell you they sometimes don't feel welcome where in Texas WE are called Winter Texans and feel welcome. In Rockport I have been stopped and welcomed to the area and asked if we needed any help. Good Luck in your travels and as we say in the South "Jest Come on Down"
RE: Texas weather ???
We stayed in Rockport last year from Oct. until March and yes we did have a few Feb. days with sea fog but not many and weather was perfect for us. Fishing is great there. If you go try the Bakery Cafe for any meal of the day.
RE: How to look for RV resorts to stay in during the winter?
We visited the area before making a choice and made a list of things we were looking for. We found out that some places have a tendency make their campground look a lot better than it really is. We talked to the workers and some of the people that were staying there. We settled on one that didn't let people stay there more than 5 months. Also looked at the schedules for campers during the winter. Visited the town to get a feel from them as to their feelings on people staying in the town for the winter. Good luck and visit Texas sometime.
RE: Age
We sold the house and just sold the Dining room suite which was the last piece of furniture we held on to. We have lived in our fiver for a year, but before that we lived on a houseboat for 6 years. Our health is good not great but good. You do what you want to and not sit at home waiting for that big one. You can get insurance to get you home and someone to take your rig home if something did happen. Have fun together now because we are not guaranteed tomorrow.
RE: Only 10 weeks left for some of us.
We leave in 7 weeks. This will be our second year and we have unloaded a lot of stuff that we didn't need or use, downsized the grill, got a new chair and we are ready for the 21st of Sept. We will spend a week lounging by the Guadalupe river in Canyon Lake Texas before going back to Rockport. I am ready to leave this 90% humidity in Tn.
RE: Mobil CW Retail Trailer
We have 3 CW stores in Tennessee, and they participate in the Samboree, they even send a repair crew that stays on site and does repairs on a schedule as you sign up. They also send a lot of door prizes. They also have a site where they sell items.
RE: Mobil CW Retail Trailer
We have 3 CW stores in Tennessee, and they participate in the Samboree, they even send a repair crew that stays on site and does repairs on a schedule as you sign up. They also send a lot of door prizes. They also have a site where they sell items.
