BiGG
MI - WI - FL
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Joined: 05/24/2002
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Maybe its time we start getting collateral from the dealer in such transactions like asking them to back the purchase of our rigs with their own personal property like equity in their personal homes, life insurance policies, retirement accounts etc! 
Looking for any information available on Del Rey "Sky Lounge" and Kamp King slide-ins for preservation/restoration projects.
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Lariat trucker
Sticksville, TX
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Joined: 11/18/2005
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Lately, the owner finance on Motorcoachs has become more of a scam than an acceptable way to buy. We know a couple who got into that program only to have the coach owner file bankruptcy. They had paid over $10K including the up front and the payments they made. The people who owned the coach just got deeper and deeper in debt and finally cash it in. The couple found out when the repo man came for the coach. Then a week later they got a copy of the Bankruptcy filing.
The broker disowned them and the bank wouldn't even talk to them about a purchase of the coach. Last I heard they had hired an attorney to try to recoup some of the money. You could do this all in good faith but there are too many players to assure that it will work. We see lots of these in the RV Trader.
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ticat900
Vernon BC
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Joined: 09/16/2006
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Deen wrote:When someone takes over the payments the original purchaser on the contract is still liable for the payoff. If the second "purchaser" refuses or can't pay the original owner is on the hook for the payments. Plus, the original owner is on the hook for any damage to the vehicle or property damage done by the "new" owner.
we are not talking about someone we are talking about registered licenced auto dealers
Again I say it anyone who Takes a RV that they owe $175K and trust
anyone to pay off that loan without them seeing to it themsleves are
very foolish.
Again I say that if the system works the way it was presented in the original article then U have a serious problem that needs to be changed/Also Like I said in BC Chances of that situation happening are slim and none
Why would you give a person a motor home that U owe 175K on and NOT have the debt transferred to the new unit or loan agreement
No one seems to be able to answer that question??
WHY would a lending institution allow this to happen??
I bought a used M/H in california and had to pay the Bank directly
before I could obtain the registred title ?
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s & s
Michigan
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Joined: 02/08/2004
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My question might be. Where is the motorhome that was traded in? If it wasn't paid for then the title has to be still in the origial owners name. Can't change title unless the rig is paid for. So getting back to the question, if the the dealers inventory was seized where is the rig? And actually there are two different stories here where is the other couples rig? This dealer was know for pulling shady deals.
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hohenwald48
Hohenwald, TN
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Joined: 07/27/2002
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Yeah, we need more laws. That's always the answer folks seem to come up to solve problems. Get the government to take care of us.
How about people just don't stick your neck out and try to be a little smarter in your business dealings. More laws will never fix "stupid".
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smkettner
Southern California
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Joined: 03/21/2005
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One more reason to get the loan paid off before you trade.
I think the person should be able to get the MH back if he is obligated to pay the loan. But I don't know if that is legally possible. I would file my petition with the BK judge.
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ticat900
Vernon BC
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hohenwald48 wrote:Yeah, we need more laws. That's always the answer folks seem to come up to solve problems. Get the government to take care of us.
How about people just don't stick your neck out and try to be a little smarter in your business dealings. More laws will never fix "stupid".
well beleive it or not YOU(usa)realy do need better laws if this case went down as described but I agree if U read my posts People in my opinion are really stupid to let this deal happen but I also put some
responsibilty on the back of the lending institutions
I really dont beleive after reading the article for the 3rd time that it unfolded exactly as written
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M GO BLUE
Southgate, MI
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Joined: 01/29/2001
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WALT MICHALS RV SUPERSTORE...enough said
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bullydogs1
New Jersey
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Joined: 06/26/2006
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I've said this to people and I will say it again....know who you are doing business with and always FOLLOW THE MONEY.....get a check from the dealer and get it to the bank yourself or get a UPS receipt tracking number with the track and follow it....you have to protect yourself because although the dealer did something wrong..it is YOU who pays for it....
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RetiredbutWorking
Central Texas
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msmith1199 wrote:PapPappy wrote:The problem is, you don't know what is happening, until it is too late. The OP's Dealer had promised to pay the note....and while not being able to pay it off in a lump sum, was said to be paying it off monthly.
I would think that this is somewhat standard, as it would then be paid off, when the RV was re-sold.
What I don't understand, is how the Title and the Loan didn't become the property of the Dealer at the time of the sale. Don't we sign over these things when we have the "closing"? I'm guessing not!
I see lots of cars for sale, with "pick up payments" as a price. I would assume that the seller wants to get out from under the loan, and the vehicle isn't worth more than the loan.....but doesn't the buyer have the loan signed over to him? I've never done this, so don't really know what the procedure is!
Still....very sad story for those people involved. We hope it all gets worked out!!
My understanding is hardly any banks or companies who carry loans on vehicles will allow somebody else to take over payments. You see people advertising it a lot, but I don't many actually work it out, at least not legally.
'Transfer of equity', commonly known as taking over payments is still a viable option in today's economy. It allows for the financial institution to continue to receive payments and lets the current buyer off of the hook.
RBW
USAF, Retired
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