RV.Net Open Roads Forum: RV Lifestyle: Has anyone noticed

RV Blog

  |  

RV Sales

  |  

Campgrounds

  |  

RV Parks

  |  

RV Club

  |  

RV Buyers Guide

  |  

Roadside Assistance

  |  

Extended Service Plan

  |  

RV Travel Assistance

  |  

RV Credit Card

  |  

RV Loans

Open Roads Forum Already a member? Login here.   If not, Register Today!  |  Help

Newest  |  Active  |  Popular  |  RVing FAQ Forum Rules  |  Forum Posting Help and Support  |  Contact  

Search:   Advanced Search

Search only in RV Lifestyle

Open Roads Forum  >  RV Lifestyle

 > Has anyone noticed

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 4  
Prev  |  Next
Sponsored By:
obiwancanoli

Napa

Senior Member

Joined: 02/13/2018

View Profile



Good Sam RV Club Member

Offline
Posted: 08/02/21 08:53am Link  |  Quote  |  Print  |  Notify Moderator

I wonder... if they defaulted on the RV loan, is it considered a foreclosure?

way2roll

Wilmington NC

Senior Member

Joined: 10/05/2018

View Profile


Offline
Posted: 08/02/21 09:23am Link  |  Quote  |  Print  |  Notify Moderator

Why is everyone so concerned about everyone else's finances and judging people they don't even know?


2020 F350 STX 6.7L Turbo Diesel
2020 FR Cedar Creek Silverback 29rw

thomasmnile

Lake Mary, FL

Senior Member

Joined: 05/14/2009

View Profile



Good Sam RV Club Member

Offline
Posted: 08/02/21 09:47am Link  |  Quote  |  Print  |  Notify Moderator

obiwancanoli wrote:

I wonder... if they defaulted on the RV loan, is it considered a foreclosure?


No. It's a default on a vehicle loan, secured by the RV which is not real estate. Full time residency or not is immaterial. Stop making payments, it's subject to repossession.

valhalla360

No paticular place.

Senior Member

Joined: 08/19/2009

View Profile



Good Sam RV Club Member


Posted: 08/02/21 11:42am Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

Why is everyone so concerned about everyone else's finances and judging people they don't even know?


If we are talking about a stray individual, you are probably correct.

If we are talking about repeating it on large scale...it impacts can have unexpected consequences that do impact others.

Example: We didn't take out one of the "liar loans" on a house we couldn't afford back in the early 2000's...our 401k still took a big hit for a few years when the market blew up.


Tammy & Mike
Ford F250 V10
2021 Gray Wolf
Gemini Catamaran 34'
Full Time spliting time between boat and RV


time2roll

Southern California

Senior Member

Joined: 03/21/2005

View Profile



Good Sam RV Club Member


Posted: 08/02/21 12:00pm Link  |  Quote  |  Print  |  Notify Moderator

wapiticountry wrote:

Why is it assumed that everyone in a big rig is living above their means? In my personal experiences, both owning big rigs and owning an RV park I have found the opposite to be the case. Not everyone is teetering on bankruptcy.
+1 Never underestimate a person's resources at the high end.


2001 F150 SuperCrew
2006 Keystone Springdale 249FWBHLS
675w Solar pictures back up

dedmiston

The West

Moderator

Joined: 01/26/2004

View Profile



Good Sam RV Club Member


Posted: 08/02/21 12:15pm Link  |  Quote  |  Print  |  Notify Moderator

It feels like this convo about RV Lifestyle belongs in...wait for it... Yes, RV Lifestyle.

Moved from General RVing to RV Lifestyle.


2014 RAM 3500 Diesel 4x4 Dually long bed. AISIN trans & 4.10 rear. B&W RVK3600 hitch • 2015 Crossroads Elevation Homestead Toy Hauler ("The Taj Mahauler") • Hooligan #3

Toys:
  • 18 Can Am Maverick x3
  • 05 Yamaha WR450
  • 07 Honda CRF250X
  • 05 Honda CRF230
  • 06 Honda CRF230



way2roll

Wilmington NC

Senior Member

Joined: 10/05/2018

View Profile


Offline
Posted: 08/02/21 12:24pm Link  |  Quote  |  Print  |  Notify Moderator

valhalla360 wrote:

way2roll wrote:

Why is everyone so concerned about everyone else's finances and judging people they don't even know?


If we are talking about a stray individual, you are probably correct.

If we are talking about repeating it on large scale...it impacts can have unexpected consequences that do impact others.

Example: We didn't take out one of the "liar loans" on a house we couldn't afford back in the early 2000's...our 401k still took a big hit for a few years when the market blew up.


The market blew up because Lenders were pushing no doc and sub prime loans in an effort to create defaults they insured against. It was a set up. Regulation and oversight were cut which allowed lenders to give too much money to people who didn't really qualify at all. They shopped/bought sub prime customers with a propensity to fail because they made more and faster cash by collecting the insurance when they did. it was a win win, and taxpayers picked up the check. Nothing to do with people finding themselves in a position to work remote, switch modes of travel due to Covid, free up cash by moving to cheaper areas or a dozen other reasons to buy an RV. And the RV market is such a small share of the US market share when compared to other comparable purchases, and the defaults a small share of that percentage, will have no noticeable impact on your 401. Actually they probably have a positive impact by spurring the economy with the high demand.

valhalla360

No paticular place.

Senior Member

Joined: 08/19/2009

View Profile



Good Sam RV Club Member


Posted: 08/02/21 01:48pm Link  |  Quote  |  Print  |  Notify Moderator

The point is...your comment implied it was inappropriate for us to care about what others were doing because it's none of our business.

Well the "liar loans" were an example of how that can play out. On an individual level, it's not my problem if the neighbors are in over their heads but on the larger scale it can still impact me, so it is my business.

No, I don't expect the RV loan industry to blow up the economy all by itself but same thing is happening with boats and houses (again) where things are going into a bubble...so it's very legitimate to look for the canary in the coal mine.

PS: While the banks certainly played along, a large number of borrowers were plenty guilty of taking out loans they had no reasonable expectation of paying off.

* This post was edited 08/02/21 02:31pm by an administrator/moderator *

way2roll

Wilmington NC

Senior Member

Joined: 10/05/2018

View Profile


Offline
Posted: 08/02/21 02:30pm Link  |  Quote  |  Print  |  Notify Moderator

Sounds like a lot of justification to judge what other people do with their money without knowing them or the facts.

Super_Dave

Harrisville, UT

Senior Member

Joined: 01/19/2007

View Profile


Offline
Posted: 08/02/21 04:34pm Link  |  Quote  |  Print  |  Notify Moderator

A year of Covid shutdown saw our savings account grow like no other year. Money to spend.


Truck: 2006 Dodge 3500 Dually
Rig: 2018 Big Country 3155 RLK
Boat: 21' North River Seahawk


Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 4  
Prev  |  Next

Open Roads Forum  >  RV Lifestyle

 > Has anyone noticed
Search:   Advanced Search

Search only in RV Lifestyle


New posts No new posts
Closed, new posts Closed, no new posts
Moved, new posts Moved, no new posts

Adjust text size:




© 2021 CWI, Inc. © 2021 Good Sam Enterprises, LLC. All Rights Reserved.