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TomG2's avatar
TomG2
Explorer
Sep 19, 2017

Any Bankers on here?

Some of my Senior Single friends purchase RV's on the "Thousand dollars down and twelve years to pay it off" plan.

My question is, "What happens when they expire three years into the twelve year contract?"

I am not posing a moral question, or judging their wisdom. I only wonder what is the mechanism that the lending institutions usually follow in this situation? I do not need to be told that the loan was stupid or that they should have paid cash. Just the reality of what is likely to happen. My hypothetical scenario includes no surviving spouse, adult children who have no use for a RV, and a relatively small estate.

What happens when my camping buddy goes to that big campground in the sky before paying off his camper?

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