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 co...
Forum Discussion
All the creditors stand in line for their share of the assets. If their are not enough assets to cover the loan the bank gets the RV back to sell to satisfy the remainder of the loan. Any surplus money from the sale goes back into the assets pool to the benefit of the other creditors. Anything remaining after all the creditors get their due goes to the heirs.
If their isn't enough money to satisfy the loan, the creditor goes after the co-signers if any. Any life insurance proceeds also come into play. If overall there isn't enough money to cover the loan, the bank loses, which eventually means the bondholders (such as your 401K account) loses.
If their isn't enough money to satisfy the loan, the creditor goes after the co-signers if any. Any life insurance proceeds also come into play. If overall there isn't enough money to cover the loan, the bank loses, which eventually means the bondholders (such as your 401K account) loses.
