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
sayoung wrote:
I had to handle an estate back in 99 that only had one asset, a fairly new corvette bought on that 0 down ****. He knew he had terminal cancer
After trying to sell it before the next payment, realized it wasn't happening with enough $ to satisfy loan. Contacted GMAC & just took it back
That was nice of GMAC and that is what my buddies hope for. I am sure it depends on the amount of the remaining loan. The problem I see with the various scenarios is that there is no incentive for the lending institution to get top dollar for the repo if they can get the loan paid off by the estate. It appears that they could dispose of Bill's $100,000 RV for $25,000 and tap the dead guy's estate for $75,000 if that is the balance.
Please do not think that I am in any way trying to beat the bank out of their loan or any other unpaid bill of the deceased. I just wondered what the mechanism would be. I may play campfire lawyer this winter with my friends.
