Though a bit off specific topic, this is probably a good time to mention it is situations like this that inevitably lead to threads entitled "I have great credit, yet I can't get financing to full time RV". I have a whole lot of experience with the entire credit approval process, and situations like this are held up as examples of why tight underwriting is never a bad thing. My guess is if the research being done by the family indicates a $10,000 or $12,000 dollar loss, the actual loss by the bank will probably be double that.
Even with a voluntary repossession, they have many steps that need to be taken before the rig can be sold, so it isn't going on the market for several months, probably running up storage costs, and if it needs any work, they will have to pay, because the loan officer isn't going out there and washing the rig, repairing a broken black tank valve or changing the oil. They also are not going to even attempt to retail the unit, so they will be getting wholesale price. On top of that, they are not in the vehicle business, so their interest will be to get out quickly, and if that means selling in October rather than prime time May, that is what they will do.
You can be sure that the next time a loan request for an RV comes across the desk, this transaction will be front and center in the mind of the loan officer who is judged not only by how many loans he makes, but by how profitable they are. Outcomes like the one likely to occur in this thread serve to tighten the screws a little bit on future RV loans to people who have sold everything and bought into full time RVing.
