RVshare mention bank denied loan - any recourse

[1flyinz]

Found the solution.

[valhalla360]

1flyinz wrote:
Seems like many have not really researched RVshare before commenting.

No it seems like you don't understand, this is a commercial venture. This a common misconception with uber, airbnb, and similar "sharing" businesses.

For all intents and purposes, these are commercial ventures and carries different risks to the bank. As a result, the retail loan approval standards do not apply. Compounding the issue is many people lying about the use, so once someone indicates they might participate, they are forced to make the assumption if you later say you aren't going to put the item in commercial use that you are lying.

Given your follow up post about "loose lips", I now question my assumption that it was an innocent mistake on your part.

[haddy1]

IBcarguy wrote:
Something doesn't sound quite right. What's motivating them to make up false stories? Most dealers will do and say almost anything to get a deal approved, not provide inaccurate information to kill the deal. If this was just a misunderstanding or miscommunication, insist that they contact BOA and tell them that this information was given in error and to restore the deal to the original approval status. If they won't, there's more to this story...

I have been a long time (over 40 years) customer of BOA and continue to be one. Their online banking and widespread availability of branches is great. That being said, they are one of the last places that I would go for a loan. They have way too many "strange" rules when it comes to consumer loans.

[Ductape]

I conclude from the OP deleting the original post that the decision was to proceed with some less than ethical solution.

[1flyinz]

Loose lips = lesson learned

[1flyinz]

Thanks for all your feedback and yes I just signed up to ask the question. I have had 7 different RVs over the years and this was the most expensive one for sure. Seems like many have not really researched RVshare before commenting.

if you gotta rent it to pay for it ? you can,t afford it. ??? I'm sure people with second homes that rent would not agree with that one. Everyone is not as wealthy as you apparently.

[klutchdust]

midnightsadie wrote:
if you gotta rent it to pay for it ? you can,t afford it.

I was thinking the same thing.

[midnightsadie]

if you gotta rent it to pay for it ? you can,t afford it.

[klutchdust]

I wouldn't let strangers sit in my RV much less take it for the weekend. Also, A recent visit to my Insurance agent was interesting. Be sure and tell the Insurance carrier the truth about your RV intentions. Neighbor and teen driver came up in discussion, since the teen was not listed as a driver in the household claim denied when he wrecked the car. People fail to mention teens since the rates increase dramatically. IF you were to rent out your RV this may apply.
Best of luck with whatever you choose to do....

[valhalla360]

The finance department of the dealership was acting as the banks agent and it would have been inappropriate for them not to notify the bank that there was a high potential that the unit would be placed in a commercial rental program based on your comments.

Its pretty cut and dried. You were (hopefully unintentionally) trying to violate the loan terms which were for the purchase of a non-commercial RV.

[cgmartine]

"False stories and inaccurate information?" Not the case here. The dealership only passed on what was told to them. The bank had no way of knowing if the buyer's consideration would be carried out.

[Photomike]

Seeing that the person joined today and only made one post I think they are either trying to start something or fishing.

Best to just ignore it and hopefully this post will be closed soon.

[darsben1]

As far as I am concerned the bank saved you from a disaster

[Expyinflight]

Costly mistake.

[jarata1]

Loose lips