RV or Boat Loan Payments Out of Control?
If you are concerned about your RV or boat loan, the attorneys at McFarlin
LLP can help you fashion an RV debt forgiveness program to work for your
Before you even think of bankruptcy or other drastic measures to get rid
of your debt, consider negotiated debt settlement as an alternative.
You Are Not Alone
Many people come up against financial hardships and unforeseen circumstances
that cause them to fall behind in payments for many items, including recreational
vehicles. Defaulting on an RV loan can mean repossession or even having
to defend a lawsuit if the creditor is trying to collect the balance of
the loan. Fortunately, with the right attorney assistance, people who
owe lenders for their RVs may be able to obtain RV debt forgiveness through
a negotiated debt settlement.
Many people get great enjoyment from owning recreational vehicles such
as campers, trailers, boats, and ATVs, and decide to spend some of their
hard-earned cash on items that make them happy. If you followed your passions
and dreams but now find yourself upside down with an RV or vehicle loan,
you are not alone. As the saying goes, hindsight is 20/20. Perhaps, like
a lot of people, you purchased a hobby or recreational vehicle during
a time in your life when your financial situation was more secure so financing
your recreational vehicle seemed like the way to go. Then, due to a change
in circumstances such as a job loss or other unforeseen challenge, you
no longer can pay for your purchase.
When you first bought your recreational item, it is likely that lenders
such as finance companies, banks, credit unions, and even the dealerships
themselves were lining up to lend money to RV buyers just like you. And
getting a loan was pretty easy. Maybe you were able to purchase your vehicle
or boat after only putting a small percentage down, perhaps even less
than 10 percent. If it was an impulse buy, you might not have shopped
around for a better finance deal and ended up paying way too high an interest
rate. Or perhaps you didn’t take into account all the operating,
maintenance, licensing, and storage costs you would incur year after year.
Now, you’ve hit a financial bump in the road, and you are not able
to keep up with the payments.