QUESTION
What would happen if we stop making payments on our RV that we own?
Asked on Jun 09th, 2015 on Bankruptcy - Michigan
More details to this question:
Several years back, my husband purchased an RV in his name. My name is not on the title. As we get up there in age, almost in our 70s, we feel as though we can no longer afford it. What will happen if we stop making payments on the RV? Will we be taken to court?
8 ANSWERS
Personal Injury Law Attorney serving San Diego, CA
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Law Office of Robert Burns
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Presumably, it will be repossessed and you sued for deficiency.
Answered on Jul 27th, 2015 at 2:53 PM
The RV will be repossessed and you will be responsible for the deficiency.
Answered on Jul 27th, 2015 at 2:53 PM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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The creditor has the choice of (i) repossessing and selling the RV and suing you for any deficiency, or (ii) suing you for the outstanding principal and interest incurred through judgment. (The judgment also bears interest.) Consider selling the RV yourself (generally you can sell a vehicle for more than the creditor will get) and asking the creditor to release the lien in exchange for the proceeds. If the creditor refuses, it may bar any deficiency and/or result in liability for statutory damages.
Answered on Jul 27th, 2015 at 2:53 PM
Criminal Defense Attorney serving Alhambra, CA
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Francis John Cowhig
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The RV most likely will be repossessed and you could be sued for the remainder due on the contract.
Answered on Jul 27th, 2015 at 2:53 PM
Thomas Edward Gates
A collections action would take place. These business allow the interest to build on the unpaid balance and then take legal action to get a judgment. Best to sell it.
Answered on Jul 27th, 2015 at 2:53 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Yes, they will sue for the balance, repossess the RV, sell it and get a judgment against him for any shortfall.
Answered on Jul 27th, 2015 at 2:53 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Initially it will be repossessed and then sold If is it sold for less than is owed on it you may be taken to court for a deficiency judgment.
Answered on Jul 27th, 2015 at 2:52 PM
Bankruptcy Attorney serving Federal Way, WA
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Freeborn Law Offices P.S.
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If you stop making payments, the RV will be taken through repossession. The RV will then be sold, probably for substantially less than what you owe, and you will then be sued for the remaining deficiency.
Answered on Jul 27th, 2015 at 2:52 PM