Me & My $134,000 Motor Home

I have a loan on a 2007 motor home for $134,000 that I can not afford to keep making the $1002 a month payments on.

The problem is that the RV industry and the economy have made the value on this motor home maybe $75,000 now.

If I do a volutary repossession or if it is repo’ed in Oregon which is a anti-deficiency judgement state will my other assests like my car or my Certificates of deposits be liened on.

What can I expect to happen?

James

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Hello James,

Unfortunately, the anti-deficiency statute does not apply to motor homes.  However, if the creditor commits a breach of peace in repossessing the motor home or the sale is not conducted in a ‘commercially reasonable’ manner then they may be barred from collecting the deficiency. 

Read: Oregon Deficiency Judgments, I’m In Deepo With A Repo and Dana’s Story

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.

(singing)

East bound and down, loaded up and truckin’,
we’re gonna do what they say can’t be done.
We’ve got a long way to go and a short time to get there.
I’m east bound, just watch ol’ “Bandit” run.