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Good News About RV Lending

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Curt Q5 Hitch

getting the brites when towing?

I found this article on "RV Industry News" blog:

"Despite economy, defaults on RV loans remain lowest in banking industry
By Greg Gerber


I am glad to hear that bankers are starting to loan money to RV buyers again. At least that's what dealers across the nation are reporting following successful consumer shows last weekend.


Perhaps the bankers got around to reading a press release last week distributed by their very own trade association. The American Bankers Association announced last Thursday that consumer loans were at near-record levels for defaults. But, once again, RV loans prove to be one of the safest loans bankers can make.


I'm no math genius, but these numbers tell me that out of the 250,000 RV loans made last year in America, maybe 3,175 loans were delinquent. It doesn't mean they defaulted. It doesn't mean that the RV was repossessed. It simply means the borrowers were late on at least one payment.


If banks are run like businesses, you would think every bank CEO would look at these numbers, pick up the phone to the VP of consumer lending and demand that fewer car loans be made and that the bank start writing more RV loans. "
 
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In bad times like this, I suppose folks are thinking like me if we hit a depression, it will BE HOME!!!!

the payments are much less then rent or a house note...
 
Our daughter was laughing at us years ago when we told her the fiver was our "easy-out" plan. She asked what I meant and I told her that if things got too bad and we ever lost the house that the RV is paid for and will be our home until we get back on our feet.



Haven't needed to use it for our back-up strategy, but it's still with us.



BTW, I think that is truly the reason people will continue to make payments on their RV than their house or other toys.
 
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