What Is RV Repo?

What Is RV Repo?

RV repo occurs when a lender takes back possession of a recreational vehicle. Repossession can be voluntary, in which an RV owner initiates the surrender of the vehicle, or involuntary, in which the bank sends personnel to reclaim the vehicle.

Repossessions occur most often when people cannot make their RV loan payments. They create a deficiency between what the lender is able to resell the RV for and the balance owed. Fees for the repossession and early contract termination count as part of the deficiency. A lender must return any personal property that was in the RV at the time of repossession.