Q:

What is RV repo?

A:

Quick Answer

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.

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Full Answer

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.

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