What would happen if we stop making payments on our RV that we own? 14 Answers as of July 27, 2015

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?

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James T. Weiner & Associates, P.C.
James T. Weiner & Associates, P.C. | James T. Weiner
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.
Answer Applies to: Michigan
Replied: 7/27/2015
Freeborn Law Offices, P.S.
Freeborn Law Offices, P.S. | Steve Freeborn
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.
Answer Applies to: Washington
Replied: 7/27/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Generally they will sue you and repossess the vehicle. Or you can surrender the vehicle, then they will auction it and charge you for the difference. Or you can file bankruptcy and you are not liable for any of it and they probably wouldn't even take it.
Answer Applies to: New York
Replied: 7/27/2015
Lawrence Lewis
Lawrence Lewis | Lawrence Lewis, PC
Huh. You are almost 70, and do not know that they will come and take the RV, sell the RV, and sue you for the balance due on the loan. For example, you owe $ 40,000 on the loan on the RV, which means you do not really own it. They take it and sell it for $ 23,000. You will then be sued for the balance of $ 17,000.
Answer Applies to: Georgia
Replied: 7/27/2015
Universal Law Group, Inc. | Francis John Cowhig
The RV most likely will be repossessed and you could be sued for the remainder due on the contract.
Answer Applies to: California
Replied: 7/27/2015
    Law Offices of Robert Burns
    Law Offices of Robert Burns | Robert Burns
    Presumably, it will be repossessed and you sued for deficiency.
    Answer Applies to: California
    Replied: 7/27/2015
    Stephens Gourley & Bywater | David A. Stephens
    If you do not make the payments they will repossess and sell the motor home. If there is a loss on the sale they could take you to court for the deficiency.
    Answer Applies to: Nevada
    Replied: 7/27/2015
    S. Joseph Schramm | Joseph Schramm
    What is likely to happen is that the finance company will repossess the vehicle, sell it at an auction, deduct the amount they receive at auction from the balance due on the loan and file suit in court to recover the balance. If both you and your husband signed the financing statement you you will both be named as defendants in the suit. This means that any judgment against both of you can be enforced against any property that is in either your name, the name of your husband or both your names. If only your husband signed the financing statement then only he can be named as a defendant and any judgment obtained against him can be enforced against only property in his name alone. However, the existence of a judgment for defaulting on a loan can have a negative impact on your credit rating. If you can keep making the payments, you probably should and, in the meantime, look for another person or persons who might be interested in purchasing the RV from you.
    Answer Applies to: Pennsylvania
    Replied: 7/27/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Yes, they will sue for the balance, repossess the RV, sell it and get a judgment against him for any shortfall.
    Answer Applies to: Michigan
    Replied: 7/27/2015
    Patrick W. Currin, Attorney at Law | Patrick Currin
    The RV will be repossessed and you will be responsible for the deficiency.
    Answer Applies to: California
    Replied: 7/27/2015
    Gates' Law, PLLC | Thomas E. 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.
    Answer Applies to: Washington
    Replied: 7/27/2015
    Law Office of Joshua R.I. Cohen
    Law Office of Joshua R.I. Cohen | Joshua Cohen
    They can reposes your RV and sue you for the difference between what they sell it for and what you owe. It's a little more complex than that. The better question is, so what? Is there anything they can get form you if they win a judgment? Probably not.
    Answer Applies to: Connecticut
    Replied: 7/27/2015
    Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
    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.
    Answer Applies to: Illinois
    Replied: 7/27/2015
    Darrell B. Reynolds, P.C. | Darrell B. Reynolds
    The RV will be repossessed.
    Answer Applies to: Georgia
    Replied: 7/27/2015
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