If I can’t pay my RV loan and the RV is repossessed, will the lender come after me for the difference?

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If I can’t pay my RV loan and the RV is repossessed, will the lender come after me for the difference?

I have an RV and can no longer make the loan payment. I understand that the lender will repo the RV. I am on Social Security and have a small pension of $363.Can the lender garnish my Social Security and can they come after my little pension?

Asked on September 1, 2012 under Bankruptcy Law, Virginia

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The lender may try to come after you for the difference. You can do a couple of things. Try to have it refinanced (many lenders can do this now) and it will lower your interest and may be to the point where you can afford to at least pay on it until it is paid off. If that is not a route, you can try to negotiate something like a voluntary repossession in exchange for not coming to you for any deficiency.


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