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pantherminus

RV collateral swap due to recieving a RV lemon

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Ok, here is the deal, We bought our first RV and loved it(2006 Fleetwood Expedition), so we decided to upgrade and bought a 2016 Fleetwood Expedition in 2015. Since then we have been in a very unpleasant battle with REV group owner of Fleetwood to replace our coach due to multiple unfixable problem with RV. We finally have a new coach(18 months later).....well not just yet. The bank has to accept the collateral swap from 1 rig to the other. Sounds easy right? Has anyone dealt with this type of action ? I have some fears due to the fact that I don't look as good on paper financially as I could and I don't know if I have to requalify for the loan ?

 

Any input would be great on the subject.

 

thx

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I suggest that your best bet is to talk with the lender. Anything else is just speculation.

Yup! My wife, the former loan officer, says that very same thing. As long as the new coach is of equal or greater value than the previous one and you have a good payment record, they will probably go along but you could need to find a new lender and just pay off the original loan.

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Hi I know this is an older thread, but we are going through something similar with our RV and wanted to push for the collateral swap.  Just wonder how yours turned out .. did you have to get someone to payoff the old loan?  I would hope not, I thought that was the point of the swap.  Also wondering was finding a new lender difficult?  Did you have to get an attorney involved, or were you able to get this deal on your own with the manufacturer?

I'd love to see the types of issues you had as well to compare to ours.

Thanks

Sharon

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I hope someone here can answer your questions because the OP hasn't been back here since he made his last post, above.

You might try sending him a PM.

Edited by LindaH

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5 hours ago, Sharon said:

Just wonder how yours turned out .. did you have to get someone to payoff the old loan?  I would hope not, I thought that was the point of the swap. 

First, welcome to the Escapee forums! Not knowing the details of your situation, I can't address your case but I can tell you what happened in a case that I know of personally. In this case (took place several years ago in Ft Worth, TX) the bank customer bought a new RV that was financed by the bank that he did business with and where he had a good credit record. A short time after delivery of the RV it began to have very serious problems and after involving an attorney the dealer & RV manufacturer agreed to replace his RV with one of the same model but 1 model year newer. The dealership delivered the new RV's MSO(manufacturer's statement of origin) to the bank and the bank then released the title for the defective RV to the dealer. The buyer then went to the bank and the bank had him sign new loan documents that show the new RV's description and VIN and they marked the old loan agreement as paid in full and returned it to the RV buyer. The RV buyer then took delivery of the new RV from the selling dealer.

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Exactly as Kirk said. You will be given a new loan on the new vehicle and the old loan will be paid off.  The dealer should give you credit for the old vehicle against the purchase price of the new vehicle and your State of registration should also give you credit on the sales tax of the new vehicle. Additionally if you purchased an extended warranty you will have to cancel the old policy and get  prorated credit for the price you paid and purchase a new policy for the new vehicle. 

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I just want to thank you for posting in this.  I am going through something similar.  Bought a new 2019 Alpine 3801FK.  After just 7 months and 2 days I noticed the hallway is bowing, as If the frame is coming up through the floor.  Front counter is coming away from the wall, rear undercarriage covering is falling down.  Other issues are very serious electrical issues, refrigerator, fireplace, washer (2x) burned out, furnace, a/c, lights, 2 slide outs out of 5 not working properly.  Some  of these issues are being fixed by the dealership, they have really been good about it.  The converter has been replaced and a new motherboard for the command center that controls basically the whole unit is n order.  But my concern is the structure of the unit with the hallway.  I have to contact Keystone on Monday and see what they have to say about it. I heard something about collateral exchange.  I would be satisfied with that.  I have owned Rv’s for almost 40 years, both used and new, and never had this happen before.  The picture is our kitchen slide out and the flashing code indicates motor #1 and there is a short in the wire.  Please keep posing, as I will keep you all updated as well.  Wish me luck!  

874B7D13-CBC2-429E-986D-00775CA83583.jpeg

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A very long story short on our battle with the 2016 Fleetwood Expedition that had multiple problems that ended 2 yrs ago.....we are now proud owners of a 2017 Fleetwood Discovery 38K and we love it. All other details are covered in a non-disclosure agreement. Happy RVing!

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 My wife and I are going through something similar we bought a 2019 forest river vibe that leaked everywhere the first week we had it they said there were no leaks then they said they found a leak they had it for four months we got it back the slide out was incorrect and the breakers were tripping we took it back to them and they delivered it to us all tore up . Of course we found mold growing in the unit and the mold tested it and said that it was fine but now our 2019 unit that we’ve stayed in for three weeks looks like a complete used unit we’re hoping for a collateral swap

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On 9/16/2019 at 3:11 PM, pantherminus said:

A very long story short on our battle with the 2016 Fleetwood Expedition that had multiple problems that ended 2 yrs ago.....we are now proud owners of a 2017 Fleetwood Discovery 38K and we love it. All other details are covered in a non-disclosure agreement. Happy RVing!

Does that mean you’re not allowed to just close the process?

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On 6/7/2019 at 3:30 AM, Sharon said:

Hi I know this is an older thread, but we are going through something similar with our RV and wanted to push for the collateral swap.  Just wonder how yours turned out .. did you have to get someone to payoff the old loan?  I would hope not, I thought that was the point of the swap.  Also wondering was finding a new lender difficult?  Did you have to get an attorney involved, or were you able to get this deal on your own with the manufacturer?

I'd love to see the types of issues you had as well to compare to ours.

Thanks

Sharon

Hello Sharon I’m not real good at this Internet stuff I am just learning it and really out of my comfort zone. I noticed that you were looking for a collateral swap my wife and I are hoping for the same thing but do not know how to start the process. Could you be of any help to us?

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11 minutes ago, Chris.K said:

Does that mean you’re not allowed to just close the process?

Does that mean that you are not allowed to disclose the processDoes that mean that you are not allowed to disclose the process

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