RV reaffirmation agreement

[Janetdoe]

we are waiting on our reaffirmation hearing for our camper. The longer I wait the more unsure I am about signing the agreement. My Attorney acted
like I HaVE to sign it to keep it, but can we not sign it and stay up on payments? I know they still have the right to repossess, but does anyone do this? It's a 2010 coachman Catalina. There's a little water damage and we had a blowout which tore a hole in the underside, sometimes the slide out gives us fits. We love it though and use it often with two small kids. I'm not sure if we shouldn't chance it and pay the monthly payment without reaffirmation and hope for the best. It's financed with Bank of America. Anyone have experience with this and also dealing with Bank of America?

[Chrysalis]

Personally, I would not sign a reaffirmation agreement for an RV. Do they really want it back? Probably not. I'd say as long as you continue to make payments, they'll let you keep it. But I have no experience with Bank of America, so I don't know anything for sure. I think you just have to decide if you guys are really okay with them coming to get it, if they DO decide to.

It's a tough choice -- I know. We have decided to let our camping trailer go. As much as we love to go camping, we don't get to go nearly as much as I originally pictured. The kids are too busy with baseball, my husband's schedule is still too hectic, and we honestly just have too much going on. I've had to really look at it, sitting there, and realize that A) there is no money in our budget for trips, and B) it is going to start having things go wrong with it that we cannot afford.

I don't know how old your kids are, or how many years you have left to pay ~ I will just say that (obviously) circumstances change. Things happen that you never saw coming, because you haven't been there yet. If you are 100% confident that you guys are in love with this RV and can happily handle whatever repairs come your way, regardless of whether you are using it very often or not, then by all means -- sign away! If anything I just said made you pause... you may want to just keep making payments while you decide, and take your chances.

[justbroke]

we are waiting on our reaffirmation hearing for our camper. The longer I wait the more unsure I am about signing the agreement. My Attorney acted like I HaVE to sign it to keep it, but can we not sign it and stay up on payments? I know they still have the right to repossess, but does anyone do this?

You're in Florida. The camper is recreational and you technically have ONLY three choices in Florida; redeem, reaffirm, or surrender. As Chrysalis wrote, I would never reaffirm an "unnecessary" motor vehicle (meaning a camper). If the lender allows you to "ride through" then that is their prerogative, but I would not reaffirm this vehicle.

I would further dig my heels in on not reaffirming because you write that there is damage that may make the vehicle worth less than the current market value.

Larger banks like BofA usually don't care about reaffirmation and typically allow the ride-through. However, you should not reaffirm that debt regardless of how emotionally attached you are to the vehicle.

[krielly]

Do NOT reaffirm! We filed 13 in 2005 (5 year plan) primarily because we didn't want to give up our 5th wheel. After completing our 13, and doing a ride-through, we then traded for a new more expensive unit. Enjoyed it greatly for another 5 years, but then stopped using it as much. These things depreciate UNBELIEVABLY. I had it under consignment for 2 years continuing to make large monthly payments and paid it down an additional 10K to bring the balance down enough to get out from under it........This is something I would never ever ever do again......Your kids get older and then lose interest in camping.........If I were you I would NOT commit yourself. Do the ride through, and then if circumstances change, you can walk away with NO repercussions whatsoever.