1. Repossession: The lender or repossession company may take possession of your RV without further notice. They may use a key or towing equipment to remove the RV from your property.
2. Storage: The RV will likely be stored in a secure location by the lender or repossession company. You may have to pay for the storage fees.
3. Inspection: The RV will be inspected to determine its condition and any damage that may have occurred since you last made a payment.
4. Sale: The lender or repossession company may sell the RV at a public auction or through a private sale to recover the amount owed on your loan.
5. Deficiency balance: If the sale proceeds of the RV are less than the amount owed, the lender may file a deficiency lawsuit against you for the remaining debt. You may have to pay this deficiency balance even after surrendering the vehicle.
6. Credit impact: Repossession of the RV can have a negative impact on your credit score and may make it more difficult to obtain credit in the future.
