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  1. #1
    Left The Driveway
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    Full,time and Banks Loans

    Those that full time, how did you handle the Banks? We're wondering how to manage the address , aka , not let the bank in on full time living in the unit...., were already in our TT but we're upgrading the to a GD 5th wheel so we don't have and addresss just a box at a local mail service,,,,, Any suggestion? I have friends in the area But wondering if any of you have had to show proof? Aka bills with that address?

    Only full time until I retire from the Military....

  2. #2
    Site Team Second Chance's Avatar
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    There are a number of lending institutions that write loans for RVs for full-timers. Ours is with Bank Of The West (I am retired Army, but USAA won't finance if you're living in it). You need to be up-front with the lender. If try to hide the fact that you are living in the unit, it can come back to bite you. Your insurance company needs to know, too (USAA will insure towables for full-timing, but not motorhomes). There are mail services such as the Escapees RV Club in Texas and others in South Dakota and Florida that provide addresses that are legal for domicile purposes and have been tested in the courts. Each state has different requirements for establishing residency and legal domicile. I would suggest you join the Escapees RV Club (affordable even before their military discount) and read their extensive library of materials on establishing legal domicile. It's not something to take lightly.

    https://www.escapees.com/

    Rob
    U.S. Army Retired
    2012 F350 DRW CC LB Lariat PS 6.7
    2020 Solitude 310GK-R, MORryde IS, disc brakes,
    Sailun LRG tires, solar, DP windows, W/D
    (Previously in a Reflection 337RLS)
    Full time since 08/2015

  3. #3
    Fireside Member
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    Wow, nothing more to add to Rob's comments above except that Bank of America also underwrites RV loans. I've had a couple of RVs financed with them at very good interest rates.

  4. #4
    Long Hauler D2Reid's Avatar
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    You have raised one of the major concerns for full timers. Residence, or better known as domicile. TX SD and FL are the leaders for fulltiming, primarily because of the taxes. We retired from FL so the decision was easy for us. We used her fathers address until he passed away. We now use St. Brendans Isle mail service. It was originally designed for sail boat owners that lived on their boats.

    FL has been the easiest for us, no vehicle inspections, lower registration fees. We stick with FL because over a really long time it's more cost effective and easier to manage.

    But you raise a really good caveat: Loans.

    The banking industry has cooperated with TSA and really likes for you to have a physical address. We have used friends and relatives addresses to establish credit and bank accounts, then 30-60 days later gone into the accounts and changed the address to our Personal Mail Box. It's a hassle. I find the rules to be inconsistent and basically ignorant. But that doesn't change the fact that each institute has rules based on their own ignorance. You can't change them, so you just have to roll with it. Don't get offended if they don't understand, just keep looking until you find someone who gets it and will work with you.
    Dallas
    2017 Momentum 376TH, 2019 Ford F450, Dual Rear Wheel, 4x4, diesel.
    2015 Harley-Davidson Street, XG750

  5. #5
    Long Hauler
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    The deal with having a physical address comes down to establishing the Purchase Money Secured Interest in the collateral. A financial institution has to have an address to notify "the world" through underSecretary of State or license branch that they have a first priority line on your RV. And the collateral actually needs at one point to have physically at that address. There are also limited days before the lien must be filed.

    If the lien wasn't properly executed and the creditor files bankruptcy, the court deems you an unsecured creditor and they will sell the collateral and spread the proceeds amongst all unsecured creditors.

  6. #6
    Fireside Member
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    Rkleland, you might try Lightstream. I have used them twice, and everything is done over the internet. Very easy to deal with.

  7. #7
    Left The Driveway
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    Lightstream is owned by Suntrust. FYI

  8. #8
    New Member
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    Your available balance also does not include electronics payments in Bill Pay that have not yet been paid, or debit card transactions that have not yet been processed by the vendor for payment tdbank.com . If you exceed your available balance, you may incur an overdraft fee.

  9. #9
    Site Sponsor Steven@147's Avatar
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    We are getting ready to full time and this is one of the issues we will have to deal with either through Good Sam financing or a bank familiar with RVs. Insurance RV & TV is another issue to deal with going full time and right now we have RV insurance through Good Sam to an insurance company, cant remember who? Eventually we will transfer our TV through them. Another issue we face is health insurance and prescription medications going full time and traveling all across the US but there are solutions for all these issues. We have talked with other full timers to get their advice and experiences.Taxes still have to be filled out but thankfully Texas does not have state income tax, we will only have to file federal.

    We (Wife & I ) have already agreed that when we go full time, its not a good idea to deceive or hide things from companies like insurance and financial institutions. That could get you into trouble and we dont want the hassle. We will probably leave our residence here in Texas with mail forwarding but Texas residence means a visit to the state at least once per year for vehicle inspections & license plate renewals RV & TV. However it may work out because we intend to winter here in South Texas, we just have to get the inspection dates / months in line with snowbirding.
    the way it could work out after selling our home and "stuff" we will not have but maybe one loan payment to make.
    Steve & Tami Cass - Escapee's, FMCA Members, Texas Fulltimers Since July 2020
    2019 Solitude 3350RL S-Class, 2018 Ram 3500 DRW, Laramie Longhorn, B&W Companion, Texas Class A Non-CDL Drivers License
    Sharing the Fulltime Lifestyle - www.youtube.com/@tsrvadventures3219/videos, Nonprofit Channel

  10. #10
    Site Team Second Chance's Avatar
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    Quote Originally Posted by Steven@147 View Post
    ...Texas residence means a visit to the state at least once per year for vehicle inspections & license plate renewals RV & TV.
    Not true. We renew the vehicle registration(s) on-line every year and our Escapees mail service forwards the stickers and registration slips to us (even sends us a special email notification for anything coming from the TX DMV, DPS, or the Polk County Tax Office). The vehicle inspection law only requires you to have the vehicle inspected the next time you physically enter the state. I believe you can renew your driver's license by mail every other time, too.

    Rob
    U.S. Army Retired
    2012 F350 DRW CC LB Lariat PS 6.7
    2020 Solitude 310GK-R, MORryde IS, disc brakes,
    Sailun LRG tires, solar, DP windows, W/D
    (Previously in a Reflection 337RLS)
    Full time since 08/2015

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