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getting a new RV loan under Montana LLC

Yahoo Message Number: 90512
Hi

The thread was up before about registering a motorhome under an LLC in Montana. There are plenty of reputable services to assist in this. Our coach is presently registered until Sept 2014 in the state of Oregon where we have lived for 22 years. However we just sold our home and will no longer be residents of Oregon. I was planning to register the coach to an LLC in Montana, but it turns out the financial institution (USAA) which loaned me the money to buy the coach will not transfer the loan to the coach if it is only registered to the LLC in Montana... it would only do it if both my name AND the LLC appear on the Montana title, and apparently Montana won't do that. So it appears I will need to find a new lender which will loan me the money to pay off the existing loan when I reregister the coach. Has anyone run into this and found a lender who will loan the money on a coach registered solely to the Montana LLC, of which I would be the only member? I'd appreciate any lender names you can provide.

thanks
jb

Re: getting a new RV loan under Montana LLC

Reply #1 –
Yahoo Message Number: 90514
I have a coach registered in Montana and I don't live there. Unless they have stopped doing so, check with Sun Trust Consumer Loan Dept.

Re: getting a new RV loan under Montana LLC

Reply #2 –
Yahoo Message Number: 90525
I contacted a lawyer In MT (pm me for the name) who would have set up the LLC and they gave me a recommendation for a lending inststution that would work. I ended up not doing it because I live in FL and they have been really cracking down on sale tax avoidance.
I'm not quite sure why you would pay to do this when you have already paid sales tax which is the reason most do it. You can register your coach in another state lke TX as a full timer with out paying tax again.

Tammy Toalson
Affinity 6611

Re: getting a new RV loan under Montana LLC

Reply #3 –
Yahoo Message Number: 90534
Thanks Thomas... I just put in a call to them and explained my situation... I was transferred to the "business dept" because of the LLC component, and they said no, they would not make a loan to a Montana LLC. Anyone else have any suggestions? thanks in advance

JB

Re: getting a new RV loan under Montana LLC

Reply #4 –
Yahoo Message Number: 90537
As a lender (for the last 22 years) I am sure that loans are only made to entities with both credit and income history.

Russ

05 Intrigue
11883

Re: getting a new RV loan under Montana LLC

Reply #5 –
Yahoo Message Number: 90551
Jb what are you looking for ?? You said that you are currently a resident of Oregon !! Witch has No sales tax so what can a Montana LLC do for you ? Dennis Parker
O6 Intrigue

Re: getting a new RV loan under Montana LLC

Reply #6 –
Yahoo Message Number: 90553
jb,

We have friends who were full timers, with Oregon registration. The state of Oregon considered them "continuous travelers" and kept them registered in Oregon.
B. Ward

2000 Magna #5916

Re: getting a new RV loan under Montana LLC

Reply #7 –
Yahoo Message Number: 90554
that may be but if I personally guaranteed the loan or cosigned on it as an individual it seems like that would suffice

jb

Re: getting a new RV loan under Montana LLC

Reply #8 –
Yahoo Message Number: 90555
No, I said the coach was registered in ORegon where I have been a resident for 22 years... however we just sold our home in ORegon and will not be OR residents any longer... Hence I was looking into registering the coach in Montana

jb

Re: getting a new RV loan under Montana LLC

Reply #9 –
Yahoo Message Number: 90557
Suntrust does finance Montana LLC. You need to contact their RV/Marine Div, I think they are located in Maryland or Virginia. speak to Barbara Galloway. I believe they advertise in FMCA magazine. Your must have your LLC set up prior to getting the loan.
Good luck

Harvey 06 Magna 6670

Re: getting a new RV loan under Montana LLC

Reply #10 –
Yahoo Message Number: 90559
We are full time traveler and use Oregon as my domicile. My understanding from the DMV we must have an address to claim as our domicile. We use my wife's daughter's address in OR. and they were okay with that. Have had this for over seven years. We have drivers licenses, we vote, all banking is though OR. Everything we do is processed with our OR. domicile address. We uses to live in the SF Bay Area, bought coach in San Diego, took out of state delivery, used one way permit to OR. registered coach.


Jock Vargo

2005 Inspire
51428

Re: getting a new RV loan under Montana LLC

Reply #11 –
Yahoo Message Number: 90560
JB.. it was my understanding that you didn't want to be involved on the loan.. just your LLC.
If you are tied to the loan as a co-signer then this would be a different scenario.
Russ

05 Intrigue
11883

Re: getting a new RV loan under Montana LLC

Reply #12 –
Yahoo Message Number: 90565
I have an LLC in Montana and my name and LLC are shown on the title.
This is due to the fact that I called the LLC after my name for example: if your name is David Smith register your company as David Smith LLC.

Regards

Pete Townsen

Ex CC Allure owner 31683

Re: getting a new RV loan under Montana LLC

Reply #13 –
Yahoo Message Number: 90566
Sorry for the confusion, Russ. I do not mind being tied to the loan at all as guarantor or co-signer or whatever... I just cannot be on the title personally according to the folks that set up Montana LLCs. Montana will only allow either the individual or the LLC to be on title. I will check again with Suntrust and someone else suggested DESTINATION FINANCIAL in Missoula, Montana as potential lenders. I appreciate the leads. I may also simply try keeping my Oregon tags. They are valid for another year and when they come up for renewal, Oregon will mail it to my Postal Annex address which we'll maintain in Oregon and we can renew it for another two years. I will most definitely NOT be maintaining a domicile in ORegon (and paying Oregon state income tax). But the suggestion was to also register a DBA in Oregon with the same name as my personal name with the address as the Postal Annex address and then if stopped by the highway patrol somewhere like Arizona, for example, I can show them my registration along with proof of the DBA and that may be satisfactory.

jb

Re: getting a new RV loan under Montana LLC

Reply #14 –
Yahoo Message Number: 90580
You know, we thought of that idea but when I ran it by my lender, USAA, they said no they still would not reissue the loan under such a new title. Shucks!

jb

Re: getting a new RV loan under Montana LLC

Reply #15 –
Yahoo Message Number: 90606
Try Mike Lynch. I dealt with him and he is excellent. he has one source for Montana LLC financing.
Mike Lynch Newcoast Financial Services 18167 U.S. 19 N. Suite 300 Clearwater, FL 33764 866 639-2627(Tollfree), ext. 14510 727 324-1360 (Direct and Fax) ]813 956-3009 (cell)