Advisories
Advisory 17
AMENDMENT TO MAXIMUM AMORTIZATION OF RECREATIONAL
VEHICLES, RECREATIONAL BOATS, TRAVEL TRAILERS AND
MOTOR HOMES
The following loan policy revision to the maximum
amortization allowed on larger more expensive recreational
vehicles, recreational boats, travel trailers (including
5th wheel trailers) and motor homes may be made
by credit unions without further approval from our
office:
Capital Utilization Policy 25000
Personal Loans Section 25100
Subsection 4) Amortization, c) can be amended to
read:
c) Recreational Vehicles, Recreational Boats, Travel
Trailers and Motor Homes
Amortization on the financing of new and used recreational
vehicles, recreational boats, travel trailers (including
5th wheel trailers) and motor homes shall not exceed
the following schedule:
| Age of Unit Based on Model
Year |
Maximum Amortization |
| New - 2 years |
20 years |
| 3 - 5 years |
15 years |
| 6 - 8 years |
10 years |
| 9 - 10 years |
8 years |
Minimum monthly payment of $100.00 is required.
Credit unions wishing to amend their policy to
reflect the changes described above must obtain
approval of their Board of Directors prior to it
becoming effective.
Amended: May 12, 2005
Return to Advisories
