Community Forums

Tom222 · 10-18-2019, 09:24 AM

I am disgusted with trying to sell my 2007 Fleetwood 40X for payoff to purchase a Winnebago Tour. The dealers want to give me half of what I owe (they say wholesale) and sell me their used unit at full retail. I knew that RV's depreciate , but not like this. I have it for sell on this forum and many others just for payoff 85K and if I don't sell I guess I will just keep it, but it is depressing. If I was buying for the first time, I would make sure I never intended to sell it.

Fleetwood 40X , 2007, DP

LJowdy · 10-18-2019, 09:29 AM

Welcome to the club. You're not the first and without a doubt, you won't be the last.

docj · 10-18-2019, 09:31 AM

With all due respect you are selling a 12 year old MH that you apparently purchased on a 15-20 year note. Almost all RVs will go "underwater" at some point on such loans.

I hope that you purchased "GAP insurance" on your loan. It's purpose is to protect borrowers in cases where a vehicle in an underwater financial situation is declared a total loss.

twogypsies · 10-18-2019, 09:33 AM

Take it to PPL in Houston on consignment. Put the price YOU want on it. That's what we did and it sold within a month.

Tom222 · 10-18-2019, 09:55 AM

I am also retired law enforcement from Alabama, 33 years. I appreciate the reply.

Tom222 · 10-18-2019, 10:03 AM

Quote:

Originally Posted by docj

With all due respect you are selling a 12 year old MH that you apparently purchased on a 15-20 year note. Almost all RVs will go "underwater" at some point on such loans.

I hope that you purchased "GAP insurance" on your loan. It's purpose is to protect borrowers in cases where a vehicle in an underwater financial situation is declared a total loss.

No, I was a rookie buyer, full of misinformation. I had just retired from 33 years of law enforcement and wanted nothing more than to get out there traveling. I have no knowledge of GAP Insurance, can you please explain what this GAP Insurance in reference to a loan is?

schad · 10-18-2019, 11:04 AM

Quote:

Originally Posted by Tom222

No, I was a rookie buyer, full of misinformation. I had just retired from 33 years of law enforcement and wanted nothing more than to get out there traveling. I have no knowledge of GAP Insurance, can you please explain what this GAP Insurance in reference to a loan is?

Gap insurance covers the "gap" between what you owe and what insurance will pay out for a total loss (typically some approximation of NADA book value). It's usually an extra you can get for your regular insurance.

Triple H · 10-18-2019, 11:09 AM

You need to sell it on your own. Appears your model has asking prices from low 70’s to high 80’s online. Probably selling for high 50’s to mid 70’s. You shouldn’t expect a dealer to give you 85k which is high, high retail. What are they supposed to do with it? Ask yourself, would you pay 85k for your unit with a
the intention to immediately try and sell it? No you wouldn’t.

Triple H · 10-18-2019, 11:11 AM

Quote:

Originally Posted by Tom222

No, I was a rookie buyer, full of misinformation. I had just retired from 33 years of law enforcement and wanted nothing more than to get out there traveling. I have no knowledge of GAP Insurance, can you please explain what this GAP Insurance in reference to a loan is?

Gap insurance only comes in play if the MH is totaled/destroyed. Doesn’t apply to trading it in or selling it, so it’s a moot point for your scenario.

okcnewbie · 10-18-2019, 11:25 AM

Quote:

Originally Posted by Tom222

..... I knew that RV's depreciate , but not like this.....

You're not going to get 85k.
You bought used and the typical depreciation is about 5% a year. This is for all luxury models. Spend more, lose more.
Unless you have cash or want to get even more upside down you need to keep your current MH IMO.
I probably plan on a MH loan when I get mine (for various reasons) but many here think you shouldn't get a big loan for these very reasons.

docj · 10-18-2019, 11:39 AM

Quote:

Originally Posted by Triple H

Gap insurance only comes in play if the MH is totaled/destroyed. Doesn’t apply to trading it in or selling it, so it’s a moot point for your scenario.

I was simply pointing out to the OP that he is rather exposed since his MH is worth far less than the note the bank holds on it. If it were to be totaled he would be in a bad situation. He needs to drive very carefully for the next several years.

THEHOFF · 10-18-2019, 11:44 AM

Glad mine was MSRP $88k and got mine on last years close outs of $52k. Still see one year old models now for $65-70. Could easily get $55-60 for mine.

450Donn · 10-18-2019, 11:57 AM

You finally understand how badly depreciating assets hurt. All RVs depreciate, motor homes especially the higher models loose money at a much higher rate. Your choices are limited. Not likely going to get your payoff, so sell it for what you can and make arrangmenta to pay the difference, or keep what you got and run it till the wheels fall off.

rockriver · 10-18-2019, 12:05 PM

fast depreciation...
my first was a 17 coachman sprinter...
list 119,500 or close.
paid 80000. so i thought i got a good deal.
couldn't sell it...
no offers...
my personally placed ads admittedly were horrible...

traded it in and got 60,000 with a deal on new tiffin for 28% off...

took a whooping...

one thing i've learned is that more of us should be making offers...
and not just waiting for a dealer to offer us the super price...

example...
go to dealer(s) of your choice and say, i'll give you my coach and xy,000 $$ for your super duty model...
they will laugh at you and act insulted and ask why you offered such a ridiculous number...
then smile, ask for a coca cola while you consider their response... (i bet they will get you one for free!) then wander around in the parking lot for 5 minutes, then smile at them and say, "i've got another one i'm looking at. i'll call you if that doesn't work out. sorry we couldn't do business today."
and then "here's my number, you know what i'm looking for. if you get in one that you think fits my perameters, give me a call. bye." and leave...

on a slow day at the dealership, the sales manager will be hammering the salesfolks to bring him a deal...making them feel like poop.

the sales guy will remember you and go to the manager later in the afternoon and say "if i could get billy bob to give us an extra 10k on the trade in would you do it? remember boss. that was the guy with the wore out newmar? he wanted to get our super duper that we've had for 10 months on the lot. billy bob doesn't know about the hydraulic problem and the bad awning and the old tires with the cracks. he'll be back fussing in a month, but it will be his problem then!! we'll stick it to him in the service department and make up any loss on the deal!!"