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Old 02-11-2014, 06:36 AM   #71
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that is exactly what they do if you owe on it
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Old 02-11-2014, 06:46 AM   #72
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There is currently a $38,000 loan. Trading it in does not make the loan go away, it's still there and is going to show up somewhere. Best thing to eliminate that problem is sell the coach out right and pay the loan off, then it is gone and you will have a few more dollars for a down payment.
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Old 02-11-2014, 06:50 AM   #73
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major racing you hit the nail on the head, it can be confusing but a good dealer tells you all this
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Old 02-11-2014, 07:40 AM   #74
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From the OP to almost the last post, I have seen so many different numbers, some hypothetical, thrown out there from different posters that I don't think Einstein could come up with a theorem to settle this debate. JMHO
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Old 02-11-2014, 08:06 AM   #75
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From the OP to almost the last post, I have seen so many different numbers, some hypothetical, thrown out there from different posters that I don't think Einstein could come up with a theorem to settle this debate. JMHO
True enough but most of this thread could have been avoided if the OP had provided more complete information on the deal at the outset.
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Old 02-11-2014, 08:27 AM   #76
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The numbers should reflect: Agreed upon sales price of new MH MINUS trade in allowance PLUS amount of loan payoff PLUS taxes and fees.

If you are buying a $100,000 mh less your trade in of $38,000 but you still we $38,000 then your bottom line is you still owe the dealer $100,000 for the new unit. The dealer is essentially fronting you the $38,000 to pay off your old loan. What the dealer then sells your old mh for is of no consequence to this transaction except to make you mad when you find out the price.
I would not call that a "trade-in". If my coach had a negative equity, then I can understand the dealer adding the negative equity to the new loan. But not in this case where the dealer will not only recoup the payoff amount, he will also make a profit on the sale.
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Old 02-11-2014, 08:52 AM   #77
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Here is a part of an article from the FTC regarding advise on trading in your car with a "negative" equity. The same principles should apply to RVs.

"The Federal Trade Commission (FTC), the nation's consumer protection agency, says that people with negative equity should pay special attention to vehicle trade-in offers. That's because although the ad claims that they will have no further responsibility for any amount of their old loan, the ad may be untrue. Dealers may include the negative equity in consumers' new car loan. That would increase their monthly payments by adding principal and interest.
Here's how that might play out: Say you want to trade in your car for a newer model. Your loan payoff is $18,000, but your car is worth $15,000. You have negative equity of $3,000, which must be paid if you want to trade-in your vehicle. If the dealer promises to pay off this $3,000, it should not be included in your new loan. Nevertheless, some dealers add the $3,000 to the loan for your new car, deduct the amount from your down payment, or do both. In either case, this would increase your monthly payments: not only would the $3,000 be added to the principal, but you would be financing it, too.
The FTC says that understanding how negative equity works in a vehicle trade-in can help you make a better informed choice about purchasing and financing a car, and help you identify whether the claims in car ads that promise to pay off your loan are misleading.
Federal law requires that before you sign a contract to finance the purchase of a car, the dealer must give you certain disclosures about the cost of that credit. Read them, and look for the details about the down payment and the amount financed. Make sure you understand how your negative equity is being treated before you sign the contract. Otherwise, you may wind up paying a lot more than you expect."
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Old 02-11-2014, 09:31 AM   #78
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Yes, the dealer is getting your trade in for nothing. Your option is to sell it on your own. The dealer may just take it to the auction where he will probable get in the $20 area. You do not have that option by your self. So he is getting in the area of $20 and have to handle getting rid of the trade in.

You may be able to get that much out of the orginal deal if you go back and talk. And have you told him that adding the $38k to the loan was completely unacceptable? Don't just walk off mad and not go back and negotiate.
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Old 02-11-2014, 09:31 AM   #79
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OP, you may want to re-consider the offer the dealer made. He's willing to take a 119K+ motor home, sell it for 70K, better than a 40% discount. Your rig is only worth 7900, not 45900. The 38K you owe on it does not go away, whether you or the dealer pays off the 38K balance. If they take your trade in and sell it for 60K, they did not make 60,000 on the sale. they made 14,100 on it because they had to "pay off the balance due to clear the title". The only mistake or bad part of the final price they want you to pay is they did not give you credit for the 7900 "trade-in credit", which to give them the benefit of doubt (and I hate to normally do that) may of been a mistake because of all the numbers bandied about. Only other question is what was posted about your states tax policy, on trade difference 62,100 or original list 119K+.

Repeat, Your trade is only worth the Equity in it, you don't own it, the bank does (38K).
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Old 02-11-2014, 12:57 PM   #80
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Originally Posted by Edski1999 View Post
I would not call that a "trade-in". If my coach had a negative equity, then I can understand the dealer adding the negative equity to the new loan. But not in this case where the dealer will not only recoup the payoff amount, he will also make a profit on the sale.
The concept of finance is just over your head.

You are not giving your old RV to them for nothing, they, or you, will need to either pay off the old loan by putting more cash into the deal, or finance it into the new loan and allow them to pay it off. Either use your cash or get a loan, it is up to you.
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Old 02-11-2014, 01:32 PM   #81
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about 25-30 percent off of the MSRP price would be a fair sale price. Some dealers will quote you the full MSRP price when you ask for the "out the door" price. Don't fall for it!
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Old 02-11-2014, 05:31 PM   #82
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If you look at my post #40 in this thread, you would be right where I think some dealers quote a price from the MSRP. On a tt was given a price $19,500 + my 2005 tt trade at my local dealer. Dealer #2 gave me a price of $9800 + my trade....for the same unit. Both figured a trade value at $6500. Ended up selling it myself for $8500. So I was looking at an out of pocket price difference of 50%...is that crazy...

When I went to pick up the new trailer the dealership owner said he doesn't advertise, keeps overhead low and gets plenty "word of mouth" to sell only tt's & 5ers. At one point he asked me if he sold it too cheap...I said O no...Your price was very competitive...

After signing a contract to build a new 2012 back in Feb 2012...by the time it was ready 6 weeks later (March 2012) they said they were finished building 2012's and made me a 2013....So I got a 2013 in March of 2012.

Since it is getting close to RVing season again...now is the time to sell it. I sold mine off Craigslist...Sold my wife's Corolla on there too.
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Old 02-11-2014, 05:40 PM   #83
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Confused for sure. I need to read all this again THANKS
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Old 02-11-2014, 06:17 PM   #84
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Look at it this way:


Case 1 Case 2
New RV Price $100,000 $100,000
Trade-in $52,000 $14,000
----------- -----------
Net Cost $48,000 $86,000
Pay-off of Trade $38,000 $0
----------- -----------
YOU OWE $86,000 $86,000

I am sorry this formats correctly in edit mode. But I think you can read it.

No matter how you wrap it up, the package is the same.
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