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Old 08-26-2014, 03:43 PM   #1
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Need HELP soon

Hello and jumping right in. I have a major problem, and am asking for some advise. I purchased, (with my husband at the time) a Coachman 2013 Deluxe 25rks. We divorced May 2014, he wanted the RV, and per agreement, he was to have refinanced, getting my name off of loan. Well, sadly he had a massive stroke in July and passed away August 3rd. He was only 54, but had many health issues. I had moved July 2nd from to Arkansas to Oregon. Apologize for this being so long, but my problem is, that I have been told since he passed, no estate to take care of debts, and didn't get the RV refinanced, I am responsible. I am in Oregon, and can not afford to got get it, or wasn't prepared to take it back. So I am asking for suggestions on the best way I could get rid of this, without completely destroying my credit. The balance of loan is 17,700.00. I truly appreciate any sound advise. Thanks for reading. Leslie
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Old 08-26-2014, 04:04 PM   #2
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Glad you're aboard Leslie. Sorry you are in this situation.Have you sought legal advice? Not a lawyer here but my guess if the divorce papers were filed and recognized by the court you should not be liable for the loan. I understand that it was his responsibility to accomplish a refinance, me thinks and don't know for sure, the court would be on your side whether he perfected the refinance or not. JMHO

Beyond that you may want to check with the dealership where you bought the unit to see if you can work something out with them. You could also consider a consignment dealer, but you may have to ante up any difference if you don't get enough to pay off the loan. Just a thought which comes to mind, is the title in both your names; because of other issues not covered by an estate, can a clear title for saleability be obtained?? Really suggest you seek professional legal advice on this.

Best of luck on a solution.
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Old 08-26-2014, 04:06 PM   #3
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Sorry for your troubles. My first reaction would be to sell it, but I don't think you can get enough to pay off the loan. I looked at a couple of them online and they are listing for 13000-16,000$. If your name is not on the title, you may need to get an attorney involved.
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Old 08-26-2014, 04:13 PM   #4
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I did consult my attorney, and sorry to say, I am responsible. Checked with credit union over the loan, yes I am able to sell it, or only other option, is to surrender it, but that will hurt my credit. So it looks like, I have a terribly situation, and no really good way out.
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Old 08-26-2014, 04:19 PM   #5
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I'd try to find an RV dealer in Ark that will go get it and put it on their lot on consignment and get the most you can out of it.
Sadly, the difference, you'll just have to take in the shorts.
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Old 08-26-2014, 04:25 PM   #6
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Quote:
Originally Posted by Roadrunners2 View Post
I did consult my attorney, and sorry to say, I am responsible. Checked with credit union over the loan, yes I am able to sell it, or only other option, is to surrender it, but that will hurt my credit. So it looks like, I have a terribly situation, and no really good way out.
Hmmmm.....Then comes my next questions:

Is the divorce final? If not legally you should be the first heir as the surviving spouse, unless he had a last will and testament that spelled out something else.

If the divorce is final (most states have a waiting period before a divorce becomes final) Have you discussed a law suit against him/his estate with counsel? My thought is there may be other assets that could be used to offset some of the loss if you sell the unit at a loss.

PM me if you don't feel comfortable with posting answers here.
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Old 08-26-2014, 04:25 PM   #7
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Leslie;
Sorry about the series of bad events.

In spite of what the lawyer says I would get a second opinion. IMO if the documents were signed and the court had ordered the motorhome be refinanced as part of the division of property you should be clear. Unfortunately is it just my opinion and following some court decisions common sense does not always apply.

Have you talked with the credit union about turning it in and what kind if mark they will place on your credit. IMO the circumstances are such that they should cut you a break. Perhaps they will understand and be fair.

What do you estimate you will have to make up?
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Old 08-26-2014, 05:20 PM   #8
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Quote:
We divorced May 2014, he wanted the RV, and per agreement, he was to have refinanced, getting my name off of loan
Was the divorced final, meaning all the paperwork finished? If it was, it may give you just a little sympathy to try and get yourself out from under that debt.

But otherwise, if your name is still on the loan..I think it's on you.

Personally I would keep making the payments, because if you don't that will hurt your credit. But if you or him have not made payments and are behind how much more damage would it do to tell the company holding the note here it is. Better for them to get it on the market to re-sell than to let it collect dust.

I friend of mine passed away not long ago after a short illness (48 years old). The wife knew there was no way to keep the house and his one year old Chevy truck. She just drove it back to the dealership, handed in the key and said hear it is...Sold what she could out of the household (tools, old hot-rod, furniture.... )
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Old 08-26-2014, 11:13 PM   #9
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Yes the divorce was finalized in May, and I have called attorney, was told that, that was and agreement between me and ex spouse, just okayed per judge. It's back on me, and yes tried talking with loan company, states sorry, but I have to pay or surrender. Payments have never been late, and I just made the August one. I put a call into a RV dealership, earlier today, but haven't been called back yet. I appreciate the questions and concerns. I normally don't share my financial woes, but this one took me by surprise. Life can be tough......and then you get a curve ball.
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Old 08-27-2014, 05:46 AM   #10
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Where is the camper in Arkansas? I work for a RV dealership just South of Memphis and could talk to one of my Sales Managers if the camper is in Eastern Arkansas. You could also try RV Trader, the classifieds on this site, or Craigs List.


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Old 08-27-2014, 07:02 AM   #11
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I'd let them take it back and move on. Let the cards fall where they may.

Here's my take. The divorce didn't do your credit any favors either. When you add his death to that scenario, then add the unresolved issues with the motor home loan, a problem like this one is not likely going to cause much difference in your ability to get a loan for the next couple of years.

It would seem to me that any bank or credit union looking at your credit application should be able to see this scenario as an unlikely chain of events that is not likely going to reoccur - especially if you lay all this out at the time of the appication. With that in mind, I think they'll be more inclined to be looking at your recent credit and work history when making any decisions.... That's me though, FWIW.

Best of luck.
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Old 08-27-2014, 06:50 PM   #12
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Kind of seeing where "Ahicks" is coming from. If you keep up with payments, your basically throwing $$$ away because your not really lowering the amount owed. Most of it is interest.

Where is the RV trailer stored right now? Is there anyone there such as your family or his that can help. If your near term credit rating is that important, what about throwing a fire sale price on the RV ($12,000/ $14,000) RV Trader, Craigslist, local paper.....Take the hit...You will have to make up the difference threw a personal loan or selling other items from the estate. The problem is your in OR. and everything else is 1500 miles away in AK.

If there is no one in AK. to help, and your not willing to temporarily move back. I think to cut your losses "screw" the RV. take the credit hit now, and start all over. No use stringing it out, where in the end after making payments for the next 6 months / 2 years ??? whatever, you still turn the RV over. What have you gained? Sending $$$ to a loan company for something you can't use.
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Old 08-27-2014, 11:30 PM   #13
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here are some thoughts, although this may not apply in all states. First of all, the lender that financed the loan is not bound by the divorce decree. If you both signed on the loan, he can go after either or both, you in this case.
I'd check whether there is a "hold harmless" provision in your decree. Most modern decrees have a provision that essentially says that if spouse is to pay a bill, and he doesn't and you get stuck with it, you can go after the spouse for whatever it cost you. Not so great since he passed. But, if he did leave any sort of an estate, you could collect from that. It can be a bit complicated, including filing a probate even if one might not otherwise be needed. But, if he had assetts worth anything, its worth considering. Talk to a local lawyer who knows probate law.
Frankly, if you can get out from under this deal for less than five grand, you might just sell it for what you can and deal with the balance.
Its not a particularly good idea to just let it go back, UNLESS you get a specific agreement from the lender that they will not pursue a deficiency judgment. What happens is that you give it back, they sell it in a "commercially reasonable manner" which is often nothing more than wholesaling it. It will likely sell for quite a bit less than you could sell it for on your own. And you're stuck for the difference. There are all sorts of nuances to how that all works, so at the end of the day, you're likely to need a lawyer who will run up at least some bill. Hence my comment that you might be better just selling it and eating the difference if its 5k or less.

Sorry about your troubles. Its one of those unfortunate areas where the law doesn't protect spouses very well, at least in most states. Good luck.
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Old 08-28-2014, 02:33 AM   #14
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Thanks for advice. I called original dealership, spoke with the sales manager, very nice, listened well, he explained he could only buy back at around 12,500.00, because the 2015 are out, leaving a 5000.00 difference, which at this time, I can't pay this. The manager talked about several ideas, but he agreed with what several of you have stated, surrender it back, my credit will get hit, but I can put an explanation on it and he said it will help. He stated after a couple of years, it really won't be looked at so much (hope he's right). He did explain that they could come after me for the balance, I don't want to deal with harassments or garnishments. He said if they come full force, then might consider bankruptcy, as last resort. Boy, what a mess. As far as his estate, he has a house that has a large loan on, so that's no help either. I'm tired of stressing, and no real easy way out.......so guess will cut my losses. This year has been a bad one, except my great move to Oregon!!! I love it here. I hope to one day get another small RV and head out traveling this beautiful state and country. Thanks again for the support and letting me vent. I'm alone on these matters and have sure learned a lot in a short period of time.
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