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Todd727 · 04-30-2017, 02:33 PM

Good lesson for those that have just bought an RV and really like the low payments. Of course, it's because you got a 15 or 20 year loan and you will never be in a position to sell it if you just make the minimum payments. Buying an RV is more like having a credit card than buying a car or house. You MUST pay more than the minimum payment if you ever hope to not be upside down.

Sandy Swede · 04-30-2017, 03:21 PM

Quote:

Originally Posted by Todd727

Good lesson for those that have just bought an RV and really like the low payments. Of course, it's because you got a 15 or 20 year loan and you will never be in a position to sell it if you just make the minimum payments. Buying an RV is more like having a credit card than buying a car or house. You MUST pay more than the minimum payment if you ever hope to not be upside down.

X2

Car, boat, and RV dealers do not sell cars, boats, and RV's so much as they sell the "easy" monthly payment. 80% of consumers do not consider the true cost of those shiny objects, only the amount of the monthly payment. This is a major factor why most will be debt slaves their entire life and have little or nothing in savings for an emergency. Although I don't have the statistics to prove it, I would venture to say that the exceptions are most who buy top line 5er's and MH"s. A high percentage either have substantial equity or own them outright.

Badlands Bob · 04-30-2017, 04:35 PM

My wife and I made an agreement years ago. We would finance cars and the house if necessary. We would pay cash for toys. So far (34 years) it has worked well for us. I hate payments. They suck the life out of your income.

biggcrisp · 04-30-2017, 07:19 PM

Quote:

Originally Posted by Sandy Swede

X2

Car, boat, and RV dealers do not sell cars, boats, and RV's so much as they sell the "easy" monthly payment. 80% of consumers do not consider the true cost of those shiny objects, only the amount of the monthly payment. This is a major factor why most will be debt slaves their entire life and have little or nothing in savings for an emergency. Although I don't have the statistics to prove it, I would venture to say that the exceptions are most who buy top line 5er's and MH"s. A high percentage either have substantial equity or own them outright.

So, you are saying that 99% are debt slaves to the 1% that have cash laying around for a high end rv.

Must be nice to be perfect...and clueless

VegasFoodGuy · 04-30-2017, 07:30 PM

Quote:

Originally Posted by biggcrisp

So, you are saying that 99% are debt slaves to the 1% that have cash laying around for a high end rv.

Must be nice to be perfect...and clueless

and responsible.............

biggcrisp · 04-30-2017, 07:38 PM

Quote:

Originally Posted by VegasFoodGuy

and responsible.............

And obviously without understanding of your fellow man.

Mr_D · 04-30-2017, 07:40 PM

Quote:

Originally Posted by biggcrisp

Some might disagree due to being burned, but why not let a young relative or friend takeover payments?

Problem with letting someone take over the payments is that the original purchaser is still on the contract and if the new 'buyer" defaults guess who they come after?

Mr_D · 04-30-2017, 07:45 PM

Quote:

Originally Posted by Sandy Swede

Car, boat, and RV dealers do not sell cars, boats, and RV's so much as they sell the "easy" monthly payment. 80% of consumers do not consider the true cost of those shiny objects, only the amount of the monthly payment. This is a major factor why most will be debt slaves their entire life and have little or nothing in savings for an emergency. Although I don't have the statistics to prove it, I would venture to say that the exceptions are most who buy top line 5er's and MH"s. A high percentage either have substantial equity or own them outright.

Really? Gee I guess we lived our whole lives wrong! We almost always financed cars, motorhomes, house renovations etc. And, personally, I consider a CC Magna as "high line" since there were around $750,000 like mine in 2009.

Thor29.3inAZ · 04-30-2017, 08:21 PM

Quote:

Originally Posted by maxwell18

Just wondering how to handle having a RV owning more then it's worth, getting to old to drive it and just done with RVing? Do you try to sell it which is my first choice, let it go back or what. I know I can't get what I owe. I know a lot of folks are in this situation and I am trying to put the pieces together. I still RV sometimes but have problems health wise. Thanks for any ideas.

OP...... So here is my 2 cents worth..... I'm somewhat ashamed to admit but I have been married 3 times..... I was in the Army for 22 years and because I couldn't find a woman that could cope with me not being around much, would end up with a "Dear Jody" letter from an attorney. So what does this all have to do with your situation..?? I was taken for every last dime I had and then some. How did I recover? I would go to the lender and ask if I could work something out. All but 2 (and those two have been mentioned and I will never ever do business with them again). Once I got lower payments, I could pay extra now and get the loan down to where I could either sell it or trade it in on something I needed.
Despite what some say, if you get to a point that it's just sitting there and your health no longer allows you to travel, file for bankruptcy. But I wouldn't do that unless you have medical bills in be included. This path though would be in your best interest to consult with an expert in this field for sure. You can recover from a BK faster than you think too. And have a really good credit score. Good luck to you and your Mrs.

biggcrisp · 04-30-2017, 08:37 PM

Quote:

Originally Posted by Mr_D

Problem with letting someone take over the payments is that the original purchaser is still on the contract and if the new 'buyer" defaults guess who they come after?

Could also be a complete money pit for the kids...life's a gamble sometimes.

I gifted used trucks to my boys...no regrets.

Just making conversation. We don't have enough information from the OP to make an experienced guess.

Unplanned Tourist · 04-30-2017, 08:41 PM

Quote:

Originally Posted by Badlands Bob

My wife and I made an agreement years ago. We would finance cars and the house if necessary. We would pay cash for toys. So far (34 years) it has worked well for us. I hate payments. They suck the life out of your income.

I agree totally! I may have a small house, but it has been paid for since I built it myself. I have been without payments for 28 years now, and always pay cash for toys, vehicles etc. I hate paying interest! We even pay off the CC every month.

Txice · 04-30-2017, 08:59 PM

I joined this forum and was a member for about 2 years before finding and buying a coach. There are a few longtime friends in my life that I would "share" ownership of an RV and I gave some thought about trying to find a "partner" to purchase an RV that could be twice as nice as what my wife and I could afford, or better, half the cost to find out if it's really something we wanted to do. Fortunately, we really enjoy the life and are considering upgrading.
It's a long shot but maybe you can advertise for a couple to buy in and share your RV. It would require a great deal of thought, and the right couple, but a cash buy in could put you right side up and immediate help with payments. It might be too complicated, but where there's a will...........good luck

Sandy Swede · 05-01-2017, 04:19 AM

Quote:

Originally Posted by biggcrisp

So, you are saying that 99% are debt slaves to the 1% that have cash laying around for a high end rv.

Must be nice to be perfect...and clueless

No, you said that, in making your erroneous conclusion. If you think my basic assumptions are wrong, go look up the amount of savings Americans have by age cohort. There is nothing bad about monthly payments, just their abuse. I am generalizing here, but most folks who buy higher dollar 5ers & MH's are either retired or in their last 5 - 10 working years. They would naturally have more equity to put into an RV. And most of these RV's cost, say, over $50k. Not looking down on those who buy one for $10K. Neither am I engaging in economic envy or personal insults.

biggcrisp · 05-01-2017, 05:43 AM

Quote:

Originally Posted by Sandy Swede

No, you said that, in making your erroneous conclusion. If you think my basic assumptions are wrong, go look up the amount of savings Americans have by age cohort. There is nothing bad about monthly payments, just their abuse. I am generalizing here, but most folks who buy higher dollar 5ers & MH's are either retired or in their last 5 - 10 working years. They would naturally have more equity to put into an RV. And most of these RV's cost, say, over $50k. Not looking down on those who buy one for $10K. Neither am I engaging in economic envy or personal insults.

Agreed. However, 0% to very low interest rates has certainly been helpful to a large portion of our camping brothers and sisters. It's also helping rv manufacturers, workers and all things supporting camping.

Is there abuses similar to the S & B housing markets. I would suppose so...