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Old 03-20-2015, 01:11 PM   #1
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Question Financing...

Question:
I've purchased a motorhome (Class A) a few years ago. I've been wanting to move up to a newer one...Say maybe a 2010 or so. I still owe 34K on my current model. So the dealers want to add what I owe on my current coach to the new loan. So If I found a coach 100k it'll cost me 134k. They want to take my coach and still want me to pay it off as well. Is this a normal situation or should I find a dealer that will take my coach and pay it off then give me a 100k for selling price??
I seem to be missing something here....
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Old 03-20-2015, 01:25 PM   #2
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Originally Posted by Turrable Terry View Post
Send me an e-mail to tlcarrig(at)alltel.net and I'll send you my pictures. You have to remember that my MOHO is a 99 Holiday Rambler.
So you're $34k underwater on the coach and they want you to be $34k underwater on the next one??? I'm confused too...
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Old 03-20-2015, 01:41 PM   #3
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Sell your current motorhome for what you can get for it, privately. Do not use the RV dealer, do not trade it in, do not put it on consignment, do not include it in your deal.


Take the cash from the private sale and pay off what you can of the $34K on the old motorhome. Continue to make payments to the old loan balance.


Simply finance the new RV, (after negotiating a great price). Rinse and repeat.
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Old 03-20-2015, 02:47 PM   #4
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Originally Posted by BeachDude View Post
Sell your current motorhome for what you can get for it, privately. Do not use the RV dealer, do not trade it in, do not put it on consignment, do not include it in your deal.


Take the cash from the private sale and pay off what you can of the $34K on the old motorhome. Continue to make payments to the old loan balance.


Simply finance the new RV, (after negotiating a great price). Rinse and repeat.
How do you keep a loan open on a sold asset without the collateral?
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Old 03-20-2015, 02:59 PM   #5
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Quote:
Originally Posted by sammax View Post
Question:
I've purchased a motorhome (Class A) a few years ago. I've been wanting to move up to a newer one...Say maybe a 2010 or so. I still owe 34K on my current model. So the dealers want to add what I owe on my current coach to the new loan. So If I found a coach 100k it'll cost me 134k. They want to take my coach and still want me to pay it off as well. Is this a normal situation or should I find a dealer that will take my coach and pay it off then give me a 100k for selling price??
I seem to be missing something here....

Wow, that's a great deal for the dealer. They get $134k for a $100k coach, plus your coach for free.

I am assuming you are upside down in your current coach? It's worth less than the $34k you owe on it.

Best to sell your coach yourself rather than trade, if you can swing it.
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Old 03-20-2015, 03:01 PM   #6
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How much is your coach worth (not what you owe)?
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Old 03-20-2015, 03:22 PM   #7
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Is your current MH worth more,or less, than $34,000 ? Is that $34,000 what you think you owe, or is it what the bank says the payoff is (they can be quite different amounts)?
If your trade in is worth more than the loan payoff, that amount should go towards the down payment on the newer MH. If your current MH is valued at less than the payoff amount, that amount would be added into the new loan.
That's what would make sense to me.
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Old 03-20-2015, 04:34 PM   #8
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Trade in minus new coach and add pay off and your there. Same thing as buying a car no difference.
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Old 03-20-2015, 05:45 PM   #9
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Not the way I buy either... just lucky I guess.
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Old 03-20-2015, 05:57 PM   #10
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Quote:
Originally Posted by Tha_Rooster View Post
Trade in minus new coach and add pay off and your there. Same thing as buying a car no difference.
Correct! Just went thru the same ordeal. Your equity is what the dealer gives you in trade allowance minus your payoff. The balance, if there is one, is part of your down. That's the way ALL trade transactions work.
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Old 03-20-2015, 06:09 PM   #11
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Personally, I would want to be 100Gs or 134Gs in debt for any vehicle....I would be happy with what I have
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Old 03-20-2015, 06:26 PM   #12
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I think it's more like new vehicle, minus trade in allowance, plus payoff on current MH.
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Old 03-20-2015, 06:40 PM   #13
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Some states do not tax you on the amount of your trade-in. In my case, it saved me nearly $6000 in taxes and zero paper work. Take that into consideration on your bottom line. The "home run" is if you find a buyer to bring to the table and do an IN & OUT. The new buyer can get a better deal, the dealer often gets to finance it, and you get the best of both worlds.
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Old 03-20-2015, 07:00 PM   #14
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Quote:
Originally Posted by poncho62 View Post
Personally, I would want to be 100Gs or 134Gs in debt for any vehicle....I would be happy with what I have
When are you buying buying one?
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