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03-20-2015, 12:11 PM
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#1
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Member
Join Date: Jun 2012
Posts: 67
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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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03-20-2015, 12:25 PM
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#2
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Senior Member
Fleetwood Owners Club iRV2 No Limits Club
Join Date: Sep 2012
Location: Rainbow Riding
Posts: 18,574
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Quote:
Originally Posted by Turrable Terry
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.
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So you're $34k underwater on the coach and they want you to be $34k underwater on the next one??? I'm confused too...
__________________
Steve & Annie (RVM2)
2008 Fleetwood Bounder 38F ~ 325 ISB Turbo ~ Freightliner XC 2014 CR-V ~ Invisibrake / Sterling All Terrain
Sioux Falls, SD (FullTime Since Nov 5th 2014)
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03-20-2015, 12:41 PM
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#3
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Senior Member
Thor Owners Club Ford Super Duty Owner
Join Date: Oct 2013
Posts: 758
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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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03-20-2015, 01:47 PM
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#4
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Senior Member
Fleetwood Owners Club iRV2 No Limits Club
Join Date: Sep 2012
Location: Rainbow Riding
Posts: 18,574
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Quote:
Originally Posted by BeachDude
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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How do you keep a loan open on a sold asset without the collateral?
__________________
Steve & Annie (RVM2)
2008 Fleetwood Bounder 38F ~ 325 ISB Turbo ~ Freightliner XC 2014 CR-V ~ Invisibrake / Sterling All Terrain
Sioux Falls, SD (FullTime Since Nov 5th 2014)
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03-20-2015, 01:59 PM
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#5
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Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Jun 2012
Location: SoCal
Posts: 15,749
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Quote:
Originally Posted by sammax
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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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.
__________________
Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
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03-20-2015, 02:01 PM
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#6
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Senior Member
Join Date: Jul 2014
Location: Lafayette, La.
Posts: 1,144
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How much is your coach worth (not what you owe)?
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2011 40' Monaco Cayman PBQ ISC 360
2013 Jeep Wrangler Unlimited
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03-20-2015, 02:22 PM
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#7
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Senior Member
Join Date: Dec 2013
Location: Plantation, Fl
Posts: 1,886
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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. 
__________________
2024 Jayco Redhawk 26 M (OCCC challenged)
2017 RWD F 150 with a drive shaft disconnect
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03-20-2015, 03:34 PM
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#8
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Senior Member
Join Date: Aug 2008
Location: Georgia
Posts: 8,638
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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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2007 Fleetwood Revolution LE 40V
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03-20-2015, 04:45 PM
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#9
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Senior Member
Fleetwood Owners Club iRV2 No Limits Club
Join Date: Sep 2012
Location: Rainbow Riding
Posts: 18,574
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Not the way I buy either... just lucky I guess.
__________________
Steve & Annie (RVM2)
2008 Fleetwood Bounder 38F ~ 325 ISB Turbo ~ Freightliner XC 2014 CR-V ~ Invisibrake / Sterling All Terrain
Sioux Falls, SD (FullTime Since Nov 5th 2014)
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03-20-2015, 04:57 PM
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#10
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Senior Member
Fleetwood Owners Club
Join Date: Dec 2011
Location: Willow Lakes RV & Golf Resort, FL
Posts: 3,163
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Quote:
Originally Posted by Tha_Rooster
Trade in minus new coach and add pay off and your there. Same thing as buying a car no difference.
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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.
__________________
Clay & Pebble
2012 Providence 42 M. Spartan Chassis, 450 ISL
Ford Edge toad, RM All Terrane, TST TPMS, SMI Air Force One, RVM95.... 
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03-20-2015, 05:09 PM
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#11
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Member
Join Date: Sep 2013
Posts: 99
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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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03-20-2015, 05:26 PM
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#12
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Senior Member
Join Date: Dec 2013
Location: Plantation, Fl
Posts: 1,886
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I think it's more like new vehicle, minus trade in allowance, plus payoff on current MH. 
__________________
2024 Jayco Redhawk 26 M (OCCC challenged)
2017 RWD F 150 with a drive shaft disconnect
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03-20-2015, 05:40 PM
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#13
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Senior Member
Newmar Owners Club
Join Date: Jun 2012
Location: Spicewood Texas (West of Austin)
Posts: 4,514
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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.
__________________
Scotty and Kristen, Airedales Dagny and Wyatt
2007 Newmar Mountain Aire 4528, 450 HP ISM, Allison 4000, 8 Lifeline AGM's
2019 F250 King Ranch 4x4 Powerstroke - SOLD
2022 F350 DRW King Ranch 4 x 4
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03-20-2015, 06:00 PM
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#14
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Senior Member
Join Date: Oct 2013
Posts: 779
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Quote:
Originally Posted by poncho62
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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When are you buying buying one?
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