Community Forums

mmanelli · 09-24-2020, 06:43 AM

I have a 30' Four Winds class C. The value is about $6000 to $8000 below what I owe. What are ways to solve this?We want to get rid of this.

LETMGROW · 09-24-2020, 06:53 AM

Quote:

Originally Posted by mmanelli

I have a 30' Four Winds class C. The value is about $6000 to $8000 below what I owe. What are ways to solve this?We want to get rid of this.

You are a victim of long term financing. You will have to borrow the money to make up the difference to pay the loan off when you sell. Borrowing against a Life Insurance policy, your 401K, a Home Equity loan or a personal loan are just a few suggestions.
Lynn

Sweetbriar · 09-24-2020, 07:00 AM

Quote:

Originally Posted by mmanelli

I have a 30' Four Winds class C. The value is about $6000 to $8000 below what I owe. What are ways to solve this?We want to get rid of this.

You're underwater and the bank is going to want what they are owned. The coach isn't real estate with potential for increasing in value so your options are limited. Either keep it for now and pay down the loan at a faster rate or sell it now and pay the difference between what you are able to get for it and what is owned against the loan. No different than a car with a loan high than what's worth.

My other thought might involve insurance fraud so I'll just leave that to your imagination.

Bigd9 · 09-24-2020, 07:15 AM

Not as much a "victim", but it's a result of legally agreeing to long term loan on a quickly depreciating purchase.

Like LETMGROW indicated, you will have to come up with the needed money to pay off the difference.

rwhite1223 · 09-24-2020, 07:16 AM

From a purely economic perspective RVs are a losing proposition. Just have to look at it as you've bought $8000 worth of fun times. Really no way out.

OldWEB · 09-24-2020, 07:28 AM

Instead of posting the 'problem' here, plaster it "For Sale" in all the places you can, for the price you want. You never know who may want it. I read there is a shortage of RVs, so give it a shot.

Good Luck

triplewide · 09-25-2020, 04:38 AM

Post it for sale everywhere you can at or near break even. Drop the price every 1-2 weeks until you start getting interest. Then you know the current "value" of the RV. At that point decide what you want to do. The price someone is willing to pay may be higher or lower than a book value. Late September is not a good time to start this process, winter is around the corner.

Isaac-1 · 09-25-2020, 04:57 AM

Contact your lender and explain the situation, they don't want to reposes the RV, as that will cost them a lot of money in the long run. You may be able to negotiate a reduced settlement for whatever amount you can sell the coach for that does not negatively effect your credit, or at least not too negatively.

LETMGROW · 09-25-2020, 05:28 PM

Quote:

Originally Posted by Isaac-1

Contact your lender and explain the situation, they don't want to reposes the RV, as that will cost them a lot of money in the long run. You may be able to negotiate a reduced settlement for whatever amount you can sell the coach for that does not negatively effect your credit, or at least not too negatively.

The problem here is the lender will want to renegotiate the loan. This might bring the payment amount down but it will extend the length of the loan contract. The owner is already underwater, this could cause him to drown in debt.
It sounds as if the OP is desperate to unload the RV and the mortgage on the RV. I don't care why but he is between the old Rock and a hard place scenario. It's unfortunate but common with the low down payment and lengthy payment schedules offered today on RV's, cars and trucks among other things.
I have a friend who is in a similar situation with an ATV he bought a couple years ago. He got a Zero down payment down and a five year payment contract with a high interest rate. Now he's faced with a divorce, has very little equity in the ATV, owes more than it's worth and his EX wants it as part of the settlement.
Ouch!