Anyone ever been in an upside down situation and got out of it?

[mojoracing]

I am a dealer (cars and years ago RV's). While not the best case scenario for me, its a sale of a new coach. As far as warranty, I can cover myself with a few words and a few signatures.

[Jim T.]

"We like the coach that we currently have we are just wishing that we has waited and gotten diesel and a few other amenities."

Three suggestions:

1) Double or triple up on your RV loan payments for a few months, if you can afford it. You'll be surprised how fast your principal is reduced. You might even finding yourself "above water" on your loan.

2) Add one or two of the "wanted" amenities to your present RV. Should be much cheaper than buying another RV and it'll add value to it.

3) Know that diesels are not only more expensive to purchase, they are much more expensive to maintain. Don't get caught up in a "keeping up with the Jones" game. Have enough discretionary money to use and enjoy your RV. That's why you bought it in the first place.




FMCA Local Chapter Secretary - Bay Area TravelerS (BATS)

[Dutch Star David]

Originally Posted by 5string71

Looks like we may have gotten ourselves in an upside down situation. We were looking to try and move up to a 40' coach in diesel but looks like it may be next to impossible in the situation we are in.

Has anyone had any luck getting out of a situation like this while trading up and if so who did you deal with?

We like the coach that we currently have we are just wishing that we has waited and gotten diesel and a few other amenities.

Thanks for the input.

Had same situation. Dealer (Lazy Days-Tucson) just added same amount to selling price and to trade. Nets the same. Voila: Trade now worth more than owed. Bank funded loan-no problem (@ 4.00%). Life is short. Like they say "never saw a Brinks truck in a funeral procession." We made it on our own. Leave the kids too much; it will spoil them, IMHO.

[akeyzoo]

Without bringing cash to the party, the only solution is more debt. Think of it as raising the price on the new one. I personally avoid this situation at all costs BUT to each his/own.

Chris

[CampDaven]

If you can lift yourself up in a bucket....while you are standing in it, you may have a chance.

[racersedge]

Originally Posted by 89sandman

I'd say its time to learn to live within your means. Why would anyone compound this problem by buying another one and going farther into debt?

I tend to agree and who would buy a unit with nothing down and take 10 years to pay for it?? Not me. she,s cash or I stay in my yard at home
same with car,truck,snowmobile,bikes, boats etc.Only thing I financed was a house and paid it off in 7 years

[racersedge]

Originally Posted by 5string71

Looks like we may have gotten ourselves in an upside down situation. We were looking to try and move up to a 40' coach in diesel but looks like it may be next to impossible in the situation we are in.

Has anyone had any luck getting out of a situation like this while trading up and if so who did you deal with?

We like the coach that we currently have we are just wishing that we has waited and gotten diesel and a few other amenities.

Thanks for the input.

If your well set up income wise.I say just bite the bullit and buy out the loan.Trade in the unit on what you want and then carry on
If you don't have the cash to buy out existing loan Well lets say your in a heap of trouble trying to move up to a diesel pusher

[RickO]

I'm in a similar situation to the OP except that I'm not getting another RV.

Following advice I gathered here on the forum, I attempted to sell it myself for three months. I advertised in a number of national sites and even created a FaceBook page for it with over 80 detailed photos. I priced the rig at low NADA book, which met or beat the price of any others I found advertised.

I got next to nothing in the way of interest.

I'm now trying the consignment route and it's been on a local dealer's lot for a couple of months now.

Originally Posted by Grandpere

The only way to cut your loss is by trying to sell the mh yourself. You may still lose some money, but not as much as you will by trying to trade it in. Remember, you lost some $20,000 the minute you purchased the mh, and you will never get that back. The dealer is giving you wholesale or less for your outfit, whereas if you sell it yourself you can get close to full retail price for it, which will hopefully pay off the balance of the loan against it, or at least get you close enough to it that you can make up the difference.
Good Luck!

I sure haven't found this to be the case in the current market. Getting anything close to full retail seems like a dream.

Rick

[DieselTech39]

Originally Posted by racersedge

I tend to agree and who would buy a unit with nothing down and take 10 years to pay for it?? Not me. she,s cash or I stay in my yard at home
same with car,truck,snowmobile,bikes, boats etc.Only thing I financed was a house and paid it off in 7 years

In a perfect world all of us would be able to have whatever we wanted and pay for it cash. The real world is for any number of reasons, some of them not the fault of the OP or others in the same situation, not that perfect. I salute you for your ability to do that racersedge, but for a number a rvers it just doesn't work. Loading up on people in that situation doesn't help them to solve their problem.

[cb1000rider]

Originally Posted by CJBROWN

So we make interest payments, just like our government does. And we a are DOING IT NOW - WE ARE NOT WAITING for some rainy day. Hate to burst your bubble, but people have differing priorities in life than YOU DO.

Not too get too far off course, but many people believe that the US government is doing it wrong in terms of finances. At least your debts won't be left to your children, unlike the government's debts!

Not everyone can appropriately manage debt... Different strokes for different folks, I guess.

[ChallengerRN]

Originally Posted by CampDaven

If you can lift yourself up in a bucket....while you are standing in it, you may have a chance.

X2.

[gemini5362]

wow a lot of advice and some chastisement. Everyone is probably an adult so telling them would have, should have, could have is probably just going to make the poster that said it feel better.

The only thing I am going to add is based on the advice of an earlier poster. If I understood them right they are saying if you go through a dealer then it will appear as a trade and help with taxes. I understand what they are talking about I believe. In Arkansas when you trade a vehicle in you take the trade in price off of the sales tax price on the vehicle you have just purchased. Arkansas law also gives you 30 days after you have bought another vehicle to sell your old one privately and still take the money off of the sales price of the new vehicle. You do not have to work through a dealer to do this. Other states might have the same laws I just know that Arkansas does.

[Ed S]

Good luck to you. I was there once and found a dealer to work with me. I found the buyer but the dealer and I payed off the mh for a clear title. Was able to use the old mh as a trade in to offset the sales tax. I was big time upside down.
We do not know what tomorrow will bring so live for today and enjoy life.

[Uncle Dave]

Originally Posted by 5string71

Looks like we may have gotten ourselves in an upside down situation. We were looking to try and move up to a 40' coach in diesel but looks like it may be next to impossible in the situation we are in.

Has anyone had any luck getting out of a situation like this while trading up and if so who did you deal with?

We like the coach that we currently have we are just wishing that we has waited and gotten diesel and a few other amenities.

Thanks for the input.

Everyone thats ever bought a boat has gone through this and so have most Rvers at one point so don't feel like you are alone.

In that situation I started powering down the note with regular doses of principle.

Combined -

With working with a smart dealer (rare but out there) that has your overall budget in mind you may be able to bury that in a new deal.

Moving up the chain is relatively easy- if you really want to go up heres why-

The good smart dealers can usually find a guy willing to take it off the top of his to get out of it quick- or at least a bite out of the top.

Its moving down scale to a cheaper smaller rig where you have trouble finding guys to work with you.

IF you keep looking and working with the right guys while simultaneously eating the note down your situation will soon fall into the range where it works for you just be patient and keep it up.

If you are in a hurry to do a deal you are liable to end up eating more capital.


Good luck

Uncle Dave