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04-26-2017, 07:39 PM
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#1
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Senior Member
Monaco Owners Club
Join Date: May 2013
Location: Pace FL 32571
Posts: 329
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What to do at the end/ RV&Life
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.
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Bruce and Carolyn, Sissy the Boss
2005 Monaco Diplomat M-40PAQ
400ISL Cummins
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04-26-2017, 08:18 PM
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#2
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Senior Member
Join Date: Jan 2016
Location: Braselton, Georgia
Posts: 1,287
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I suppose it depends on how upside down you are. NADA lists the value of your Monco around $68,000 full retail. If you let the bank take it back, not only will it ruin your credit, they may come after you for the remainder of the loan after they sell it at auction.
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2016 Winnebago 2201DS Champagne
2015 Ford F-150 XLT FX4 5.0
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04-26-2017, 08:20 PM
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#3
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Senior Member
Join Date: Oct 2012
Posts: 2,328
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I see only two options.
Start paying the principle down each month until you cam break even on a sell.
Sell now and pay the difference in what you owe and what it sells for.
Defaultiimg on a lone will kill yo credit rateimg and will cost you much more in the end.
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Paul, Kathy, and Tux the Mini Schnauzer
2014 Tiffin Phaeton 42 LH, 2013 Honda CRV
"When the time comes to look back, make sure you'll like what you see"
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04-26-2017, 08:50 PM
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#4
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Senior Member
Join Date: Jan 2016
Location: Braselton, Georgia
Posts: 1,287
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Damaging your credit rating will cost you for years to come. Car and home owners insurance will be higher along with any credit cards you want. And forget about getting any decent loans on anything for a long time.
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2016 Winnebago 2201DS Champagne
2015 Ford F-150 XLT FX4 5.0
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04-28-2017, 09:08 AM
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#5
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Senior Member
Join Date: May 2016
Location: Delaware beaches
Posts: 1,164
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Assuming that you wish to honor your debt and owe more than what the MH is worth and would like to stop the bleeding, contact the lender and let them know the situation. After you do some research, tell the lender that you estimate that you will still owe $x and plan to pay that off if they will give you payments which you can manage. Get the lender to agree in writing that they will accept $x cash in exchange for transferring the title to the new owner and you signing a note for the remainder. Or, the lender can repo the unit and take a substantial loss. Avoid that scenario if you can. Others have posted as to what negative outcome you can expect.
Plan B would be to arrange a personal loan or home equity loan now for your anticipated shortfall. Sell the beast, take those proceeds along with the advance on your loan to the lender to pay off the debt so you can transfer title.
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2005 Beaver Monterey 36' 400 hp Cat C9 Sold 9/20
2004 Newmar DS 4009 DP Sold 8/18
Delaware beaches ----- DW & Kip the Wonder Dog
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04-28-2017, 10:26 AM
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#6
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Senior Member
Join Date: Sep 2016
Location: midwest
Posts: 962
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Pay it forward:
Some might disagree due to being burned, but why not let a young relative or friend takeover payments?
That way the rv gets used, someone gets to spend time living their dream and even if the whole thing goes sideways at least the rv didn't sit abandoned and fall apart.
It's only a thing, sometimes people can't let go of items...understandably.
The worst thing for any house is neglecting it.
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2016 Fleetwood Flair 26e gas Crossover
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04-28-2017, 10:28 AM
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#7
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Senior Member
Workhorse Chassis Owner Entegra Owners Club
Join Date: Dec 2004
Location: UT/AZ
Posts: 1,417
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Not knowing all the facts you may only have the option of contacting the lender, if they hold the title, and working it out with them. I would bet they will help you.
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Pat & Denise
2016 Entegra Aspire RBQ
18 Silverado
FMCA 212171
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04-28-2017, 10:42 AM
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#8
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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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Lots of variables. How upside-down you are. If ok with just letting the lender take it and come after you for any balance remaining (they will sell for a pittance and owed will be much more). Your cash on hand to just sell and kick in the difference. Your feeling or need for your credit rating. Etc etc.
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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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04-28-2017, 11:15 AM
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#9
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Junior Member
Join Date: Nov 2016
Posts: 19
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How about renting it out? Should be able to cover your payments with that.
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04-28-2017, 11:35 AM
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#10
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Senior Member/RVM #90
Monaco Owners Club
Join Date: Nov 2002
Location: Columbus, MS
Posts: 55,991
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Quote:
Originally Posted by biggcrisp
Pay it forward:
Some might disagree due to being burned, but why not let a young relative or friend takeover payments?
That way the rv gets used, someone gets to spend time living their dream and even if the whole thing goes sideways at least the rv didn't sit abandoned and fall apart.
It's only a thing, sometimes people can't let go of items...understandably.
The worst thing for any house is neglecting it.
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This seems to be the best solution to me!
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Joe & Annette
Sometimes I sits and thinks, sometimes I just sits.....
2002 Monaco Windsor 40PBT, 2013 Honda CRV AWD
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04-28-2017, 02:21 PM
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#11
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Senior Member
Join Date: Jun 2010
Location: Upstate New York
Posts: 3,722
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That's a question that I've asked myself and one of several reasons we have elected to stay with a towable. It's paid for as well as the tow vehicle. Both have lots of miles and more on the way - approx. 20K on the 5er and 99K on the TV. I've, in the many miles we have towed this RV as well as others, often seen folks pull up with mid to high 6 figure MHs and wonder how they can afford the payments, insurance and upkeep and often at ages that are well beyond my mid seventies. Then what happens if they either cannot physically continue or pass on. Wow, what a dilemma especially with an aging population.
OK, 'nuff ruminating. For the OP, and it's the way I would do this, is to talk to the lender and discuss your selling the coach for whatever is a fair price. If that price is below what you owe, then you may be able to negotiate a much lower interest rate on a personal loan on the difference. You do need to keep the lender in the loop when you sell the unit. If you choose to walk away, it will affect your spending power for years if not for the rest of your life, including hospitalization, home ownership, any other potential debt or loan in the future. Employ the KISS principle - or Occam's Razor, whichever works best (they are very similar)
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Dave W
2011 Ford F250 6.7 Lariat CCLB, Gone but not forgotten
2014 Montana High Country 343RL (sold it!)
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04-28-2017, 02:31 PM
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#12
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Senior Member
Tiffin Owners Club
Join Date: Mar 2015
Location: Southern NM
Posts: 2,528
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Quote:
Originally Posted by rlchv70
How about renting it out? Should be able to cover your payments with that.
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A simple NO, don't do it, your RV will be ruined, talk about being upside down now, wait until you rent it a couple of times
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2005 Tiffin Allegro Bay 37DB
W22 Workhorse Chassis 8.1 Flat Towing a 82 Jeep CJ7
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04-28-2017, 02:47 PM
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#13
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Senior Member
Vintage RV Owners Club
Join Date: Apr 2014
Location: The Streets of Laredo
Posts: 133
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Speak with your Lender
If you decide you want to just get out of it speak with your lender. They would much rather work things out with you than take a charge off. They may have ideas you haven't thought of. I was an owner-operator (truck driver) for about a year and a half when I got behind in the payments. The dealer took the truck back with nothing more owed. I was the second buyer for that truck and I'm sure he sold it again. That guy made a bunch of money from that truck even if it wasn't from me. Remember from the lender's point of view it's all about the money and not your particular situation......
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04-30-2017, 08:07 AM
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#14
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Moderator Emeritus
Join Date: Jan 2000
Location: West Palm Beach, FL. USA
Posts: 28,503
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The traditional wisdom is to work out some payment arrangement with the lender, but [in my opinion] that is no longer a practical option. I couldn't even get my lender (BOA) to discuss re-financing, let alone something less than full payment, and two friends had similar experiences (one BOA, one Wells Fargo). Giver it a try, but I couldn't even get to a person who had the authority to make some arrangement other than "pay up now".
Do not let the loan default unless you are declaring bankruptcy. The lender will add his expenses for re-po to the loan, sell at coach at whatever an auction bidder offers, and then come after you for the balance. You still owe the full amount of the loan, plus any expenses incurred by the lender to collect it. It's all in the fine print of the loan agreement.
There may be limited forms of bankruptcy that can help. I know two people who did that and after 18-24 months they were financially pretty clean again. Consult a bankruptcy attorney to see if that option works for you.
I sold mine outright and that should not be too difficult with a desirable model like your Diplomat. Get a personal loan for the difference between the sale price and the RV loan and pay it of over a couple years. Explain to your local banker or CU that you are using the money to pay off another loan and will be using the money thus saved to make the payments on this one. They will be able to see that you were making the other payments and thus able to make these as well. And the payoff loan will surely have much lower payments than the RV did.
__________________
Gary Brinck
Former owner of 2004 American Tradition and several other RVs
Home is now West Palm Beach, FL
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