Selling a rig your upside down on
Like many people, we are over our heads. We have a really good 2012 Keystone Cougar Xlite 29RES, that we owe $30,000 on. However, it retails for closer to $25,000. Trade value is considerably less. S...
Forum Discussion
You could really shine it up and try to get the full loan value as the price. May not work as expected.
You will need to have the additional cash at time of sale to pay off the loan. You could cash advance a credit card or get some other personal loan if needed. Check with your bank or credit union.
Or you can focus on making extra payments to get the loan down below the private party value. You are chasing a falling value so this may take longer than you expect. Even an expensive personal loan might cost less if you have a buyer now.
Or let it get repossessed and get a black mark on your credit. Lender will also collect on the deficiency balance for what it sells at auction which is probably lower than trade in value. If they write off or forgive the debt you may get a 1099 and need to pay tax on the debt forgiven.
Good luck.
You will need to have the additional cash at time of sale to pay off the loan. You could cash advance a credit card or get some other personal loan if needed. Check with your bank or credit union.
Or you can focus on making extra payments to get the loan down below the private party value. You are chasing a falling value so this may take longer than you expect. Even an expensive personal loan might cost less if you have a buyer now.
Or let it get repossessed and get a black mark on your credit. Lender will also collect on the deficiency balance for what it sells at auction which is probably lower than trade in value. If they write off or forgive the debt you may get a 1099 and need to pay tax on the debt forgiven.
Good luck.
