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...
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It's a shame lenders, sellers, dealers, etc don't provide the customer with a chart showing depreciated value for each year of the loan along with loan balance remaining. That might make it easier for buyers to understand when they'll be underwater and for how long, but I'm sure they'll make their money on the deal so they probably don't care.
My rule of thumb for buying cars is no loan longer than 5 years and for RVs no loan longer than 10 years. The max payment that I'll consider is about 1/2 of what most would tell me I can afford. If it takes more loan than that then I figure the car or RV is out of my price range and I move on.
Anyway, for the OP you might check with RvSalvage and see if that's an option. You could also list the unit for sale with RvClearinghouse and see if maybe there's a buyer out there willing to pay what you need, but you might have to take a loss on the sale. One other option would be to put it up for auction with a reserve so it doesn't go for a price under your reserve. There's a mid-west auction on-line that specializes in recreational items including RVs. They are CrankyApe and they have offices in Texas although they are out of Minnesota.
My rule of thumb for buying cars is no loan longer than 5 years and for RVs no loan longer than 10 years. The max payment that I'll consider is about 1/2 of what most would tell me I can afford. If it takes more loan than that then I figure the car or RV is out of my price range and I move on.
Anyway, for the OP you might check with RvSalvage and see if that's an option. You could also list the unit for sale with RvClearinghouse and see if maybe there's a buyer out there willing to pay what you need, but you might have to take a loss on the sale. One other option would be to put it up for auction with a reserve so it doesn't go for a price under your reserve. There's a mid-west auction on-line that specializes in recreational items including RVs. They are CrankyApe and they have offices in Texas although they are out of Minnesota.
