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
Although it's not completely clear, the OP's statement about being in "over his head" suggests that continuing to make RV payments is no longer doable. If that's the case, the options aren't that great: (1) sell for what it's worth, and use savings/cash/personal loan to make up any difference; or (2) let it be repossessed, take the hit on your credit rating, and deal with the lender coming after you for any deficiency between what they sell the RV for and what is owed on the loan. Option #1 is usually better, IMHO.
If I'm misreading the OP and he can afford the payments but is unhappy about being under water on the loan, then he should just continue paying off the loan - unless he prefers Option #1 - and enjoy the RV until the loan is paid off or he's no longer under water. Unfortunately, the time to avoid being underwater is at the purchase, but you need a larger down payment & shorter length loan.
If I'm misreading the OP and he can afford the payments but is unhappy about being under water on the loan, then he should just continue paying off the loan - unless he prefers Option #1 - and enjoy the RV until the loan is paid off or he's no longer under water. Unfortunately, the time to avoid being underwater is at the purchase, but you need a larger down payment & shorter length loan.
