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
bpounds wrote:
I hope all of you nose-in-the-air people stay out of the rain. You'll drown!
Fact is, things happen and people get over their heads. For an endless list of possible reasons. Either take the hit and get out from under the obligation, or if you can't do that, let the bank take their property back and deal with the hit to your credit.
People are responsible for their own decisions, but in my opinion the 10 and even 15 years loans offered for RV's is a terrible idea. For both the consumer and the banks. There is no way you ever get right side up on those loans, unless you start with a huge down payment, in which case you probably wouldn't choose such a long term anyway. The only winner in those long term loans is the RV dealer, who sells a rig to a family that really can't afford it.
100% agree, we've always done less than 4 year terms with 50-60% down in trade/cash. That way you're never upside down and have options if something happens.
Never understood people getting themselves into 10+ year loans on such terrible depreciating assets.
