Selling a rig your upside down on

We listened carefully to trusted finance experts, and fought the "biggest Gonads" syndrome to buy a used rig we could afford. With no payments, we can better afford gas to run it. Parking it in a free FHU campsite in return for a few hours of Volunteer work helps a lot also. Its not the biggest or fanciest, but it fits us with room to spare fro a bit of company occasionally. And the space outside our door is BIG!

I totally agree with if you can't buy it outright don't buy it. However I'm now 66 years young and can pay for whatever we buy at months end. We've been down that road before when we were younger and the stress will beat you down. Years ago I wanted a hot rod but could only dream. Later on We've had a few and enjoyed them with no debt. Don't sweat the small stuff, dump it and get on with your life. Good luck.

Call Guido the Torch... :-)

Lyle

kjnpuppy wrote:
?..Trade value is considerably less..

Are you trying to sell it just to get another one?

That might not be a good idea.

csamayfield55 wrote:
Keep paying on it, sell it for what you can and make up the difference or let it go back to the bank and kiss your credit rating goodbye. About your only options

chris

X2. I know person who paid 5k difference when he sold his motorhome.
It was cheaper than keeping the rig and making the payments.

RustyJC wrote:

For what it's worth, since the early 1990s our modus operandi has been if we can't write a check for it, we don't buy it. Life for us is a lot less stressful living debt free. It's certainly something to consider working toward, IMHO.

Rusty

Amen to that, brother! With the exception of a mortgage and possibly a car to get to work, there's nothing worth getting into debt for, especially a toy.

That being said, the advice is too late in this situation. As much as I'd refrain going into debt more, the op should sell it as quickly as possible and take out an unsecured loan yo cover the rest. The issue with these "toys" is they're going to keep depreciating very rapidly. Best to take a little less than hold out for more and taking a real bath.

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.

X2 its time for a life change , hope things work out.

Yep, unless you can find a sucker to take it off your hands for what you owe, there's no silver bullet for your situation. You're not alone, though - I enjoy scanning the RV ads every now and then, and there are a LOT of RVers who are apparently trying to sell for what they owe, not what their RV is worth in the market.

For what it's worth, since the early 1990s our modus operandi has been if we can't write a check for it, we don't buy it. Life for us is a lot less stressful living debt free. It's certainly something to consider working toward, IMHO.

Rusty

If you really want out you'll need to get a loan through a bank or some other method so you can cover the difference between what you owe and what you finally sell it for. If you have the loan locally it's easier to deal with or try to get the loan from who ever you have the RV financed with as this makes getting the title released easier and quicker.