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. So what do we do?

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

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.

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

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

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.

Selling a rig your upside down on | Good Sam Community

CWSWine
Explorer
Sep 20, 2015
We at that point in life that I don’t finance anymore than half of what I have in savings/bonds/stocks. I can normally get interest lower than my earnings on stocks and bonds and some times zero percent but also took us long time to get this point. I have been in the same position as the OP, when I was lot younger I purchased a used car that I could barley afford and less then three months later the engine seized up. I spent the next year and half hitchhiking to work and back and 3 years of payments to get me out of debt and year half of that was making payments on car that didn’t run. Sometimes life lesson as hard – the key is what did you learn.
lap527
Explorer
Sep 20, 2015
RustyJC wrote:
lap527 wrote:
I won't lecture about shoulda, woulda, coulda, it's done, move on and do the best you can. Good luck!

It certainly wasn't my intent to lecture to or preach at anyone. Rather, my suggestion was offered to the OP as a way to avoid getting into this situation again once the immediate problem is addressed. It's nice to solve problems, but it's also nice to find ways to avoid them.

Rusty

Who said I was directing at you? General comment...lighten up!
time2roll
Nomad
Sep 20, 2015
OutdoorPhotographer wrote:
While on the side of not taking loans hobbies, I think we've chased the OP away.
Seems more like a stealth for sale posting.
Cummins12V98
Explorer III
Sep 20, 2015
RustyJC wrote:
Sprink-Fitter wrote:
Just because you can save $100,000 to buy a RV with Cas does not mean everyone can, some it would take a lifetime, so with your thinking, it might take 50 years to save for it, but now they can get a RV. There is nothing wrong with payments as long as you are living within your income situation.

I'm not going to debate with you how you choose to live your life - that's none of my business. I'm just going to say that the reason we have the cash to buy what we need and some of what we want is that we took the money we would have been paying out in payments and interest and saved/invested that money. Then, when we made a purchase, the cash was there to fund it. The reason we can buy a $100K RV (your number) with cash is that we settled for the $2500 refurbished 1978 Jayco Cardinal pop-up (our first RV purchased in 1992 after 23 years of tenting.) That's all we could afford without taking out a loan.

I realize that it's a lifestyle change - I just shared our perspective and perhaps a bit of wisdom gained through life experiences of 67 years on this earth. If you don't agree or don't want to hear it, please feel free to ignore it.

All the best to you and yours,

Rusty

My career was Carpenter/Superintendent. All our friends had the newest of everything and several lost everything when things went south. We were very careful because Construction has highs and lows. Other than a house payment we always had cash to pay any loan we did take. We always bought good used vehiclesRV's and saved a ton.

Now because of the life we led we can now buy what we want.

We see too many people take out big loans when they go full time and all we hear is "we can't do this or that" because they are counting every penny.

Anyway OP sorry for your situation! Young people don't think you need "NEW" every time you buy something!
Shanester
Explorer
Sep 20, 2015
There are some good suggestions here but for proper advice we need more info. Why are you wanting to sell it? Are you getting a less expensive camper? More expensive camper? Getting out of RVing? How many years left on loan?
Keeping it would be a good idea if you just WANT to buy a more expensive camper.
If you are getting out of RVing then sell it yourself and take the financial bath soon.
RustyJC
Explorer
Sep 20, 2015
1968mooney wrote:
RustyJC wrote:
lap527 wrote:
I won't lecture about shoulda, woulda, coulda, it's done, move on and do the best you can. Good luck!

It certainly wasn't my intent to lecture to or preach at anyone. Rather, my suggestion was offered to the OP as a way to avoid getting into this situation again once the immediate problem is addressed. It's nice to solve problems, but it's also nice to find ways to avoid them.

Rusty

OP has to solve problem and then can work toward not repeting the situation.

Ummm...okay, and I addressed that as well. If you don't like my post, feel free to ignore it.....

Rusty
1968mooney
Explorer
Sep 20, 2015
RustyJC wrote:
lap527 wrote:
I won't lecture about shoulda, woulda, coulda, it's done, move on and do the best you can. Good luck!

It certainly wasn't my intent to lecture to or preach at anyone. Rather, my suggestion was offered to the OP as a way to avoid getting into this situation again once the immediate problem is addressed. It's nice to solve problems, but it's also nice to find ways to avoid them.

Rusty

OP has to solve problem and then can work toward not repeting the situation.
RustyJC
Explorer
Sep 20, 2015
lap527 wrote:
I won't lecture about shoulda, woulda, coulda, it's done, move on and do the best you can. Good luck!

It certainly wasn't my intent to lecture to or preach at anyone. Rather, my suggestion was offered to the OP as a way to avoid getting into this situation again once the immediate problem is addressed. It's nice to solve problems, but it's also nice to find ways to avoid them.

Rusty
lap527
Explorer
Sep 20, 2015
Friends of ours had same thing, upside down and needed to get rid of payment. They just took the hit on credit and now are slowly rebuilding their credit. Not pretty but it worked for them. I won't lecture about shoulda, woulda, coulda, it's done, move on and do the best you can. Good luck!
OutdoorPhotogra
Explorer
Sep 20, 2015
While on the side of not taking loans hobbies, I think we've chased the OP away. If someone is considering a loan, then we can debate merits but OP is in a bad situation and he probably didn't and shouldn't give all the details. Best for the community to make suggestions on how to get out of the situation rather than how to avoid loans when that is in the past for him.