Action Credit Services LLC

Your best course of action is if you can get a loan for the negative equity on the motorhome, get that loan and sell the rig. Yes, you will have a loan payment still, but it will be much less for a much shorter term than the loan on the RV. NO ONE is going to have a magic way to get out from that rig. It will be either you biting the bullet or the bank taking the loss. If the bank takes the loss, they will avail themselves of every legal means at their disposal to get their money. That would include suing you and getting a judgment which would allow them to garnish wages, attach other assets, seize bank accounts etc. That would force you into bankruptcy which is yet another ordeal. Those firms that claim to have a way to help will only be helping themselves to your money and RV.

JMHO, I would consult an atty and see what all your options may be.

Don't know if you have this where you live. But down here in Seattle there are very legitimate places, that rent out other peoples MH's on short term vacation rentals. You would receive some monies, although not without some risk, it maybe something to look into.

Do you think Action Credit or any other predatory loaner is in business to make you happy? They are out for only one thing -$$$. Guess where those $$$ will be coming from.

You have paid almost $100,000 so far and are under water after 5 years? Wow.

I am going to take the advice from you all and do everything can do still very very nervous about all this so please keep sending advice as we have a week or so to make up our minds Whew !! Thank You

You have received some excellent advice. My suggestion would be to ask BoA what they think about Action Credit. That might be a very definitive answer for you along with those already provided here. Also, it might help some of us understand the magnitude of the issue if you could provide how far apart you are from what you still owe on the loan and what it is worth. For example if the difference is not that great, it might be worth it for you in the long run to pay the difference to sell it just to be out of the loan. Unfortunately, with depreciation reducing the value of the motorhome monthly, keeping the motorhome that you are not using is still costing you in payments, insurance, taxes, registration, maintenance and depreciation. You many find it is costing $1500 a month or more just to hang on to it. It might be to your benefit to pay the loan down to where you can sell it and be out of the obligation.

I doubt the bank wants to repossess the motorhome so maybe you could get a personal loan of some kind to pay the negative equity difference to get it sold. Depending on the amount necessary that could be a smallish loan amount every month. And you would probably break even within a year or so by not paying all the expenses on the motorhome. Just something to think about.

As others have indicated, somewhere in the transaction Action will make money from you on this deal, costing you even more than now. They are not there to help you for free.

No one wants to jump in the hole you dug for yourself except a person with bad credit who wants an RV now and is really using your credit worthiness. This scenario usually doesn't end up well for the seller (you) because you are still obligated to pay the debt when it goes into default unless fully released from liability from the loan company.

Personally, I think you are better off to sell it for what you can and pay any shortfall to the bank and be done with it. Consignment companies like PPL Motorhomes might be another option to maximize sales price and get rid of it quickly.

The compliant from a buyer on the BBB website is a real doozy.

Also this RV.net thread from last year on the same topic.

The old adage, "if the deal sounds too good to be true it probably is" sounds like it applies here....Call BoA and ask them what they think of this option....

I believe the advice you've received to this point is valid. I would not under any conditions go further with Action.

Here's another web site I found. Click on "inventory" & you find NOTHING. How can that be? If they are in the business of re-selling, wouldn't they have some inventory listings ? The site is vague & reeks of "SCAM"

CLICKY

Let Action Credit Services take over the payments ONLY IF Bank of America will release you from any and all liabilities.

If you just give Action Credit your motorhome and they will then make the payments for you without any approval from Bank of America, you have lots of issues:
1. It is a violation of your contract with Bank of America and they can and will demand you pay off the entire loan immediately.
2. You have no guarantee that Action Credit will actually make the payments. When they don't, you will be in default on the loan, not Action Credit.
3. Depending on State laws, you could be liable for any accidents that happen with the motorhome.
4. Your current insurance company will not continue to insure the motorhome if you give it to Action Credit.


You are in a bad situation financially with the motorhome, but you will be in an even worse financial situation if you allow anyone to take your motorhome while you are still responsible for it.

rvshortsales.com may be an alternative. I know of one friend that walked away from his motorhome loan. Then bought a condo with his MH payment.
Not saying it's right. ;)