Turn in motorhome back to bank
Has anyone got some information on what happens and how bad it is to turn your motorhome back over to the bank? I have a 2006 Allegro Bus that I have been trying to sell for a couple of months with n...
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I know someone who did that with a Kia minivan, and it was only 2 years old. Her daughter had to be in the hospital a long time, and she had no other assets. The dealership sold the van for $5,000 at auction, and she still owes a tax bill for the 'loss' that the finance company suffered and wrote off to her benifit.
So while they could not go after her for the money, the IRS will.
Try to lower the price to what they are accepting for 2006 Alegro's. Check with a couple of the Texas DP dealers, and see what they are selling them for. Try selling it for a $10,000 loss. And while you will take a loss, it will not be as bad as having the bank sell it at auction to the highest bidder, who is thinking "I really have no idea what maintenance has been done to this RV, or if the refrigerator works, or the transmission is bad or what?" They plan on bidding $50,000 on a $120,000 Rig hoping that they will not have to pay more than $10,000 to get it road worthy and able to sell it at some profit.
Also consider your monthly payments. Take what you might pay over the next year, and consider 'what if I sell it next year for say $75,000.' During the next 12 months you will have to pay about $1,000 in insurance and perhaps $12,000 in payments. By selling it today for $60,000 you will actually be coming out ahead - in come cases. And next year it will be 'another' year older, 10 in fact. Some RV parks do not allow 10 year old units, but many will. Some just decide not to buy a 10 year old unit for that reason.. .
Good luck, some tough decisions, and they all don't look to rosy. . .
Fred.
So while they could not go after her for the money, the IRS will.
Try to lower the price to what they are accepting for 2006 Alegro's. Check with a couple of the Texas DP dealers, and see what they are selling them for. Try selling it for a $10,000 loss. And while you will take a loss, it will not be as bad as having the bank sell it at auction to the highest bidder, who is thinking "I really have no idea what maintenance has been done to this RV, or if the refrigerator works, or the transmission is bad or what?" They plan on bidding $50,000 on a $120,000 Rig hoping that they will not have to pay more than $10,000 to get it road worthy and able to sell it at some profit.
Also consider your monthly payments. Take what you might pay over the next year, and consider 'what if I sell it next year for say $75,000.' During the next 12 months you will have to pay about $1,000 in insurance and perhaps $12,000 in payments. By selling it today for $60,000 you will actually be coming out ahead - in come cases. And next year it will be 'another' year older, 10 in fact. Some RV parks do not allow 10 year old units, but many will. Some just decide not to buy a 10 year old unit for that reason.. .
Good luck, some tough decisions, and they all don't look to rosy. . .
Fred.
