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 no takers. The wife is after me to just park it at the bank and give them the keys and walk away.I owe more than resell so I'm not in a good position.Any thoughts sure would help me out.Thanks all

My son was in the same position with a 2006 Monaco Diplomat and turned it back to the bank. The bank sold it at auction and received an amount $33K less than the loan amount. He had to cash in most of his retirement fund to pay the difference. He had the option of claiming bankruptcy but he would have lost his house in the process so he just paid off the difference. I wish you the best of luck with your dealings.

You should talk to a BK atty to learn more about your options. If you have other assets, like a house, cars or any other real property they will go after it. It will substantially damage your credit ratings and that will last for about 5-7 years for recovery. They might want the difference of what they can wholesale it for and what you owe in order to make them whole. Again, I recommend you talk to a BK attorney to get the best advice.

If you are selling it because you have fallen upon hard times, then it may be your best option. As long as you won't want to borrow money for 7 years, have at it. If you bought it, and now simply don't want it, then it's a decision you will have to live with.

Unfortunately the bank can sell it for whatever they want, even if it is way below market value. Normally you will still be on the hook for the difference between what you owe and what they sell it for plus maybe some administrative fees.I personally know a couple that walked away from their home - it was sold for peanuts (bought by the bank manager!) and they still owed the difference, with a bad credit rating for 7 years.My opinion, sell it for what you can (fire sale price), you know you are upside down but what you may end up owing may be less than what the bank will charge you.Tough spot, my sympathy and hope you find the least painful solution.Chirs

BIGSKYBOB has it right. you can,t just walk away.

Turn in motorhome back to bank | Good Sam Community

horizon36
Explorer
Jul 29, 2015
You should talk to a BK atty to learn more about your options.

If you have other assets, like a house, cars or any other real property they will go after it. It will substantially damage your credit ratings and that will last for about 5-7 years for recovery. They might want the difference of what they can wholesale it for and what you owe in order to make them whole.

Again, I recommend you talk to a BK attorney to get the best advice.
BigSkyBob
Explorer
Jul 29, 2015
My son was in the same position with a 2006 Monaco Diplomat and turned it back to the bank. The bank sold it at auction and received an amount $33K less than the loan amount. He had to cash in most of his retirement fund to pay the difference. He had the option of claiming bankruptcy but he would have lost his house in the process so he just paid off the difference. I wish you the best of luck with your dealings.

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