I can’t predict if you made a mistake, that is your job, but I can give you my opinion on where you might stand and why…
Here is the problem, unless you put a huge down payment on it, which doesn’t seem plausible, you were already under water the day you left the dealer with it… the water gets deeper for about the next 5 or 6 years before it stabilizes for many more years to follow… at 15 years chances are you will be underwater for the life of the loan… the window for refi at lower rates and shorter term is very small unless you can add some cash to it… while this is a generalized statement, I believe it will be true no matter what numbers to put in…
How I figure the value of the unit compared to the value of the loan will estimate the depth of the water…
If you use the MSRP, and you have to remember no one actually pays that price…
But if you are going to go by that (for easy math), the MSRP less 30% when pulled off the lot, - another 10% by the first years end will closely give you the current value of you unit… deduct another 6% for the second year…
But no one buys at MSRP… so the depreciation curve I use from new that seems to work fairly well on almost all types of RV’s from their selling price, works something like this through and to salvage value at the end of the 13th year…
MSRP minus 20% discount and a minimum or no down payment…
End of year – approximate depreciation…
1 - 18%
2 - 10%
3 - 7%
4 - 6%
5 - 6%
6 - 5%
7 - 5%
8 - 4%
9 - 4%
10 - 3%
11 - 3%
12 - 2%
13 - 2%
Salvage Value, condition…
