Travel trailer Trade-in - what to do?

cubscout wrote:
Went to my local RV Dealer yesterday, to get trade in value of camper.mWe have purchased our last 2 campers from them. I have a 2011 Passport Grand Touring , power hitch, power jacks, power awning, dvd,cd, flat screen tv, outside speakers, attached grill,1 large slide, bunk beds, queen bed, U shaped dinette. This was a special unit back in 2011. Total price $33,000. Had to put down payment $8,000. Total financed $26,000. Now I am told that in 4 yrs, my unit has depreciated so much, that trade in value is in $13,900. Dealership advises per NADA guide, not worth anymore. Apparently they could only sell unit for $20,000. I advised salesperson(whom sold us our last unit) that I am trying to buy new smaller unit, with little money out of pocket. The unit I was interested in buying from them was $18,000, discounted from $24,000. I was told I would need $8,000 out of pocket . I was told that since I was buying an already discounted unit, price for trade in probably couldn't chage much. I was told if I was purchasing $100,000 motor home, that would probably payoff my camper. I was told owner is a business man, and that rv deals are not the same as purchasing/trade in of cars. My payoff of my unit is $22,000. Sales person asked me how much available cash I could put down a new unit. I asked her if they take credit cards, told due to fees, they only would let me charge $1,000. I overheard another salesperson tell a customer that you need to put 10% down. Do most dealerships require customers to have a cash down payment. So, at this point, my unit has lost $19,100 in 4 yrs. Suggestions?.

Nothing like a "upper cut" of reality.

Sorry if your are upset but it IS the reality of "life" that a RV is a depreciating "asset". Unlike a sticks and bricks home that often grows in value over time RVs LOSE VALUE.

The mere fact that you are willing to whip out a credit card to cover the $8K difference tells me you have much to learn about finances.

You are pretty much stuck with unit until you pay it down enough to sell or trade or pay it off completely.

To pay it down you MUST make EXTRA PAYMENTS TOWARDS THE PRINCIPLE AMOUNT BORROWED.

This can be as little as $10 per month up to and over the monthly payment..

Doing so reduces the interest owed and the principle balance owed.

Do a search for "amortization calculators" they are your friend.. Use them and learn..