Action Credit Services LLC

[Beknet]

First I want to Thank everyone that responded to our question about Action Credit Services LLC Arizona .. When I first typed out question didn't really explain very good . So will try and do a better job of it .. We bought the coach five yrs ago put down 30,000.00 have been paying 1,100 every month for five yrs we are getting older and can't use it and Bank America won't deal in a way with M/H anymore for any reason and we can't sell it for what we still own on it we got a call from Action giving us this deal Action Credit is willing to take over the payments
Then sell it and deal with the new buyers. We don't get any money for the deal just get rid of the payments.. 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

[jmtandem]

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.

[BobR]

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.

[BurbMan]

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....

[Dakota98]

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

[DownTheAvenue]

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.

[rv2go]

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. 😉