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

[ferndaleflyer]

No one has mentioned selling it for all you can get and make up the difference. What is it and whats it worth??????

[BUTCHPHI]

Talk to the bank and find out what is the best deal they will offer you. If you can't live with their offer, then document all the relevant RV information / condition with many pictures and written narrative, then notify the bank that you are stopping payments and that they can come and repossess (this could take weeks or months) the mortorhome. Eventually they will repossess. They might come after you for the difference, they might ruin your credit score, they might just write off the difference and forget about it. If they come after you for the difference (take some of that money you saved from not making payments + other costs)and consult an attorney with all of the documentaion you have and have him/her advise you on your best course of action. I know two acquaintences who did this, one has had zero negative impact (so far - after 4 years and the other has taken a hit on their credit score /rating and that has also been more than four years ago). I quit looking at these kinds of transactions as a moral issue after the financial meltdown and bailouts and learning how many crooks and theives there are within our financial institutions (banking, lending Etc), individuals and government. These transactions are simply a business transaction. You buy a product through financing and they use the product for collateral and then later you can no longer make payments then let them take their collateral back and they can sue for any difference (after making sure they have done everything they could to minimize the damages). Good luck whatever you decide to do.

[AllegroD]

They need to take over the loan, not just the payments. BoA may come after you, otherwise.

[Executive45]

Do not consider renting out your coach UNTIL you talk to YOUR insurance company AND BofA. Check your LOAN DOCS. I believe you'll find verbiage that prohibits the use of the coach for anything other than personal use. In every contract I've done with BofA that's in there, and I've been dealing with them since 1962! BofA is no longer doing RV loans and they will no longer refi them.

That said, your best advice so far has been to contact your local branch MANAGER and explain the situation and ask for assistance for relief. Assuming your credit is still viable, you might be able to get a loan for the difference between what you owe and what you get. You will increase your probability of success if you have a plan of action that you take with you when you talk to them. Contact someplace like PPL in Houston and get, in writing, what they feel your coach is worth on the open market. Find out what you MIGHT reasonably expect to receive if it sells AND how long it might take to sell it. With this information in hand, when it's passed upstairs, your success rate increases.

Good luck to you, my friend....sorry for your troubles...Dennis

[Daveinet]

In the mean time, work with a rental company that may be able to rent out your RV. At least then you would reduce your monthly losses.

[BobGed]

kcmoedoe wrote:
Your best course of action is if you can get a loan for the negative equity on the motorhome, get that loan and sell the rig. Yes, you will have a loan payment still, but it will be much less for a much shorter term than the loan on the RV.

This is what some friends of ours did. Of course it hurts, but the RV is paid for and gone. They simply have to make the monthly payments on the loan, but they sleep much better at night not having to worry about all the things associated with having an unused RV in their name.

[toedtoes]

Looking at the website (under the About section), this is what they will do:

You enter your RV into their program;
They find someone who wants that RV;
They have that someone make your payments on YOUR loan and YOUR insurance.

You are still responsible for the loan and the insurance.

They state that they guarantee the payments - but if they go under, the whole deal collapses. You no longer have the RV, but you will be held liable for everything connected to that RV.

This is NOT a solution.

[turbojimmy]

Dakota98 wrote:
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

I don't see where the "credit" part of "Action Credit" is. It smells of a huge scam. They couldn't even take the time to fill in the blanks on their cheesy website template. "Accredited" with the BBB for all of 4 months.

You need to calculate your potential shortfall based on current value of the rig. Approach BoA with the situation and see what they're willing to do. Involving anyone but the lender at this point is a mistake.

[DSDP_Don]

Beknet......I feel sorry for your situation and wish there was a magic wand that could solve it, but there isn't.

Even if this company provides a great contract protecting you, it's worthless if they claim bankruptcy, which they will ultimately do and then reopen as another company.

Even if things went well, the coach is still in your name, along with the loan. If the party they sell it to kills someone in a crash, you could be ultimately liable.

I understand this coach/loan is probably causing you panic attacks and has you concerned for your future. If you don't have the cash to make up the difference, then your best bet would be to turn the coach back into the bank. Consult an attorney and see how this should be handled, including bankruptcy. Either way, this is not going to end well. I would rather be in control of this situation, rather than some fly by night company who will have given your coach to someone that may take months/years to track down.

If you panic and do this, you'll regret it forever.

[toedtoes]

WyoTraveler wrote:
JMHO, I would consult an atty and see what all your options may be.

Best advice here. My dad had a 5th wheel that he bought new. Paid a down payment and then made monthly payments. A year later, his health had deteriorated to the point he couldn't use the 5er anymore. In addition, his finances changed to the point he couldn't afford the monthly payments anymore. His 5er was worth about $10,000 less than he owed.

He contacted the dealer and they offered to sell it for him. It spent about 6 months on their lot drawing people in while they sold their RVs (why sell his when it cost them nothing). FINALLY, he spoke with an attorney and found out that his best solution was to default on the loan. He stopped payments and a month later died. Had he checked with the attorney at the beginning, he would have saved himself a year of worry and penny pinching. He could have used half the payment cost to get someone to come once a week to help him take care of himself.

Talk to an attorney.

[kcmoedoe]

Your best course of action is if you can get a loan for the negative equity on the motorhome, get that loan and sell the rig. Yes, you will have a loan payment still, but it will be much less for a much shorter term than the loan on the RV. NO ONE is going to have a magic way to get out from that rig. It will be either you biting the bullet or the bank taking the loss. If the bank takes the loss, they will avail themselves of every legal means at their disposal to get their money. That would include suing you and getting a judgment which would allow them to garnish wages, attach other assets, seize bank accounts etc. That would force you into bankruptcy which is yet another ordeal. Those firms that claim to have a way to help will only be helping themselves to your money and RV.

[WyoTraveler]

JMHO, I would consult an atty and see what all your options may be.

[winnietrey]

Don't know if you have this where you live. But down here in Seattle there are very legitimate places, that rent out other peoples MH's on short term vacation rentals. You would receive some monies, although not without some risk, it maybe something to look into.

[OH48Lt]

Do you think Action Credit or any other predatory loaner is in business to make you happy? They are out for only one thing -$$$. Guess where those $$$ will be coming from.

You have paid almost $100,000 so far and are under water after 5 years? Wow.