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09-08-2017, 01:16 PM
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#1
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Senior Member
Join Date: Feb 2016
Location: Post Falls
Posts: 424
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Debating on selling 5th Wheel
Wondering if this would work? Since we are upside down I am debating selling it by having someone take over payments. Then when the home sells we could have enough for a down payment on a 310RLI...
If we are upside down a few thousand would they be able to assume our full loan for the full amount we owe? Hope I am explaining this correctly...
Thank you...
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09-08-2017, 01:31 PM
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#2
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Site Team
Join Date: Feb 2014
Location: W. Texas
Posts: 17,669
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Hey, didn't you just buy your trailer last year?
You might get lucky with someone "assuming" your loan but if you are upside down then the one assuming the loan puts themselves in the same situation. On a brand new trailer on the lot that is to be expected if you don't pay a substantial amount down but when buying a used trailer I'm not sure if someone will be willing to enter into that. Also, from a buyer's perspective, unless you got a once in a lifetime finance deal, they might be able to get a better finance deal on their own. There might be someone that would try to assume it but I'm not optimistic.
If you're trying to "dump" the trailer until the house sells just to buy another one, why not just hold onto the trailer and trade it in. It would probably be about the same (money loss) as selling it outright.
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09-08-2017, 01:40 PM
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#3
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Site Team
Join Date: Jul 2014
Location: Modesto
Posts: 20,317
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Depending on how far upside down you are, the dealer can change the price of the new unit and put the deficit in the price of the new one. We almost did it two months ago when we looked at buying a new fiver.
__________________
2012 Copper Canyon 273FWRET being towed by a 1994 Ford F350 CC,LB,Dually diesel.
Airlift 5000 bags, Prodigy brake control, 5 gauges on the pillar.Used to tow a '97 Jayco 323RKS.
Now an RVIA registered tech. Retired from Law enforcement in 2008 after 25+ yrs.
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09-08-2017, 02:38 PM
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#4
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Senior Member
Join Date: Feb 2016
Location: Post Falls
Posts: 424
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Yes, we got this nice BH, sleeps up to ten. We just learned a tough lesson. Don't get me wrong we love our 5ver but now would like a touch more comfort and a bit more living space. There is about 40 square feet of bunk area that would be nice if it could be real living space. And a "full-sized" tub/shower with the opposing bed. Maybe it is called a north/south bed. Taking a shower I am always bumping the door open. Things we really bad not thought of before.
I am guessing we are about $6000 under water...
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09-08-2017, 04:40 PM
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#5
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Site Team | Emeritus
Join Date: Dec 2015
Location: Kansas City
Posts: 3,878
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If you are talking about bed that runs side to side aginst a wall, think it through. Crawling over someone to get in or out of bed is no fun. Been there, done that, sold it.
Sent from my SAMSUNG-SM-N910A using Tapatalk
__________________
Chip Bruce, RPh
Kansas City, MO
2016 Impact 312
2017 Silverado 3500HD SRW
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09-08-2017, 06:31 PM
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#6
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Senior Member
Join Date: Feb 2016
Location: Post Falls
Posts: 424
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Quote:
Originally Posted by ctbruce
If you are talking about bed that runs side to side aginst a wall, think it through. Crawling over someone to get in or out of bed is no fun. Been there, done that, sold it.
Sent from my SAMSUNG-SM-N910A using Tapatalk
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The one the runs opposing, side to side not front to back. Looks like that one would give more room. Are we talking about the same?
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09-08-2017, 06:36 PM
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#7
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Site Team | Emeritus
Join Date: Dec 2015
Location: Kansas City
Posts: 3,878
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Yes, we had a first trailer where the bed was in the nose cap and ran side to side. Crawling over the DW in the middle of the night got old fast, especially with a knee replacement and another one needed. Just something to consider while looking.
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__________________
Chip Bruce, RPh
Kansas City, MO
2016 Impact 312
2017 Silverado 3500HD SRW
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09-08-2017, 07:01 PM
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#8
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Site Team
Join Date: Feb 2014
Location: W. Texas
Posts: 17,669
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I'm not sure I'm following but; a bed that is on the "side", whatever that side may be, is not optimal to me. I'm in the same boat with a 1/2 dozen surgeries and 3 replacements on one of the knees ....gotta be able to get around it.
We only use trailers "built for 2" and a pull out couch and free standing dinette. We don't have lots of folks coming to "live" with us in such a small space. If they want to be there I'll rent them a house.... We like bedrooms with the bed sitting sideways across the trailer in a slide. Note: my son is 49 and my daughter is 44. No grandkids younger than 17 so I'm not an old geezer trying to dodge his "grand babies".
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09-08-2017, 07:26 PM
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#9
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Site Team
Join Date: Jul 2014
Location: Modesto
Posts: 20,317
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Debating on selling 5th Wheel
Is there a fifth wheel with the master bed on a sidewall That isn't on a slide?
__________________
2012 Copper Canyon 273FWRET being towed by a 1994 Ford F350 CC,LB,Dually diesel.
Airlift 5000 bags, Prodigy brake control, 5 gauges on the pillar.Used to tow a '97 Jayco 323RKS.
Now an RVIA registered tech. Retired from Law enforcement in 2008 after 25+ yrs.
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09-08-2017, 09:37 PM
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#10
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Senior Member
Join Date: Dec 2015
Location: Ocean Isle Beach
Posts: 1,431
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Quote:
Originally Posted by sourdough
I'm not sure I'm following but; a bed that is on the "side", whatever that side may be, is not optimal to me. I'm in the same boat with a 1/2 dozen surgeries and 3 replacements on one of the knees ....gotta be able to get around it.
We only use trailers "built for 2" and a pull out couch and free standing dinette. We don't have lots of folks coming to "live" with us in such a small space. If they want to be there I'll rent them a house.... We like bedrooms with the bed sitting sideways across the trailer in a slide. Note: my son is 49 and my daughter is 44. No grandkids younger than 17 so I'm not an old geezer trying to dodge his "grand babies".
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I'm in agreement with you! A 5er built for 2! Ours is 43' long with 4 slides ~~ just right for 2!
__________________
2022.Montana 3855 BR
2019 F350 6.7 4X4 DRW
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09-10-2017, 08:26 AM
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#11
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Senior Member
Join Date: Nov 2012
Location: Fruitland
Posts: 3,357
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My Dad once bought a 34 ft. MH on a 20 year loan. He was upside down the whole time. He wanted to sell it for years but, could not without coming up with money himself to get out of the loan. He finally got a friend to buy it by taking over the payments. The couple took it for about 6 months seeing the USA. I was told they made each payment. They then arrived back at his home and gave it back. Then he had a MH with a lot more mileage and wear and still upside down on the loan. My advice to him at the time was to stop making payments of 525 a month and let the bank take it back. He was near 70, had 2 cars and a house that was paid off. So, what if his credit rate took a dump. So it sat in the yard for years longer never used and he kept making the 525 a month payments. After it was paid off he got 8,000 for it.
__________________
2013 24RKSWE (27ft TT) Cougar 1/2 ton series SOLD 10-2021
2013 Ford F350 4x4 CC 6.7 engine, 8 ft bed, 3.55 rear end, lariat package
Retired from Oregon State Police in 2011 than worked another 9.5 years as a small town traffic cop:
As of 05-2020, I am all done with 39 years total police work. No more uniforms for me.
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09-10-2017, 12:42 PM
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#12
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Senior Member
Join Date: Oct 2014
Location: Germantown, TN
Posts: 6,327
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With most financial institutions one doesn't "take over payments" anymore. Generally the new buyer has to take out new "paper."
And one more thing, by the way. If Dad had just stopped making payments the bank would have repo'd the RV, sold it at auction, and sued Dad for the difference. That's what happens in the real world. And since he owned a house.....the bank will eventually get their money. (Owning a house clear, signifying he would be financially stable)
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09-12-2017, 05:45 PM
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#13
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Senior Member
Join Date: Feb 2015
Location: Texas
Posts: 1,089
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Quote:
Originally Posted by notanlines
... If Dad had just stopped making payments the bank would have repo'd the RV, sold it at auction, and sued Dad for the difference. That's what happens in the real world. And since he owned s house.....the bank will eventually get their money.
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Owning a home is no guarantee the bank would get their money, at least not in TX, but the bank could issue you a 1099 for the difference (that happened to a friend) and you would owe the IRS (not so easy to hide from them)
-Brian
__________________
2014 Bullet Premier 22RBPR - let the camping commence!
2013 F150 Platinum - 5.0 - 3.55 ELD + towing package
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09-14-2017, 03:08 PM
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#14
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Senior Member
Join Date: May 2015
Location: Near Saratoga Springs,
Posts: 1,131
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These tales of folks being under water on RVs is terrifying to me - and a subject that got me a few boos on another RV site. We were just in a CG near Ellsworth, Maine which had probably in excess of 50 high figure massive bus sized motor homes, including a 2.3 MILLION buck Prevost Liberty.
While the economy is pretty good today, what will happen to all those RVs that have 20 year loans and the market goes 'South' and those portfolios that are helping to pay the monthly takes a huge dump?
Sure, we took a loan out for an interest reason - 48 months worth that was paid off in 8 months. But what about that guy next to me at a CG who can't do that and that RV he is making payments on isn't worth the balance and actually wasn't the day it was hauled out of the dealer's lot. I feel for the OP - unfortunately his desired life style of owning an RV today isn't in his financial means. What should he do? My opinion, FWIW, is that he should either drop out of RVing or at least back off of owning a costly 5th wheel and maybe back down to what fits his budget. Can he sell that personal anchor for what he owes - probably not, but at least get out from under, consider future options then go from there.
"It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." ~George Horace Lorimer
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09-14-2017, 04:09 PM
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#15
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Gone Traveling
Join Date: May 2016
Location: Highland, IL
Posts: 512
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Quote:
Originally Posted by notanlines
With most financial institutions one doesn't "take over payments" anymore. Generally the new buyer has to take out new "paper."
And one more thing, by the way. If Dad had just stopped making payments the bank would have repo'd the RV, sold it at auction, and sued Dad for the difference. That's what happens in the real world. And since he owned a house.....the bank will eventually get their money. (Owning a house clear, signifying he would be financially stable)
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Not unless the house was used as collateral to secure the RV loan.
Sent from my iPhone using Tapatalk
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09-15-2017, 05:44 PM
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#16
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Senior Member
Join Date: Feb 2016
Location: Post Falls
Posts: 424
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No, we are far from rich but own our home which hopefully will be sold within the next week. At that time we are leaving the once golden state of California and will be calling Idaho our new home.
Just trying to upgrade to a bit more liveable, comfy unit but it doesn't look like that may happen...
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09-15-2017, 09:46 PM
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#17
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Senior Member
Join Date: Nov 2012
Location: Fruitland
Posts: 3,357
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Here what would happen to a 70s retired guy who had a vehicle repo'ed in Oregon.. The vehicle would have been taken and Dad would have invited the tow truck in and given them the keys to drive it away, if it would start. The bank might send him a bill for the balance after the auction. Then how does the bank collect if Dad would not pay?
They could place a lien on his property for the unpaid balance, would they? They would not get their money until the house gets sold. When Dad decides to sell. Or he could just pay the bank. He choose to pay the loan off on a vehicle not used in years. It sold new for under 70,000 as I recall. After 20 years he paid around 126,000 to the bank and sold it for under 8,000. I still think he should have told the bank to repo it and see what they would do about the difference.
__________________
2013 24RKSWE (27ft TT) Cougar 1/2 ton series SOLD 10-2021
2013 Ford F350 4x4 CC 6.7 engine, 8 ft bed, 3.55 rear end, lariat package
Retired from Oregon State Police in 2011 than worked another 9.5 years as a small town traffic cop:
As of 05-2020, I am all done with 39 years total police work. No more uniforms for me.
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09-16-2017, 08:59 AM
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#18
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Gone Traveling
Join Date: May 2016
Location: Highland, IL
Posts: 512
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Debating on selling 5th Wheel
Hhmm, looks like the laws vary from state to state.
It appears Illinois has pretty strict rules on this. Can't/shouldn't comment on others.
Looks like a judgement is required before a lien can be placed.
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09-16-2017, 12:28 PM
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#19
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Senior Member
Join Date: Jul 2013
Location: Liberty, Texas
Posts: 5,034
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Yes, laws are different state to state. Texas holds a home sacred and it is quite difficult to lose it, unless you don't make mortgage payments.
__________________
2018 Ram 3500 Laramie CC DRW LWB 4X4 Cummins Aisin 3.73
Reese Goosebox 20K
2018 Heartland Landmark 365 Oshkosh
2008 Bigfoot 25C9.4 LB Cabover
2023 CanAm Defender SXS
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09-21-2017, 12:44 PM
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#20
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Senior Member
Join Date: Feb 2016
Location: Post Falls
Posts: 424
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As I guessed it is very tough to take over payments. So we will probably change a couple of things to make it a tad more comfy..
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