Fifth-wheel Trailer

[retiredbaker]

What is the name of your state?What is the name of your state?Texas

My husband and I retired in 2000 from CA where we sold our home and bought a used fifth-wheel trailer to live/travel around in. We bought a place in TX and have had the fifth-wheel for sale for over a year. It still has a very high resale value and we are having a difficult time selling it. It has a lien with a bank in CA. and we are having a difficult time making that $500/month payment on our retirement. What would happen if we let it go back to the bank? We have always had perfect credit and we're afraid it would ruin it. What other alternatives do we have? Thank you.

 

[Ladynred]

If you let it go back with a voluntary repossession, it WILL ruin your credit.

Once the bank gets it back, they will sell it at auction for even LESS than what you could sell it for and then you will be liable for the deficiency amount plus all kinds of fees.

How short of what you owe on it are the offers you're getting ? If you sell it for less, can you make up the difference to pay off the loan ?

 

[retiredbaker]

We have a NADA value of between $42,000-$51,000. We owe around $38,000, so we are trying to sell it for $36,000. We would be able to live with this kind of loss. however, the longer it goes on that we don't sell it, we are losing a lot of money in paymnets, storage fees, and not to mention insurance. I guess we'll just have to tough it out until we can sell it. If we sell it for a loss, at least we'll be able to claim it on income tax, won't we?

Thanks again.

 

[imwoodstock]

Have you thought about brokering the 5th wheel out? Are there any travel trailer dealers or car dealerships that will try to sell it for you for a small fee or that would buy it outright? You might be able to price it higher with them and at least break even. Just an idea.

Another suggestion would be to make sale fliers for it and post them in area campgrounds or find a high visibility safe place that will let you park it with a for sale sign in it.