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Started By
Message
Camper Sell: Owe More Than Its Worth
Posted on 6/12/15 at 9:19 am
Posted on 6/12/15 at 9:19 am
Wife and I have a 2013 Travel Trailer that we have decided we would like to get rid of as we spend much more $$$ per month than we actually get use out of it. We have recently paid off all of our credit card debt which was minimal and this is the next debt we would like to get rid of.
The note is about $270, storage unit is $225, and insurance is about $40. So its costs us a total of about $535 a month.
I have someone who is interested in purchasing it, but I believe it is worth more than what we owe on it. Is our only option to wait until we are comfortable with applying the difference out of our pocket to the principal prior to selling? Or would a better option to be taking out a small personal loan to cover the difference? This would relieve us of the insurance payments and the storage unit payment and allow us to use that extra money to apply to the personal loan and get out of it faster. Would we even be able to get a personal loan for this reason?
The note is about $270, storage unit is $225, and insurance is about $40. So its costs us a total of about $535 a month.
I have someone who is interested in purchasing it, but I believe it is worth more than what we owe on it. Is our only option to wait until we are comfortable with applying the difference out of our pocket to the principal prior to selling? Or would a better option to be taking out a small personal loan to cover the difference? This would relieve us of the insurance payments and the storage unit payment and allow us to use that extra money to apply to the personal loan and get out of it faster. Would we even be able to get a personal loan for this reason?
This post was edited on 7/20/15 at 9:10 am
6
Posted on 6/12/15 at 9:37 am to bayoubound
ouch, you don't know anyone that can store it somewhere for you?
Posted on 6/12/15 at 9:43 am to Chad504boy
Not covered storage anyways, the downfall to taking it out of storage and parking it outside would be exposed to elements and sun beating down on it fading it out just to make resell even worse. A camper is definitely something I don't think I would own again unless I was living in it long term for work travel. As much money as they cost a year, you could take some damn nice vacations with a lot less work! 
Posted on 6/12/15 at 10:04 am to bayoubound
Tough situation. With the financing terms they offer on campers it isn't hard to get upside down very quickly if making minimum payments.
Posted on 6/12/15 at 10:22 am to bayoubound
Can you rent it?
Posted on 6/12/15 at 10:27 am to geauxbears08
Never really looked into that option.
Posted on 6/12/15 at 11:25 am to bayoubound
quote:
Not covered storage anyways, the downfall to taking it out of storage and parking it outside would be exposed to elements and sun beating down on it fading it out just to make resell even worse.
You can buy a cover for almost the cost of one months rent. That is no reason to pay $2700 a year. I've had mine uncovered since Dec 2012 and no harm has been done to mine.
Posted on 6/12/15 at 11:26 am to geauxbears08
quote:
Can you rent it?
someone can easily destroy a camper without even trying.
Posted on 6/12/15 at 11:30 am to Chad504boy
I'd sell it if I had a buyer as they are a dime a dozen. Borrow the 6 grand bad equity and payoff as quick as possible. Chalk up to lesson learned. It is gonna keep deprecating and the storage and insurance cost are outrageous and never recoverable. Unload as quick as possible IMO.
Posted on 6/12/15 at 11:39 am to iron banks
quote:
It is gonna keep deprecating and the storage and insurance cost are outrageous and never recoverable
most of depreciating damage is done. storage cost must be gotten rid of, keep at home, keep using it, hope it catches on fire!
Posted on 6/12/15 at 3:49 pm to bayoubound
What's the Payoff?
Posted on 6/12/15 at 4:01 pm to bayoubound
A $6000 loan at 10% paying 535/month (current costs of ownership) would be right at 12 months...
If you can suck it up, I'd just sell the thing and take one year to pay it off and you're free and clear.
If you can suck it up, I'd just sell the thing and take one year to pay it off and you're free and clear.
Posted on 6/12/15 at 4:58 pm to Golfer
And honestly, I believe I could pay it off in a shorter amount of time than that. That would be worst cast scenario. This is the route I was leaning towards, mainly because I have someone interested in purchasing and I know used campers can be tough to sell...would hate to miss an opportunity.
This post was edited on 6/12/15 at 4:59 pm
Posted on 6/12/15 at 5:00 pm to bayoubound
Bring it back, tellem Obama said it was okay.
Posted on 6/12/15 at 11:57 pm to TIGER2
6k when you stop and think about it is just less than 11 months of notes based on your breakdown. If I told you that you could pay it off in a year you'd be excited. If you don't want it what's the difference? Save the $6K, or take out a loan and pay a learning tax for about a year to get out from underneath the note right now.
Posted on 6/13/15 at 8:02 am to Golfer
quote:
A $6000 loan at 10% paying 535/month (current costs of ownership) would be right at 12 months... If you can suck it up, I'd just sell the thing and take one year to pay it off and you're free and clear.
This.
Posted on 6/13/15 at 1:00 pm to bayoubound
What kind of trailer we are in the market
Posted on 6/13/15 at 10:50 pm to swanny297
Invite this guy to your next travel trailer tailgate 
Posted on 6/14/15 at 10:49 pm to Chad504boy
I've never known anyone to keep a camper inside. Maybe under an overhang or a tarp..
Posted on 6/15/15 at 7:17 am to swanny297
2013 Keystone Springdale 31'
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