# Can't Aford My 5Th Wheel



## rfeys20 (Oct 26, 2009)

My wife and I purchased a beautiful sydney outback. However, we cannot afford the payments any longer. If we let it go back to the bank, what really happens?


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## Duanesz (Jul 10, 2009)

The bank comes and gets it and your credit takes a big it for a repo. You might want to call the bank and deliver it to them instead of having them repo it no to sure that will help. Have you tried to sell it?


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## #40Fan (Jul 7, 2011)

And if you owe more than what it is worth, or if the bank sells it and doesn't get what you still owe, you will still be responsible for the rest of the debt.


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## WYOCAMPER (Mar 28, 2007)

rfeys,

Sorry to hear about your situation. For what it is worth, here are a couple of thoughts:

1. The big question is can you sell it for what you owe? If so, sell it and pay off the loan. I'm guessing that is not the case if you are thinking of letting it go back to the bank?

2. If you owe more than it is worth, can you sell it for less and then beg, borrow to come up with the difference to pay off the loan? This would be your best bet if you owe more than it is worth. If you can sell it for less than it is worth, but you can't come up with the difference from your cash, family, friends, then go and have a heart to heart with your lender. Ask them if they would make you a loan for the difference between sales price and what you owe. Depending on the dollar amount, your credit, relationship with your bank, etc, they may be able to write you a signature loan (no collateral) or they may need some additional collateral. Getting a loan for the difference (between selling price and balance due on your loan) would get you out from under the larger original loan, lower your overall debt, and keep your credit clean of a repo.

3. If for whatever reason none of the above are possible or you just can't sell the camper due to market conditions, I still believe your best bet is to go into your lender, be upfront with them about your situation and see if they will work with you on a plan that would be acceptable to you both. Banks are in the business of lending money, not selling campers, and if they are seeing a lot of repos, they may be eager and willing to work with you. In the end, you still may have to let the trailer go back and take the hit on your credit, but at least you are giving yourself a fighting chance to prevent that big check mark on your credit.

Good luck to you and your family.


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## cdn campers (Oct 31, 2011)

I SOLD my tt this past summer on the internet in just 11days although summer is prime time to sell. A dealer offered me book value of 15k for the unit on a trade in. so i put it on kijji and it sold quickly andi sold it for 22k . the couple that purchased the unit had a 16 hour trip to and from. sodont be afraid to advertise in other states. good luck. sincerly doug


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## egregg57 (Feb 13, 2006)

I don't know where you are located, but dependant on what you can afford on a monthly basis, what about sharing it with a family? You would have to work out details but renting it out for a week or weekend at a shot could defray your cost.

That aside, I am sorry you are going through this. Perhaps if you could make arrangements you could find yourself in a better position.
Eric


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## Sweathog62 (Jul 28, 2005)

Dave Ramsey.com is a good source for this question.


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## Kevin K (Jan 31, 2011)

Sweathog62 said:


> Dave Ramsey.com is a good source for this question.


Yes, listen to him for an hour or so and the same question will surely come up. Basically he will tell you to not just let them pick it up. They will wholesale it and come after you for the difference. There are no easy answers and it will be hard work but you can work throught it and be better for it on the other side.


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## clarkely (Sep 15, 2008)

Kevin K said:


> Dave Ramsey.com is a good source for this question.


Yes, listen to him for an hour or so and the same question will surely come up. Basically he will tell you to not just let them pick it up. They will wholesale it and come after you for the difference. There are no easy answers and it will be hard work but you can work throught it and be better for it on the other side.
[/quote]

Did you list it in the classifieds here or at dogandtrailer?

What model are you selling - How much - Maybe it can find a new family from the "sites" and help you out at the same time.


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