Sorry to hear about the situation. You should go to ebay motors and search Class C's in the same size range and see what you find with bids on it. I just did and I was surprised. There are not as many avail. as I would expect to see with things looking not so positive in the RV world. I was looking on ebay for about a year so I'm very familiar with what is on there normally and what was selling and not before I bought mine new from a dealer earlier in the year.
I would have expected to see more on there and lots without any bids. Unless they are "fake" bidders I am seeing quite a few with a good amount of bids on them.
Track a few of them that still have time left on the bidding and if nothing else it could be a useful guage to see what's out there and what is selling and not and for about what prices.
Best wishes for a positive resolution to the problem.
Take care
New in 2008 - 2007 Jamboree 28F LOVE IT!!!
Me, SO, 2 Teens, 1 dog & 2 non-camping cats
Sorry too about the situation but I'd get a payoff figure from the loan company ASAP and crack that CD and pay it off.
If it goes into repo just like everyone said they sell it for squat add court and attorneys fees and place a judgment on you for the rest AND here is where they get the ticket to get your assets.
After the judgment for the balance owed is awarded the loan company you MUST fill out a financial statement which gives them carte blanche to seize your assets listed. AND if you don't fill it out or lie on it, it's contempt of court charges.
See the importance of cracking the CD NOW and figuring out how when and where to sell it privately later? Heck by paying it off early and saving interest costs, and avoiding court costs, when all is said and done and you sell it privately, she may not lose any money at all!
What you will be charged will FAR exceed the penalties on early withdrawal of a CD. It really is a simple fact of the math of it all,
and helping your Mom save her credit rating.
Best of luck and hope you find a solution that works for everyone.
31 ft Four Winds
Chevy Tracker 4x4 Blue Ox We must be willing to get rid of the life we've planned,
so as to have the life that is waiting for us.
It really depends on the laws in your state. I have heard that some states have a "non-deficiency" law. What that means, is that once the lender repos the RV, they cannot come back for whatever they didn't get when they sold it. I don't know about the 1099 as taxable income, I have never heard anythinbg about that.
I do agree with those who say crack that CD and pay the thing off, then decide whether to keep it or sell it.
CM1, USN (RET)
'94 Dodge 3500 4X2 CTD, Std. cab, LB, 5 speed, 4.10 LS diff., Jacobs Rambrake, 273,000 Miles
'99 Monaco McKenzie 32' triple slide
'95 Tioga 29H Ford-based Class C
Daily driver: '06 Jeep Liberty CRD
Towed: '06 Jeep Rubicon Unlimited
Another case where ya shoulda paid cash for it......then it would be a non-issue.
Dump it, and pay-off the deficit, or take out a loan to get out of it. That's the only way to get out of it.
Good luck!
I have a sweet tender nature, however I enjoy sharing my thoughts and opinions.
When your mother signed a contract for that RV this is what she did; she gave her word to repay, she made a promise to repay. That is why it is called a promissory note!
Now if she no longer wants the RV, it is her responsibility to cash one of those CDs, sell the rig and pay the difference owed. It is the ethical and moral thing to do.
Tim
"Okay, I admit it, the only thing I'm really good at is being me."
Sounds like your parents have a record of poor financial decisions. Your dad is not on the loan because of poor credit. Now your mother bought on credit something she doesn't need and won't use.
She owes the money, but now doesn't want to pay and you seem to think the bank and its stockholders should take a loss. She should sell the RV for whatever it brings, and take whatever is left to pay off the loan from the $60,000 CD.
Its a bummer but is the consequence of poor decisions.
Thanks to those who replied with helpful suggestions. I had no Idea that this posting would raise this much debate. I guess this is also a forum to vent! Lets get real people, with the rising fuel costs get ready to see this idustry take a hit. Not all seniors had an easy life, spoon fed,could afford saving for retirement and finally retire comfortably. Poor decisions are made all the time and NOBODY is perfect but everyone is resposible for their actions.
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Heck by paying it off early and saving interest costs, and avoiding court costs, when all is said and done and you sell it privately, she may not lose any money at all!
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