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Upside Down on a Toy Hauler

New Visitor

Upside Down on a Toy Hauler

So I have a 2008 Holiday Rambler Next Level Toy Hauler.

It is worth approx $23,000

I currently owe $35,000

I want to sell it but don't know how to even go about something like this.

I'm not opposed to buying another one, but I'm trying to cut debt and would prefer to not buy anything at this moment.

Any help?

 

Message 1 of 4
3 REPLIES
Regular Contributor

Re: Upside Down on a Toy Hauler


Pattygnsd wrote:

So I have a 2008 Holiday Rambler Next Level Toy Hauler.

It is worth approx $23,000

I currently owe $35,000

I want to sell it but don't know how to even go about something like this.

I'm not opposed to buying another one, but I'm trying to cut debt and would prefer to not buy anything at this moment.

Any help?

 


You will have to pay the difference between what you owe and what you get, so $12k? Doubt you'll get more than $18k for it, so you'll probably need more like $17k out of pocket.

Message 2 of 4
Senior Contributor

Re: Upside Down on a Toy Hauler


ds3 wrote:

Pattygnsd wrote:

So I have a 2008 Holiday Rambler Next Level Toy Hauler.

It is worth approx $23,000

I currently owe $35,000

I want to sell it but don't know how to even go about something like this.

I'm not opposed to buying another one, but I'm trying to cut debt and would prefer to not buy anything at this moment.

Any help?

 


You will have to pay the difference between what you owe and what you get, so $12k? Doubt you'll get more than $18k for it, so you'll probably need more like $17k out of pocket.


In a situation like this, selling it may not be your best option unless you have the money out of pocket to pay the difference. Another option would be a line of credit like Navcheck but with the interest rate on that, it wouldnt really make it worth it. I am in the same situation with my bike. I owe $15K on it and I can really only get about 11K for it on a private sale. My plan is just to suck it up and pay the difference when I sell it. Sadly, with the amount you are upside down on, that may not be a viable option. 

Message 3 of 4
Valued Contributor

Re: Upside Down on a Toy Hauler

Since you are significantly upside down on the toy hauler what about renting it out?  There are a number of services that do it and you could make your monthly payment plus some each month.  Just my $.02

Starting a whole new chapter
Message 4 of 4