0
What can be done to get out from under an upside down RV loan when you can't afford to pay the difference between selling price and balance owed?
Wiki User
∙ 15y ago
Time to have a sit down with the lender.
But try to present your case for why their working with you is better for them...the difference between the loan and value is only going to get worse...your ability to pay doesn't seem to have a chance of getting better....forcing you to any drastic actions (like a bankruptcy), really won't get them any more, and likely less. Try to show that you have a reasonable budget, and it doesn't include extras (like payments for discretionary things like extra cars, boats, etc.) and the RV payment can't be fit in....that type of thing.
Understand, that if you frame it as you can't pay the deficiency because you don't want or its' hard to give things up...that probably won't get much sympathy on their part...it has to be the best thing they can do for themselves.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
If you surrender a car that you can no longer use and can't afford do you still owe the difference between its value and the loan amount?
YES, she will owe the remaining balance after it is sold.
Why are you selling the used car?
Because not everyone can afford brand new
What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
Is there any online course to learn about accounting on the internet?
Understanding the basics of accounting can make the difference between success and failure in so many different areas of life. Financial reports, balance sheets, reconciling bank statements--and the ability to create, interpret and implement them--are all tools we can't afford to ignore.
What is forced selling?
Forced selling is like when you cant pay enough for like your house and you get evicted. Or when you cant afford something and so you have to sell it to get more money
When investing what is a good balance of investments?
It depends on your time frame and on how much risk you can afford to take.
Is selling a home in 2013 harder than selling a home ten years ago?
Yes selling a home in 2013 is a lot harder then selling a home ten years ago. Many people are in debt or loosing their jobs and can not afford to buy a house.
On howrseI cant afford the vet what do you do?
do you mean www.howrse.com if you do hear is what I say.do not go onto you pregnant horses page! try to earn money by selling stuff or selling a horse
Difference between Bangladesh floods and UK floods?
The difference(s) between floods in the UK and Bangladesh are in Bangladesh, the dirty and clean water mixes together and contributes to the formation of diseases in the water. This also happens in the UK; however, the UK can afford to buy clean water for drinking in these cases.
Can you go to jail if you can't afford to pay the balance owed on a repossession and have no real property?
NO, there are no more debtors prisons.
Can you buy another car down the road if you have been making payments on a truck you never use and you can't afford the payments anymore if you repo the truck?
YES, you can. It may be harder to get financed (bigger DP and/or higher interest rate) but you can. You WILL have to pay the balance due on the truck so seriously consider SELLING it. You may have to put money with the selling price to get the loan cleared but it will be MUCH cheaper that way.
My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?
no
