Archive for October, 2008
My RV is worth about $30k less than I owe and, due to my husband’s death, I can’t make the payments. My loan is through B of A. and my only income will be my husband’s pension and I have no savings other than my husband’s life insurance. If the motorhome is repo-ed, will I be liable for the balance owed? Is there any chance I might be able to negotiate with B of A to forgive part of the loan so I can sell it? I’m also going to lose my home as I owe about $125K more than it is currently valued so I can’t pull money from my home to get out of the RV. Any comments will be appreciated.
An RV loan is not a loan on “real property”. It is very much like a car loan. No…they will not negotiate with you. Bank of America will likely repossess the RV and sell it…you will be responsible for anything left after the sale.
I am considering driving to Alaska for fun before the summer traffic starts. May seems like the best time to go. I have a newer SUV or can rent a big RV for half price since I am really transporting it for the rental company. I've done it before from Arizona to Virginia so I know that RV.
What I would like to know is can I expect to get there without damage to my own SUV or the RV? Damage by rocks or bad road conditions? Any suggestions on how to go or to research this will be appreciated.
I live in Alaska also. I drove the highway way back in 1988. There were 2 patched of road that had gravel patches in it. I was driving a 1979 Toyota Celica - and got zero damage. Not even a rock chip chip in my windshield. That is the only damage I would worry about.
From what tourist have told me - as long as you stay on that Alaska Highway (and do not detour on the Cassiar) the roads are 100% paved now. Even though they are paved - there are still rocks on the road. Even up here in Fairbanks the roads are covered with rocks - mainly because they don't use salt to keep the roads dry in winter - they use gravel for traction.
The only concern I would have would be price of hotels vs. price of RV. Do you like roughing it - or do you enjoy checking into a hotel?
If you have full coverage insurance on your SUV consider lowering the deductible on your comprehensive insurance - to $100 - then the only damage you should receive (windshield) will be replaced rather inexpensively.
Good luck and enjoy your vacation!!!!
No my wife is an adjuster and she would never invite six months of claims settlements everytime one hits.
P.S. learn to spell
I live in Alberta and am repairing my credit now with two vehicle loans. Never missed payments. Need to get a loan for a rv for work anybody have any ideas?
get on the phone start calling around such & such.''
i lived in fla for 30yrs. trust me nothing there is cheap. goodluck
Okay we bought an RV, due to a manufacturer problem it wrecked while taking vacation. We had already made 5 payments on it at the time. The insurance company paid it off but our question is can claim it at a loss?
Thanks in advance for your answers.
The insurance company paid off the balance but we did not get reimbursed for the first 5 payments. We only had it 5 months when a manufacturer error caused it to crash. Luckily we did not hurt.
What is AGI?
Only uninsured casualty losses can be claimed. Since the insurance company paid the claim only your deductible would be eligible. Due to the way that casualty loss deductions are calculated it's highly unlikely you'd have anything to claim.
If the amount of your deductible, less $100, less 10% of your AGI is still a positive number, THAT is what you can deduct.
How many year will a dealer give you to pay off a $5,000 Rv loan in general?
The better question is how many years will the bank give you to pay off the RV loan. It will depend on the year, your credit etc. Could vary between 18 months up to probably 36 or 48 months.
we are going to florida AND we need a cheap rv for 15 passengers
You could try these guys:
Korner Kars Auto Rental
(614) 861-7662
3880 Refugee Rd
Columbus, OH 43232
What is typical coverage amounts for a used Class A RV valued at $20,000? ie., Full-coverage? Collision, Comprehensive, Liability?
Well, there isn't a typical. If there's a loan on it, you'll need the collision & comprehensive. If it's registered, you'll need the liability.
Some people just park these on a lot in a campground, and don't insure them at all.
I am 19 and have never had a credit card before i have 3,000 saved and am interested in getting a 10,000 dollar used rv to use as my home. I plan to live in one for the next few years instead of paying rent to live somewhere. I figure that it's better to own my living area rather than end up paying a lot to rent. I was looking for ones below 3,000 for what i could afford but noticed the monthly payments option through ebay. I just want to know if any lenders would loan me the money i need through ebay financing with having no credit? thanks to all that answer.
Its hard to say what your actual credit can acheive at this point. You do have some money to put down on it which helps, and it is something that they can take back, which helps. You may need to make a certain amount though…
there is only one way to tell… apply for the loan.