Before we married, my wife bought a van conversion to travel in. We still owe $43,000 on it and never use it. How do we get out from under this ;loan without ruining our credit history?
2007-07-30 18:03:46 · 4 answers · asked by edwardhmr 2 in Business & Finance ➔ Personal Finance
Well you'd end up going upside down on the loan, which is bad. So about the only thing you can do is offer it for sale and hope to get what you owe for it.
2007-07-30 18:08:26 · answer #1 · answered by Amanda S 4 · 0⤊ 0⤋
1
2016-09-28 14:23:04 · answer #2 · answered by ? 3 · 0⤊ 0⤋
you sell it and pay off the rest of the loan
alas, those conversion vans and motor homes almost never sell for anything like what you pay the original dealer for them.
Most private buyers want either a lot cheaper or a guarantee -- the dealer sells the guarantee and the original chassis maker's warranty. Since the warranty and guarantee are likely both gone or at least diminished, you'll take a bath on the sale.
sry, mate. Live and learn.
2007-07-30 18:10:24 · answer #3 · answered by Spock (rhp) 7 · 0⤊ 0⤋
Sell it and pay off the loan, if you owe more than it is worth pay down the loan first.
2007-07-30 18:07:16 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋