Trade a car with negative equity for a new RV

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fw brothers and sisters. has anyone done this deal? please share your experience before i go in the lion's den.
i was thinking of trading in my upside down car for an Airstream w/ 180 monthly payments. 

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BananaQ said:   fw brothers and sisters. has anyone done this deal? please share your experience before i go in the lion's den.
i was thinking of trading in my upside down car for an Airstream w/ 180 monthly payments. 

  
I own a travel trailer.  Airstream trailers are the king of travel trailers, but they're also stupid expensive for what you get, and for what you don't.  Specifically, they don't come with slide outs.  I don't care how space efficient they are.  No slide outs for what they charge for those things is highway robbery.

Anyway, this is bad all around.  No, I haven't done this and I doubt anyone here has.  I can't think of any good reason why you would take negative equity from a car and roll it into a travel trailer loan that you will undoubtedly be upside down on the moment you buy it, even without the negative equity of the car.

Nuts!

BananaQ said:   Trade a car with negative equity.... 
Stop right there.  You don't really "trade" a car with negative equity.  You owe more than your car is worth.  That doesn't have anything to do with buying an RV.  If you can find somebody to sell you an overpriced RV in order to take your car off your hands, go for it.  You planning to drive a camper to work? 

Is this your only car? Are you planning to trade the car in and then live in the RV? Does that mean you're getting rid of your apartment/house/condo/cardboard box? How much do you owe on the car? Whats the payment on the car? How many years left? How much is the R/V? Whats the interest rate? What are you putting down? Is your name Jim?

All important questions, the more information the more quality responses you'll get Jim. Don't be Steve, that guys a dick.

BananaQ said:   fw brothers and sisters. has anyone done this deal? please share your experience before i go in the lion's den.
i was thinking of trading in my upside down car for an Airstream w/ 180 monthly payments. 

  If you're already homeless and living in your car, it makes perfect sense. 

replacing a car with an RV....wow...and with negative equity in car.....so essentially what you are saying is: you made a financially not-so-savvy decision once (for the car) and now you want to go for round-two with an even bigger hole in the pocket that is designed to stretch 180 months

You've been on FW for 14 years and upside down on the car? 

Sounds like a well thought out financial plan to me.

ach1199 said:   You've been on FW for 14 years and upside down on the car? 
  
He/she isnt on the FW All-star team... (https://www.fatwallet.com/forums/finance/1254517 ). Personally, I find these stories much more interesting than the "I saved one million by age 30 then went wild and bought a Toyota SUV" or the "I have 849 credit score but my bank just did a hard inquiry, what should I do?" stories but thats just me.  


Ma171aC said:   Is this your only car? Are you planning to trade the car in and then live in the RV? Does that mean you're getting rid of your apartment/house/condo/cardboard box? How much do you owe on the car? Whats the payment on the car? How many years left? How much is the R/V? Whats the interest rate? What are you putting down? Is your name Jim?

All important questions, the more information the more quality responses you'll get Jim. Don't be Steve, that guys a dick.

  When he trades his car in on the RV he will then need to spend $50k on a pickup to haul the said RV.. Win win for the sellers in this scenario. He'll be back in a year trying to figure out how to get out of the Airstream that he clearly is going to overpay for.  The cheapest airstream is almost $50k http://www.arbogastrvs.com/airstream-sport?gclid=CjwKEAjwwcjGBRDj-P7TwcinyBkSJADymblTkMJ9I9xKe3lfo3OEFtO6T_TxqKBKBrr1mJvP6uVZ1RoCCtHw_wcB

why YES of course but go big and get a full motor home!  Make it your primary residence and park it in SD so you pay no state income tax, brilliant.

Why do people think that this airstream with 180 payments is a trailer? They make touring coaches too.

https://www.airstream.com/touring-coaches/tommy-bahama-special-edition-interstate-touring-coach/

At 127k with a 15% interest rate it's only $800 /month.


Tommy Bahama Special Edition Touring Coach | Airstream.com
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forbin4040 said:   Why do people think that this airstream with 180 payments is a trailer? They make touring coaches too.

https://www.airstream.com/touring-coaches/tommy-bahama-special-edition-interstate-touring-coach/ 

At 127k with a 15% interest rate it's only $800 /month.

thanks for your quality responses. this is not my only vehicle. i have two others.
i pay $795 a month currently on a vw suv lease and wouldn't mind to be around that payment again on an RV that i could use occasionally.
my question was, has someone traded in a car for an RV? so i guess no one here has done it yet.

BananaQ said:   my question was, has someone traded in a car for an RV? so i guess no one here has done it yet.
  Maybe you are asking something too obvious. Why not just ask the RV dealer if they take trade-ins? Pretty sure in last 200 years of RV'ing since the first covered wagons were taken out west, somebody, somewhere, has traded in a car.

BananaQ said:   my question was, has someone traded in a car for an RV? so i guess no one here has done it yet.
The reason you are getting these responses is because there's really nothing unique about trading a car for an RV.  You could be trading paper clips or gold bars for an RV and you would get the same responses.  You should be looking at these as two separate transactions.  You want to buy an RV?  Go for it.  If you can get the most value or most convenience out of negotiating a deal where the RV dealer takes your underwater SUV off your hands and rolls the loan deficiency into the deal, go for that too.  Most people would tell you to settle up on that VW first and then go make your best deal on the RV as a completely separate transaction.  Rarely do you optimize value by trading a vehicle; it is typically done for convenience. 

Without trading in anything, you will be able to negotiate your true price you'll be paying for the RV and optimize your selling price of the vehicle you're upside down on. If you want the RV buy it. It's not some magical RV that makes your negative equity disappear, it just lengthens the amount of time to pay off your negative equity.

letsspendlotsofmoney said:   Without trading in anything, you will be able to negotiate your true price you'll be paying for the RV and optimize your selling price of the vehicle you're upside down on. If you want the RV buy it. It's not some magical RV that makes your negative equity disappear, it just lengthens the amount of time to pay off your negative equity.
  There is one big issue that OP just stated.  His SUV lease.  You can't trade in a lease easily, some lease companies prevent it, and you have to get a value equal or greater than the Residual + Payments remaining, to even consider trading it in.
Also if OP is 'upside down' on a lease that means 'over miles' and that makes it even more fun.



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