Advantages in Paying Cash for Your Next RV

Posted on | December 7, 2011 | No Comments

You never really owned an RV until you have paid it off. This means that until you finished paying for your RV and get the title, that is the time you can call it your own. After you paid off, you can request the person that financed your vehicle to send you the title. I think it is a little bit crazy that you don’t actually own the RV. But, I guess it makes it easier for the lender to repossess the RV if you fall behind in your payments. One of the advantages of paying with cash is that you don’t have to worry about your RV becoming repossessed.

Another advantage in paying the cash is that it is easier to buy RV’s for sale by owner with cash than it is through financing. Sometimes when you are trying to get it financed, you might be denied or you might be asked to pay a higher interest rate than what you are planning on. All of these things can complicate the situation and make it more difficult to take place. However if you have cash, it is big and easy to simply trade the cash for the RV.

Another advantage is that you never have to make a finance payment on that RV. A lot of motor homes for sale by owner can now be bought with a 10 year mortgage. Can you imagine paying a mortgage on a motor home or RV for the next 10 years? That is almost as much time as it takes you to pay off your home. At the end of 10 years, your home will probably be worth close to what you paid if not more. Your RV on the other hand will be worth much less. It doesn’t seem like it is worth it or like it is a good idea to finance something for such a long time that will only be worth a small fraction of its value by the time it is paid for. It not only seems like a dumb idea to lend money on a motor home, but it also seems like a dumb idea to our spend money and have to pay a higher interest rate on it over the next 5 to 10 years.

How to Avoid Repossession of Your RV by a Bank or Credit Union

Posted on | November 30, 2011 | No Comments

If you are facing a possible RV foreclosure, the best thing that you can do is to try and sell your RV on your own. The chances are high in your favor that even if you can’t sell your RV for what you owe, you can still get most of your asking price. In addition, you may even be able to short sell the bank without repercussions. This means that the bank will accept market value for an RV rather than trying to get what is owed on the RV. If you still have a lot of saved money, and you are way behind on your payments, there is a good chance that a short sell will work out in your favor. Just so you know, having a short sell on your credit is better than having an RV foreclosure. To get an idea of what you may be able to get back on your RV, check out the current camper blue book values with either the NADA guides online or by subscribing to the Kelley Blue Book Value Camper guides on the Kelley Blue Book website or by contacting your local librarian to see if they carry it or can obtain it for you.

Even if you have to take out a personal loan in order to free the title and sell the RV, it is worth it. For instance, if you go $20,000 on your motor home, but can only get $17,000 when you sell it, you will need to take out a personal loan for $3000. The good news is that your loan payments on the $3000 are going to be way cheaper than your payments would have been on the full purchase price.

A lot of times repossessed RVs are taken and sold out at RV auctions. If you feel like you have been wronged or if you have lost a lot of equity on a foreclosed RV, you can often get some of that equity back. You can do this by going to the next RV auction and buy an RV there. RV auctions are just an excellent opportunity to save because you can really see a lot of different types of RVs when you go to one.

If you’d like to sell your RV or Camper on eBay, please browse the eBay site. A link to eBay Motors is provided here:

Category: Sell Your RV or Camper
Tags: Credit Damage RV Foreclosure > RV Foreclosure > Short Sale RV or Motorhome

Why Are There so Many Bank Repossessed RVs Today?

Posted on | November 29, 2011 | No Comments

I think that today there are a lot of bank repossessed items because I don’t think that the government has provided us with an example of how to live our lives. Well I do not blame them. I think they should be more financially responsible than the average citizen. They should be held to a higher standard. When you spend twice as much money as you make then you are digging yourself into a pretty deep hole. People that are stupid with their money are still smarter than President Obama. If you collect only $2 trillion in tax revenue every year, how can you try and spend $5 trillion. Even Bush was smarter than that, he only went over budget by 600 million, which seems like a drop in the bucket when you compare it to going over budget by $3 trillion which is almost 5 times as much debt per year.

No one who spends twice as much money as they make can afford to keep anything that they own. If they have financed an RV through an RV auction, it will become a bank repossessed RV very quickly. The same thing will happen to their cars and their homes if they are not paid for. The Democrats would have to believe that the solution to their stupidity is to raise taxes. They say that the rich are not paying their fair share. But 40% of Americans don’t even pay taxes, and there are the ones that are getting “free” health care, “free” housing assistance, welfare, and three times what they really need for food. As far as fair share is concerned, I don’t think that the 25% of Americans living on the government will even come close to paying their fair share. It is no wonder why there are so many people that are going into bankruptcy. This is because our government doesn’t advocate personal responsibility, it advocates dependability. People don’t realize that when they give up their independence, they can easily be controlled and manipulated by the government.

Category: Financial Disaster
Tags: RV Auction

Why You Should Pay Cash For Your Next RV?

Posted on | November 29, 2011 | No Comments

It doesn’t really matter if you are buying motor homes or RV’s for sale by owner, you should consider using cash to pay for the motor home that you wish to get. When you have to finance something because you don’t have the cash to pay for it, this means that you really can’t afford it. Also, when you finance something it comes out from your disposable income. This means that your disposable income shrinks directly proportional to whatever it is you are financing. If you have $500 of disposal income every month, but you finance the motor home for $490 every month, then your disposable income would go down to $10. It doesn’t make a whole lot of sense to live without any surplus or without any disposable income. It is almost like losing everything that you make every month. I think it is a much better to save your money and when you have the money saved up for an RV or motor home for sale by owner and then you buy it. If the cash isn’t in the bank, then you can’t really afford.

There are essentially two different types of people in this world. There are people who earn interest and people who pay interest. The wealthiest people in our country earn interest, and the poorest people never earn any interest, they only pay it. You can decide which one of these you want to be by how you live your life and whether or not you buy something out right or you choose to finance it. In addition, if you finance a $50,000 motor home for 10 years and you are payinga 9% interest rate, then you have agreed to pay almost $50,000 extra for this motor home. I don’t think that paying $100,000 for a $50,000 investment is a very smart thing to do.

While you’re saving money to buy your RV you can take a look on eBay at all the special deals you can find on RV’s for sale by owner. eBay Rvs are a good deal, particularly when you consider that just like an automobile, when you drive a new RV off the lot it loses value. So why not let someone else lose the value while you’re saving your money?

If you’d like to know more about the deals you can find on used motorhomes for sale by owner, please visit the eBay Motors site .Buy a used RV on eBay Motors!

Category: Credit Information
Tags: Buy a Used RV > Finance a used RV

Can I keep My Tax Refund If I File Bankruptcy?

Posted on | November 27, 2011 | No Comments

Whether a tax refund will be taken by the bankruptcy trustee in your case will depend on several factors which you will discuss will you Seattle bankruptcy lawyer during an initial consultation.

As a general rule, the amount of taxes withheld from your pay are prorated over the entire year. This means that the portion of the tax refund for the time before the bankruptcy filing is property of your bankruptcy estate and may be intercepted by a bankruptcy trustee to pay your creditors if you you have not exempted the asset on your bankruptcy petition.

At the 341 Creditor’s Meeting in which your Seattle bankruptcy lawyers will attend with you, the bankruptcy Trustee will usually advise the Debtor as to whether or not he will attempt to intercept your tax refund. This decision will be based on a review of the tax return(s) provided to the meeting of creditors.

For a tax refund to be worthy of administration, the Trustee will consider several factors:

The amount of the refund. Often if a refund is small, the Trustee will not take it simply because it is not cost effective to distribute it to the unsecured creditors.
Exemptions. Depending upon the state in which you live, the funds may be exempt under federal exemptions, state exemptions which permit a cash exemption or a “wild card” exemption or an earned income tax credit exemption. In Washington State, where I practice, we are allowed to use the federal exemptions and for most people, they are able to protect most if not all of their current years tax refund.

Whenever possible, the easiest way to avoid having to give up a tax refund is to file your tax return prior to filing for bankruptcy, the spend the refund money before the bankruptcy is filed. If you are filing your bankruptcy case late in the year you will want to make sure your next years refund is listed as an asset on your petition and make sure you apply the proper bankruptcy exemption to make sure you will receive your refund.

Category: Bankruptcy
Tags: Bankruptcy > Tax Refund > Tax Refund Bankruptcy

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Advantages in Paying Cash for Your Next RV

How to Avoid Repossession of Your RV by a Bank or Credit Union

Why Are There so Many Bank Repossessed RVs Today?

Why You Should Pay Cash For Your Next RV?

Can I keep My Tax Refund If I File Bankruptcy?

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