I received this letter from an RV Travel reader named Walt. I won’t use his last name as I didn’t get back to him until late yesterday to ask permission. But I believe his message is so important that I must share it. I receive letters like this every month, all heartbreaking tales of a buyer making an unwise buying decision (or decisions as in this case), simply hoping everything will go well afterwards, and then it doesn’t.
In this case, Walt knew he was digging a deeper financial hole as he moved up from one RV to another. And yet he proceeded. Now, in desperation, he reached out to me to see if I could offer a solution to his dilemma. I can’t. If you have any thoughts, please leave a comment. But understand, he fully acknowledges he messed up, so please don’t jump on him for his questionable decisions. We all make mistakes, it’s just that some hurt more than others.
Here’s his letter:
I have found myself in a real royal mess and I need some suggestions on how to ever get out of this alive if I can.
I bought a 2004 Itasca motorhome and made many improvements but I just couldn’t make it ride any better. I drove a diesel, a 2007 Monaco Dynasty, and fell in love with the ride and the coach. But being green l found myself hoodwinked with a unit that was down rather than up in so many ways. I soon became very discouraged and traded once again for a 2015 Holiday Rambler Vacationer.
You probably have already figured out my mess. I didn’t own the 2004 outright so I had to roll the difference into the 2007. That’s bad enough but then I did it again when I bought the 2015. Yes, I just read in the current newsletter that 20-year financing is a bad idea and I knew that through common sense, which left me on a couple transactions, but I figured that I wouldn’t be alive at payoff so….
My intention all along was to travel our great country. But sometimes things change in your life you just have to deal with. I know I’m not in this dilemma alone. Here I have a $130,000 motorhome retail but not worth that much on the market. Because of my financial boondoggles I owe $30,000 which I would have to cover to get rid of it and start over. But I will never be able to purchase another one even if I had the resources to cover the difference.
I wished I would have been smart enough to not be where I find myself. I don’t know but I think I read an article in RV Travel sometime back on this subject. Can you offer me any advice? If I can’t get rid of this I’ll jack it up, take the wheels off, skirt it and find myself in a very expensive park model.
Thanks in advance Chuck.
Related article: What does financing an RV for 20 years really mean?