Posted 2009-03-11 8:58 AM (#101111 - in reply to #101029) Subject: RE: How is this economy affecting trailer sales and ownership?
Member
Posts: 5
Location: Arkansas
Originally written by vweedon on 2009-03-10 8:52 AM
This economy is affecting me pretty hard. i have reduced hours at work and have a new 2007 trailer that i am barly hanging onto. I shipped it to texas to be sold. the thing that stinks is the trailer has only been used 2 x. and we have it priced lower than almost any other 4 star 4 horse trailer and hardly any bites. I don't want to lose it and give back to bank because then my credit will be bad. i would sell it for what i owe. what stinks is the people like me that are still barely making ends meet but still making it, will still be penalized in the future when we go to buy things because of all the tightening up of loans. The banks are rewriting mortgage rates and helping the people out that don't have jobs, but like me i have a higher interest rate on my equity and would like to redo it, but because i am still making it but struggling hard, they won't touch my rate or redo because now my home is of less value, so before when i qualified for the loan to value ratio i don't and now i am stuck.
Will you send me the info on your trailer? I am looking and about to purchase very soon. I am wanting a 4Star 4 horse slant! round3farm@yahoo.com
Posted 2009-03-12 2:42 PM (#101210 - in reply to #101111) Subject: RE: How is this economy affecting trailer sales and ownership?
Member
Posts: 7
Maybe there is hope yet, I also am looking for a 4 slant, with LQ. I believe that everyone is experiencing the hard times right now, but we will have to recover sooner or later. Hopefully sooner then later but we will. Maybe you could find away that bank could consolidate some of the things you own, that might help.
Posted 2009-04-26 11:15 AM (#103961 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Extreme Veteran
Posts: 402 Location: Valentine, NE
My career has been lending money and getting it back. I want everyone to be cautious on their thinking of buying a trailer via taking over the "payments" or buying an underwater trailer. I would consult a lawyer in your state or run thru a licensed dealer before I ever agreed. Just because you might be getting the "title" to the trailer, it may in no way be yours.
In example, I, myself tried to purchase one privately that had more debt on it than what it was worth along with the owners being involved in a divorce. I went to the local dealer, told him I would give him $500 to get me a clean title and run state searches to make sure it did not have other liens (2nd, 3rd, judgements, tax lien, etc) on it. He could get the title signed over to me, but could not get the judgements released that we found on state filings due to the divorce (attorney fees, individuals, and a mortgage company all had judgements). This trailer is technically, non-marketable so it is still setting-what a shame.
Other land mines to look for is that depending on the state you live, trailer titles are not required and some ingenius people have used this to sell secured trailers. If you are selling by letting someone assume the payments, the buyer can ruin your CB worse than any repo would by not making his payments.
The biggest issue is that loans are typically not assumable. Meaning, the borrowers can not just assign the loan to someone else. I would say 99.9% of all loan documents have a due on sale clause. Sell/transfer it, pay off the loan or go to jail.
How is this economy affecting trailer sales and ownership?
