Posted 2009-03-09 7:14 AM (#100915) Subject: How is this economy affecting trailer sales and ownership?
Elite Veteran
Posts: 690
Location: missouri
I am curious, how is this depression/recession affecting the ownership (retainment) and new purchases of high end trailers? The many people we've seen with new trucks and trailers in the last couple of years have to hold onto them. Is the REPO man workin overtime??
Posted 2009-03-09 9:16 AM (#100928 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Member
Posts: 9
Location: Little Rock, AR
I am sure the economy is affecting trailer sales, but unlike you I hate that anyone is facing having to lose anything that they have worked so hard for.
As long as everyone harps on the depression/recession, they can make you believe that it is happening. I just think we should look for the good things, instead of wondering and asking about someone having a hard time and losing everything.
Posted 2009-03-09 12:14 PM (#100941 - in reply to #100928) Subject: RE: How is this economy affecting trailer sales and ownership?
Expert
Posts: 1989
Location: South Central OK
Kitten, how did you "get " that the original poster was happy that people are losing things?
Kitten's quote, "unlike you I hate that anyone is facing having to lose anything that they have worked so hard for."
Just because she was asking about trailer sales, does not mean that she's happy about people losing their possessions. You have to read what's written, not what you feel is written...it's called the Internet.
Posted 2009-03-09 2:19 PM (#100953 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Veteran
Posts: 274
Location: MO in woods
We looked for 2/3 horse slant at few dealerships overweeknd in MO.Sadly heard one dealership Burnt to ground the building and is trailers are sitting in someone elses lot repossesd and damaged with fuel in them.So not all dealerships are doing so well.Also one dealership had about 30 some huge lnqs on lot and mostly were repossed(because alot of personal items were still in trailers).People are losing them are pracitally giving them away for what they owe before losing them.Sad as is some people loss jobs and some just couldn't or shouldnt of gotten approved for loan to buy trailer in first place.Or been in dealership and decide torch building......Truth will come out in time....
Posted 2009-03-09 5:13 PM (#100966 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Elite Veteran
Posts: 690
Location: missouri
Kitten, and anyone else who might think for a minute, that I would like seeing ANYONE lose, or have to sell something in distress, think again... Honey, I've have been all too close to that situation years ago! I was just wondering what affect this rotten economy was having. My wish is that we all can continue to enjoy the one thing that doesn't suck in our life!!! Hold on to the things that are dear, and that really matter, and let go of the rest... if it came down to it, I would leave our place behind, load a couple of horses, and hit the woods! Peace.
Posted 2009-03-10 7:46 AM (#101020 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Veteran
Posts: 177
Location: East London South Africa
I see you all (generalizing here) moaning about the bad economy and bad Trailer sales etc. etc. etc.
I have a construction company here in South Africa and we saw this comeing. About 4 years ago most of the homes we built were financed by Banks - but slowly but surely it has turned around and now most of our sales are cash, and the houses are generally bigger. You see when the economy slows, it is only the people that can afford it that spend money. You will probably find that there are more high end trailers been sold now than ever before. You see the people with the money recon they can get their big luxuries cheaper in these times. So there is always a posative to all negatives. Now I might be wrong, but I doubt it.
You guys still have it pretty good let me tell you. Our bank interest rate is at 26% now, and if you wanted to finance a trailer, the longest term you can get is 5 years. I think you guys have just had it too good for too long.
I believe that if you all stay posative and put the effort in this so called ressesion can be over before you know it. I sincerely hope so as your economy affects the rest of the world, and especially us in the 3rd World.
Always remember the cup is half full not half empty.....
Posted 2009-03-10 7:56 AM (#101022 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Barfly, Well said! We are the most fortunate folks in the entire world! Thank you for bringing a little "perspective" to the conversation. DON SMITH, OWNER, DHMCO
Posted 2009-03-10 8:08 AM (#101025 - in reply to #101020) Subject: RE: How is this economy affecting trailer sales and ownership?
Location: Where the wind comes sweepin' down the plain...
Barfly - Thank you for your outlook on the situation here. A lot of truth in what you say.
Originally written by Barfly on 2009-03-10 7:46 AM
I believe that if you all stay posative and put the effort in this so called ressesion can be over before you know it. I sincerely hope so as your economy affects the rest of the world, and especially us in the 3rd World.
Always remember the cup is half full not half empty.....
Especially this part. The news, and the government, and the so-called experts tell us how bad things are. We listen, and then hear it more, and eventually start to believe it.
Posted 2009-03-10 8:52 AM (#101029 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Member
Posts: 22
Location: ortonville, mi
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.
Posted 2009-03-10 9:41 AM (#101038 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Location: Central Arkansas
vweedon, maybe folks like you could twist Dave's arm into thinking about starting a category for people that are in the same situation. I know if I was in that kind of position, I too would want to sell a trailer for the payoff to someone that appreciated my sacrifice instead of the bank getting it back and ruining my credit. But, if you had a trailer that you needed to sell quickly and posted it way below market value to just get it gone, it would most likely get overlooked as a possible scam. Alot of folks, including myself, don't waste time on the "too good to be true" priced items.
Posted 2009-03-10 10:32 AM (#101044 - in reply to #101038) Subject: RE: How is this economy affecting trailer sales and ownership?
Expert
Posts: 3802
Location: Rocky Mount N.C.
Originally written by brushycreekranch on 2009-03-10 10:41 AM
vweedon, maybe folks like you could twist Dave's arm into thinking about starting a category for people that are in the same situation. I know if I was in that kind of position, I too would want to sell a trailer for the payoff to someone that appreciated my sacrifice instead of the bank getting it back and ruining my credit. But, if you had a trailer that you needed to sell quickly and posted it way below market value to just get it gone, it would most likely get overlooked as a possible scam. Alot of folks, including myself, don't waste time on the "too good to be true" priced items.
bcr... Sort of a, I'm in a bind, "make me an offer" section for individuals?
Posted 2009-03-10 10:57 AM (#101048 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Location: Central Arkansas
Yeah Ret. But screen them good before they are posted to eliminate the scammers. Just an idea. I know if I was sitting on the fence on a trailer and knew the situation, I might be more inclined to go ahead and getthe deal done sooner than later. I personally know someone that lost a truck and trailer. The bank sold it for less than a third of what was owed and she was billed the rest! Her attorney found out that a bank employee relative bought it! She ended up having to file chapter 7 anyway and probably could have kept the rig and let something else go back since she makes a living in the horse industry.
Posted 2009-03-10 11:45 AM (#101053 - in reply to #101048) Subject: RE: How is this economy affecting trailer sales and ownership?
Veteran
Posts: 136
Location: Alabama
Originally written by brushycreekranch on 2009-03-10 10:57 AM
I personally know someone that lost a truck and trailer. The bank sold it for less than a third of what was owed and she was billed the rest! Her attorney found out that a bank employee relative bought it!
I am thankfully totally ignorant in the area of repossession so forgive me for this dumb question: When a trailer is repossesed, is it normal for the owner to get billed for the difference in what the bank sold the trailer for? If yes, then wouldn't it be better for the owner to sell the trailer for less (even much less if necessary) than he/she owe's on it and then re-negotiate the remainder of the loan with the bank for a lower payment? That surely would be better for the owner's credit score rather than having the trailer repossesed...and the owner is going to have to pay the difference off no matter who sells the trailer, right??? So it would be better for the owner to protect their credit as much as possible. I guess some owners do sell for less, but all I've ever heard about were the cases where the owner insisted on getting payoff amount for the trailer, no one was willing to pay that for the trailer, so the trailer was repossesed.
Posted 2009-03-10 8:22 PM (#101080 - in reply to #101053) Subject: RE: How is this economy affecting trailer sales and ownership?
Regular
Posts: 54
Location: Ohio
Originally written by Rose66 on 2009-03-10 12:45 PM
Originally written by brushycreekranch on 2009-03-10 10:57 AM I personally know someone that lost a truck and trailer. The bank sold it for less than a third of what was owed and she was billed the rest! Her attorney found out that a bank employee relative bought it!
I am thankfully totally ignorant in the area of repossession so forgive me for this dumb question: When a trailer is repossesed, is it normal for the owner to get billed for the difference in what the bank sold the trailer for? If yes, then wouldn't it be better for the owner to sell the trailer for less (even much less if necessary) than he/she owe's on it and then re-negotiate the remainder of the loan with the bank for a lower payment? That surely would be better for the owner's credit score rather than having the trailer repossesed...and the owner is going to have to pay the difference off no matter who sells the trailer, right??? So it would be better for the owner to protect their credit as much as possible. I guess some owners do sell for less, but all I've ever heard about were the cases where the owner insisted on getting payoff amount for the trailer, no one was willing to pay that for the trailer, so the trailer was repossesed.
The problem is that some folks will have a difficult time getting a loan to cover the difference between what is owed on the trailer and what they sell it for. Unless they have some cash in savings or can tap into some home equity or get a high-interest signature loan (do they still do these?), they might not be able to make the pay off and get a clear title for the new buyer. No clear title = no sale.
I really need to sell the trailer in my signature, but THANK GOD it is not because I can't make the payments. I just don't get to use it much any more. It seems wasteful to continue making the huge payments while it just sits in the driveway 99.99% of the time. But if I can't sell it, I surely hope to actually get to use it some this summer. I would certainly sell for pay off, and maybe even slightly less, but not much less. I'd rather just make the payments until someone comes along and gives me enough for it and perhaps I can get some use out of it in the meantime.
Posted 2009-03-11 3:46 AM (#101091 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Expert
Posts: 1205
Location: Danielsville Georgia
If you have money and good credit its a buyers market.Any business I deal with that won't negotiate on prices I walk until I find one that will for the most part.Just bought and closed on a fore closer and there are dozens I've looked at.Thought about buying a few more.Just bought a small home that sold in 2007 for $159.900 for $62,000 and seller paid all closing costs etc.I tried to buy two more next door for same price and others were on them like vultures on a kill.I worked on it all day today cleaning etc.Start painting interior tomorrow.Folks only in it about 9 months and every wall downstairs is scuffed,dirty with hand and paw prints,furniture nicks etc.Saw dozens in the same shape.Tells me what kind of folks are loosing some of these homes.Some in the UPPER $200s in same shape.I'm not going to rent it.Gonna hang on to it and sell retail when the economy breaks some.Lots of great buys out there.
Posted 2009-03-11 7:54 AM (#101096 - in reply to #100915) Subject: RE: How is this economy affecting trailer sales and ownership?
Veteran
Posts: 219
Location: Mt. Clemens, MI 48043
Good Morning. After reading so many messages I feel so lucky. I have a house, family is just holding their own, animals that are doing OK. I know people that have lost or are losing their places and their items. Repro man is working hard in MI taking all sorts of things. I am thinking about trying to find someone who might want to share their larger trailer with us. We have a small 2 horse bumper pull but it might be advantages for us to buddy with someone if we find someone who likes to do the same things with a bigger trailer.