I had a 2008 brand new Travel Trailer. It was just “Totaled” by a hail storm. I was insured by GMAC. They claimed ” FULL RV REPLACEMENT” without depreciation. When I checked that route it wasn’t what was promoted by them (long story), so I took the cash settlement instead. This went directly to the bank (Bank of the West) as they were the Lien holder.
Full original loan was $25,500, settlement was only $17,135. I was left with a $4,600 balance and nothing to show for it, even though I’ve already paid Bank of the West $10,300 in payments, along with their ridiculous interest rate of 7.7%. And…not to mention that this RV was used for my business and now I have nothing to show for all the money I paid into it over 3 1/2 years…just a wonderful remaining loan balance.
I already wrote a “Hardship” letter to the bank and they won’t work with me at all. I feel like I got screwed and I’d like to know if I have any recourse? Best scenerio, I feel I should not have to pay the balance. Worse scenerio, they lower my pay off amount significantly.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.How Can I Negotiate a Lower Loan Payoff on My Travel Trailer? - Mo by Steve Rhode