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We want to trade in our mobile home for a new one.?

Author :

Submitted : 2018-06-15 02:07:11    Popularity:     

Tags: trade  mobile  home  

It's got quite a bit of damage it's 3 years old. And we want to get a double wide. It still has 50000 left to pay, how will this work?

Answers:

Pay it off first or complete trade in

Normally, you would not be able to trade a trailer in as you would a car.

If you have only owned the trailer for 3 years and still owe $50,000, it is unlikely that you would be able to get sell or trade the trailer in to have enough to pay the trailer off. You also indicated there was damage to the trailer. This would devalue the trailer also.

You would need to speak with a local dealer that sell trailers to find out the procedure in purchasing a trailer and would it be possible to trade your old trailer in to this dealership.

Make sure you take pictures of your damaged trailer on all sides so they salesperson would be able to give you the best estimate possible in the event they take trade ins.

I hope this has been of some benefits to you, good luck.

"FIGHT ON"

You have to sell what you have, pay off the debt on it, and then you may buy a new one. A 3-year old home should not have any damage unless you caused the damage. If you did, you fix it, or sell it as-is for less money.

Find a buyer for your existing one. Take the first $50,000 and pay off what you owe (you will be required to upon sale if you have a loan through a traditional lender.) Buy a new mobile home. You can tie the deals together so that the purchase of the new one is dependent on the sale of the old if you want.

You could probably sell a used and damaged trailer for about 1/2 or less of what you owe. Trailers depreciate like cars no matter how you have kept it up and why after 3 years are you wanting a new trailer?

Generally, you sell the one you have now and buy a new one.

First I would talk with my insurance company and see how they might help. Second I would talk with the dealer where I plan on buying the new one. But you can not normally "trade in" as simple as a car.

You would need to sell the current one...but with damage...probably not worth what you owe on it...

Probably not well...A singlewide with damage isn't going to sell for 50k.

Presuming you get the financing worked out they're going to inspect your present manufactured home and not only discover the damage but if it's due to your neglect or failure to properly maintain they'll probably cancel the deal. A 3 year old unit doesn't fall into disrepair by itself.



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