It's 11:47 PM on a Tuesday.
You can't sleep. Again.
You're doing the math in your head for the 100th time this week:
You're 73 days behind. Three missed payments. The lender's "final notice" sits on your kitchen counter. Tomorrow they can legally come take it.
Even if you COULD sell it, you'd still owe almost $20,000.
You feel trapped.
And you're furious at yourself for buying it in the first place.
Sound familiar?
IMPORTANT: This article provides general information for educational purposes only and does not constitute legal, financial, or tax advice. Frank Mason is an RV industry professional with 25 years of experience, not a licensed attorney, CPA, or financial advisor. Consult qualified professionals before making decisions about your RV loan situation. Florida laws and market conditions change; information is current as of publication date.
📋 How Shirley Sold Her 5th Wheel Despite Being Underwater (Real Florida Case Study)
Her Story:
"I thought selling my 5th wheel wouldn't be that big a deal. I had always kept it up and had any repair work done when things needed repairing. I was proud of my RV and really didn't want to sell it, but I knew that it was the best thing to do under the circumstances."
Shirley bought the 5th wheel from Frank at Easy Escapes RV when he had a lot in Auburndale. She hoped to live in it full time with her handicapped son who is bipolar and partially blind. After two weeks, she realized it wasn't going to work out. At times she didn't feel safe around her own son.
The DIY Disaster:
Since it was paid for and she had sold a car in the past, Shirley thought she could handle selling the RV herself. Her neighbor helped with photos and descriptions for Craigslist and RVTrader.
"The first couple of weeks seemed promising. I was showing them on the weekends. Several people contacted me to ask questions, but nobody set a firm commitment to come by."
After a month went by with no sale, she lowered the price. The result? More calls from scammers and dealers offering $18,000 less than she wanted. She spent days depressed, thinking she'd never sell without losing tons of money.
The Solution That Worked:
Shirley called Frank at Easy Escapes RV for help. After reviewing his services, she decided to work with him. The key change? Flexible showing times.
A couple from New York, recently retired and looking to spend winters in Florida, contacted her. They had reached their breaking point with last winter's blizzards. They preferred seeing it around lunch because they weren't used to Florida traffic yet.
"They went inside to take a look while making comments about how clean and well taken care of it was. They made an offer about an hour and a half later."
The Winning Detail:
The retired couple specifically mentioned that Shirley's flexibility with showing times (including midday options) made all the difference. They were uncomfortable with evening showings and weekends were too busy with other activities. The lunch-time flexibility sealed the deal.
Final result: Shirley negotiated a deal $1,500 higher than their initial offer.
"Looking back, when I limited my showings to just the weekends, I was saying I wasn't really in a hurry to sell. Since it seemed I wasn't motivated, I got lots of lowball offers."
📊 You're Not Alone - The Numbers Don't Lie
If you're reading this at midnight, unable to sleep, calculator in one hand and a stack of past-due notices in the other—I need you to know three things:
- You are NOT alone. Right now, 47% of RVs purchased in 2021-2022 are underwater. That's 11,000+ Florida families in your exact situation.
- You are NOT stupid. You made a decision with the information you had. Life changed. The economy changed. The RV market tanked. This isn't your fault.
- You HAVE options. Real, proven, practical options that can get you out of this situation in 30-90 days without completely destroying your credit.
I'm Frank Mason. I've been in the Florida RV business for 25 years—9 as a Florida licensed dealer, 16 as an independent specialist helping people in impossible situations.
I've helped over 200 families escape underwater RV loans. Some were 90 days behind. Some owed $30,000 more than the RV was worth. Some had already received the repo notice.
All of them got out.
This guide will show you exactly how. Learn more about my experience and approach →
Frank's Take: The Dealers Know This Is Happening
Here's what the RV industry won't tell you: We ALL saw this coming. In 2021-2022, when people were paying $75,000 for RVs worth $55,000, every dealer knew the market would eventually correct. But nobody stopped selling because the margins were incredible.
Now those same dealers won't touch your underwater RV with a ten-foot pole. Why? Because they can't make money on it. A dealer needs at least $8,000-$12,000 profit margin to make a deal worth their time. When you're already $20,000 underwater, the math doesn't work for them.
But here's the thing: Just because dealers won't help doesn't mean you're stuck. It just means you need a different strategy. That's exactly what this guide gives you.
💡What You'll Learn in the Next 30 Minutes
- The 7 options you have RIGHT NOW (ranked by credit impact)
- How to stop a repossession (even if you got the notice yesterday)
- How to negotiate with lenders (they DON'T want your RV back)
- Creative solutions most people never hear about
- The exact steps for each option (you can start TODAY)
- Real case studies: people who escaped worse situations than yours
- When to handle it yourself vs. when to get help
Most importantly: You'll have a PLAN. No panic. No shame. A plan.
Let's get you out of this.
MY PROMISE TO YOU
I'm not here to judge you. I don't care how you got into this situation.
I've sat across from people who:
- → Lost $80k jobs and now work at Target
- → Got divorced and couldn't afford the payment alone
- → Had medical crises that wiped out their savings
- → Made panic decisions that made things worse
None of them were "stupid." They were just in impossible situations.
Whatever your story is, I've heard worse. And they all got out.
This guide is judgment-free. Just solutions.
You're going to be okay.
Part 1: Understand Your Situation
Let's Do The Actual Math (No More Hiding From It)
Grab a piece of paper. We're going to calculate your REAL situation. Don't guess. Don't estimate. Get the actual numbers.
✅ Calculate Your Gap - Do This Right Now
Call your lender: "What's my current payoff balance?"
They'll give you a number. Write it down.
Loan Payoff: $__________
Go to NADA Guides (nadaguides.com/RVs)
→ Enter your RV year, make, model
→ Look at "Low Retail" value (not "Average" - be realistic)
Market Value: $__________
Payoff Balance - Market Value = Your Gap
YOUR NEGATIVE EQUITY: $__________
This is how much you're underwater. This is the number that's been keeping you up at night. Now you know exactly what you're dealing with.
Typical Florida Underwater Situations (October 2025)
| Purchase Year | Purchase Price | 2025 Value | Typical Payoff | Underwater Amount |
|---|---|---|---|---|
| 2021 | $75,000 | $45,000 | $68,000 | -$23,000 |
| 2022 | $72,000 | $48,000 | $66,000 | -$18,000 |
| 2023 | $68,000 | $54,000 | $63,000 | -$9,000 |
Bought in 2021
Bought in 2022
Bought in 2023
If your numbers look like this, you're in the mainstream of this crisis. This isn't "you made terrible decisions." This is "you bought at the worst possible time in RV market history."
🎯 Real Success Story from Tampa: Mike's Fast Sale
The Strategy:
Mike was panicking about the $8,000 gap between what he owed and what his RV was worth. He thought he'd need to come up with $8,000 just to break even on a sale. We helped him with:
- Professional photography that highlighted his RV's premium features
- Detailed listing emphasizing recent upgrades and maintenance
- Aggressive multi-platform marketing to serious buyers
- Negotiation with his lender for a 45-day hold on repossession
The Result:
Sold for $84,500 within 3 weeks.
Mike paid off the $83,000 loan, covered closing costs, and walked away with $800 in his pocket instead of owing $8,000+ after repossession.
The difference between panic pricing at $75,000 and strategic marketing? Nearly $10,000 and his financial future.
Part 2: Your 7 Options (Ranked by Credit Impact)
Here are your seven options, ranked from least to most damaging to your credit and financial future. Read ALL of them before deciding.
Option #1: Sell It Yourself + Cover The Gap (Cleanest Exit)
What It Is:
You sell the RV privately for market value, then pay your lender the difference between sale price and payoff balance.
Example: Loan payoff: $68,000 | You sell for: $50,000 | Gap you must cover: $18,000
How It Works:
- Get realistic about value (NADA guide, dealer quotes)
- List aggressively (5-10% below market)
- Find gap money BEFORE finding buyer
- Close with lender and buyer
Creative Ways to Cover The Gap:
- 401k Loan: Borrow from yourself at 4-6%, pay back over 5 years
- Family Loan: Formal agreement at 3-5% interest
- Personal Loan: If credit is 640+
- Sell Assets: Second car, boat, motorcycle
- Payment Plan: Some lenders accept gap paid over time
Option #2: Short Sale (Lender-Approved Sale Below Payoff)
What It Is:
You ask the lender: "Can I sell this RV for market value ($50k) even though I owe you $68k? Will you forgive the $18k difference?"
Why Lenders Approve:
Short sale costs them $18k. Repo and auction costs them $41k. They'd rather lose $18k than $41k. That's your leverage.
Process:
- Contact Loss Mitigation Department
- Submit hardship package
- Wait for approval (14-45 days)
- List and sell RV
- Close sale with deficiency waiver
Frank's Take: I've Negotiated 50+ Short Sales - Here's The Secret
The biggest mistake people make with short sales? They apologize. They grovel. They act desperate. That kills your leverage instantly.
Here's what I do: I call the loss mitigation department and present it as a business decision, not an emotional plea. "I have a buyer ready to pay $48,000 cash. Your alternative is repo, auction, and you net $35,000 after costs. Which option costs you less money?"
I've had loan officers approve short sales in under 10 minutes when I frame it this way. They're not heartless - they're just drowning in paperwork and they need to justify their decisions to their boss. Make it easy for them to say yes by showing them the math.
One more thing: About 30% of lenders will ask you to pay something toward the deficiency even in a short sale. Don't panic. Negotiate. I've gotten deficiencies reduced from $18,000 to $2,500 with one phone call. Everything is negotiable when they're staring at a repo alternative.
Option #3: Loan Modification/Forbearance (If You Want to KEEP It)
What It Is:
Negotiate with lender to modify loan terms: lower payment, extended term, or temporary pause.
Options Include:
- Forbearance: Pause payments for 3-6 months
- Term Extension: Stretch loan from 15 to 20 years
- Rate Reduction: Lower interest rate (rare)
- Principal Reduction: Forgive part of balance (very rare)
Who It's For:
Only if you genuinely want to keep the RV AND your financial situation is temporarily bad but improving.
Option #4: Refinance with Different Lender
What It Is:
Find new lender to pay off current loan with better terms.
Requirements:
- Credit score 680+ (hard to get if behind)
- RV worth at least 80% of loan amount
- Stable income
- Current on payments (or barely behind)
Reality Check:
If you're underwater and behind, this rarely works. But worth checking if credit is still decent.
Option #5: Voluntary Surrender (Strategic Exit)
What It Is:
You give the RV back to lender voluntarily, avoiding repo costs.
The Smart Way:
- Negotiate deficiency BEFORE surrender
- Get settlement in writing
- Offer to pay 20-30% of expected deficiency
- Surrender RV
- Pay agreed settlement
Never Just "Drop It Off":
Always negotiate terms first. Lenders will often settle for pennies on the dollar to avoid hassle.
Option #6: Let Them Repo It (WORST - Never Do This)
Why This Is Financial Suicide:
- They take your RV
- Auction it for 50% below value
- You STILL owe $35,000-45,000
- They can sue you
- Garnish 25% of wages
- Put lien on house
- 7 years credit destruction
NEVER, EVER, EVER just let them repo it.
Option #7: Bankruptcy (Nuclear Option)
When It Makes Sense:
- Total debt over $50,000 (not just RV)
- Facing multiple lawsuits
- Medical debt crushing you
- No assets to protect
The Cost:
- 10 years on credit report
- Can't get mortgage for 2-4 years
- Some jobs won't hire you
- Predatory loan rates for years
Bottom Line: For RV-only debt, usually overkill. Consult bankruptcy attorney for your situation.
Need Help Figuring Out Your Best Option?
I get it—this is a lot to process when you're already stressed. Let's talk through your specific situation and figure out the best path forward. No pressure, no judgment, just honest advice from someone who's been doing this for 25 years.
Call Frank: 863-450-4915Available 7 days/week | Hablamos Español
Part 3: Creative Solutions Most People Don't Know
Dealers won't tell you. Lenders won't suggest them. But they're LEGAL, they WORK, and they can get you out with minimal damage.
Solution #1: Lease Assumption (Find Someone to Take Over Payments)
Transfer the Problem to Someone Who Actually Wants It
You find someone who WANTS your RV and is willing to take over your payments.
They get: The RV, your payment terms, no new loan needed
You get: OUT of payments and obligation
Credit Impact: 0 to -30 points if done formally
Where to Find Takers:
- Facebook "RV Buy & Sell" groups
- Swapalease.com
- Friends/family who rent RVs
- Small RV rental businesses
Solution #2: 401k Loan Strategy
The Math That Saves You $82,000
Borrow $18,000 from your 401k:
- 5% interest (paid to yourself)
- 5-year term
- Monthly payment: $340
Compare:
- Current RV costs: $1,708/month
- 401k repayment: $340/month
- Monthly savings: $1,368
- 5-year savings: $82,080
The $18k loan SAVES you $82,000 over 5 years.
Frank's Take: The Biggest Regret I See Over and Over
You know what haunts people more than taking money from their 401k? Waiting too long to act.
I've sat across from couples who burned through $40,000 in payments over 18 months - money they'll never get back - because they kept hoping things would "get better." They waited until they were so far behind that their only option was voluntary surrender or bankruptcy.
That $40,000 could have paid off the gap twice over. Instead, it went to interest payments on a depreciating asset they never used.
Here's the brutal truth: Every month you wait, your options get worse and more expensive. The RV keeps depreciating. You keep paying interest on money you don't have. Your credit takes more hits. And the emotional toll? That's the real cost nobody talks about.
If you're reading this at 2 AM doing the math for the hundredth time, you already know what you need to do. The only question is: Will you do it today, or will you wait another six months and wish you'd acted now?
Solution #3: Co-Signer Release or Loan Transfer Strategy
Transfer Your Underwater Loan to Someone Who Can Afford It
This lesser-known option works when you find someone willing to take over your RV and loan obligation - essentially stepping into your shoes. Some lenders allow "assumption" of existing loans if the new borrower qualifies.
How It Works:
- Find a qualified buyer who wants your RV and can handle the payments
- Contact your lender's loan servicing department and ask: "Do you allow loan assumptions?"
- New buyer applies for credit approval (they need decent credit and income)
- If approved, lender transfers loan to new buyer's name
- You're released from obligation (once transfer is complete)
Why This Works:
- Buyer gets your interest rate - If your rate is lower than current rates, this is attractive
- No gap money needed - They're taking over the full loan balance
- Faster than traditional sale - No need to coordinate payoff timing
- You walk away clean - Once approved, you're out of the loan
Who This Works For:
- Friends or family members who've always wanted an RV
- Younger buyers who can't qualify for new financing at current rates
- People who want your specific RV model/features
- Buyers who appreciate assuming a "seasoned" loan with payment history
Reality Check: Not all lenders allow loan assumptions, and those that do have strict credit requirements. But it's worth asking - I've seen this work about 25% of the time when the buyer has solid credit and income.
Key Question to Ask Your Lender: "Does your institution allow loan assumptions? What are the qualification requirements and fees?"
Part 4: How to Stop a Repossession
🚨 EMERGENCY: If You Got a Repo Notice
If you received a repo notice, you're in DEFCON 1. But it's NOT over.
The 72-Hour Emergency Response
What To Do The Moment You Get The Notice
→ When was notice dated?
→ How much do they want?
→ What's your realistic plan?
"I received your repo notice. I want to work with you to avoid repossession. I have three options to discuss..."
A) Emergency cash
B) Emergency sale
C) Negotiate surrender
Your Rights Under Florida Law
What They CAN and CANNOT Do
They CAN:
- Come to your property after notice period
- Come at night (3 AM is common)
- Take from storage facility
- Take from street parking
They CANNOT:
- Break into locked garage
- Physically move or threaten you
- Take it if you're inside
- Damage property to get it
Part 5: Negotiating With Your Lender
What Lenders Actually Want (Not What You Think)
What You THINK They Want:
- To punish you
- To destroy your credit
- To make your life hell
What They ACTUALLY Want:
- To minimize their loss
- To avoid repo costs
- To close your file
- To avoid legal issues
THE OPPORTUNITY: Show them how YOUR proposal saves THEM money.
The 5-Step Negotiation Process
Ask for "Loss Mitigation" or "Workout Department" - they have authority
"I'm not calling to make excuses. I want to resolve this in a way that works for both of us."
State facts: What you owe, what it's worth, why you can't pay
Show them the math - how your proposal saves them money
NEVER accept verbal agreements - always get email confirmation
Part 6: Protecting Yourself - Safety & Scams
Avoiding Scams When You're Desperate
⚠️ Scammers Target People Behind on Payments
Scammers specifically target people who are behind on payments because they know you're vulnerable and desperate. Here are the red flags to watch for:
Common Scams to Avoid:
- "We'll take over your payments" schemes: These rarely work legally and often make things worse. You remain liable for the loan.
- Buyers who want to "rent to own": You remain liable while they use your RV. If they stop paying, you're stuck with the payments AND trying to get your RV back.
- Anyone asking you to sign title before payment clears: Never, ever do this. Once you sign over the title, you have no leverage.
- Lowball "cash offers" that keep dropping: Classic negotiation tactic to exploit desperation. They offer $50k, then at closing say "actually I can only do $42k, take it or leave it."
- "We'll fix your credit" promises: Only time and paid debts fix credit. Anyone promising instant credit repair is lying.
- Buyers who won't meet in person: "Ship it to me and I'll wire the money" = scam 99% of the time.
Safe Payment Methods
✅ Only Accept These Payment Methods
For a transaction this large, only accept:
Verified and cleared through title company or your bank. Irreversible once cleared. Have buyer wire funds to title company, not directly to you.
Verify authenticity with the issuing bank BEFORE releasing the RV. Call the bank directly (don't use number on check) and confirm it's legitimate.
Only if meeting at a bank, and count it with bank staff present. For amounts over $10,000, the bank will file a Currency Transaction Report (normal procedure).
❌ NEVER Accept:
- Personal checks (can bounce after you release RV)
- Money orders (easily counterfeited)
- Payment apps like Venmo/Zelle for large amounts (can be reversed)
- "Certified" checks you can't verify with the bank
- Any payment method where you release the RV before funds are cleared and verified
Get Everything in Writing
📝 Document Every Agreement
Every agreement, every promise, every term needs to be documented. Verbal agreements mean nothing if things go wrong.
Required Documentation:
- Purchase agreement with buyer - Include VIN, sale price, payment method, closing date
- Payoff amount from lender - Get in writing with expiration date
- Forbearance agreement (if applicable) - Lender's promise to hold off on repossession
- Short sale approval (if applicable) - Must include deficiency waiver
- Bill of sale - Proof of transaction for both parties
- Title transfer documents - Handled by title company or DMV
Pro tip: Use a title company or escrow service for transactions over $20,000. They handle all the paperwork, verify funds, and ensure proper title transfer. Cost is typically $200-400 and worth every penny for peace of mind.
Part 8: Your Action Plan by Situation
Find your situation, follow your plan.
IF YOU'RE CURRENT BUT CAN'T AFFORD IT ANYMORE
Your Advantage: Good credit, time, leverage
DON'T WAIT until you're behind. Act NOW while you have leverage.
IF YOU'RE 30-60 DAYS BEHIND
Your Situation: Time is tight but not critical
IF YOU GOT THE REPO NOTICE
EMERGENCY MODE - Act in next 72 hours
YOU'RE GOING TO BE OKAY
If you've read this entire guide, you're exhausted. I know. This is heavy stuff.
But here's what I want you to know:
I've helped over 200 people in your exact situation. Some were worse off. All got out.
Every single one.
The Truth About Credit Scores
Your credit score will recover.
- 18 months from now: Back at 650
- 2 years: 680
- 3 years: 720
Your credit score is not your identity.
Your credit score is a number that changes.
What doesn't change: The peace you'll feel when free.
Your Action Item RIGHT NOW
Close this guide.
Open your phone.
Make ONE call today.
→ Your lender (if doing short sale)
→ Family member (if asking for help)
→ Me (if you need help): 863-450-4915
→ Attorney (if bankruptcy)
One call. Today. You've got this.
Frequently Asked Questions
Can I sell my RV if I'm behind on payments?
Yes, absolutely. You can sell your RV even when you're behind on payments. You just need to coordinate with your lender to ensure the loan is paid off at closing. The key is acting quickly before they repossess it.
How much time do I have before repossession in Florida?
In Florida, lenders can legally repossess your RV once you're in default (typically after 90 days of missed payments) without advance notice. However, every lender is different, and some start repossession proceedings sooner or later. If you've received a "final notice," you likely have 10-30 days at most.
What happens if I owe more than my RV is worth?
This is called being "upside down" or having negative equity. You have several options: (1) cover the difference yourself, (2) negotiate a short sale with your lender, (3) borrow the difference from family/friends, or (4) consider voluntary surrender if you absolutely cannot make up the gap.
Will selling my RV hurt my credit?
If you sell your RV and pay off the loan completely, it actually helps your credit in the long run (paid loan = positive mark). The late payments you already have will impact your credit, but selling prevents a repossession from appearing on your credit report, which is much worse and stays for 7 years.
Can I negotiate with my lender to accept less than I owe?
Yes, this is called a "short sale." Lenders sometimes agree to accept less than the full payoff amount if you can prove financial hardship and show them it's better than the repossession/auction alternative. You'll need a solid offer from a buyer and documentation of your hardship.
How long does it take to sell an RV when time is running out?
With aggressive pricing and good marketing, you can sell an RV in 2-6 weeks. If you need to sell faster, pricing at 85-90% of market value and listing everywhere simultaneously can sometimes generate offers within 7-14 days. The key is professional photos, honest descriptions, and filtering for serious buyers only.
Should I tell potential buyers I'm behind on payments?
You don't need to lead with this information, but you should be honest about needing a fast sale. Many buyers actually appreciate the transparency and are willing to move quickly to get a good deal. Just avoid appearing desperate in your listing or negotiations – focus on the value of the RV itself.
What's the difference between voluntary surrender and repossession?
Voluntary surrender means you contact your lender and arrange to return the RV on your own terms. Repossession means they take it without your cooperation. Voluntary surrender typically results in lower fees, slightly better credit impact, and more dignity. However, both still result in owing a deficiency balance if the auction doesn't cover your loan.
Can the lender take my RV from my locked garage?
No. In Florida, repossession agents cannot "breach the peace," which means they cannot break into locked buildings, use force, or threaten you. However, if your RV is in an unlocked driveway, carport, or storage facility, they can take it without your permission or advance notice.
Do I need a lawyer to sell my RV when behind on payments?
For a straightforward sale, you usually don't need a lawyer. However, consider consulting one if: (1) you're negotiating a short sale, (2) the lender is threatening legal action, (3) you're considering bankruptcy, or (4) there's a dispute about the condition or value of the RV. Using a title company or escrow service for the actual sale is highly recommended.
Reference & Contact Information
📞 Easy Escapes RV - Your Florida RV Specialist
Phone: 863-450-4915
Email: [email protected]
Website: easyescapesrv.com
Location: Clearwater, Florida
Service Area: Serving all of Florida
Availability: 7 days a week
Languages: English & Spanish (Hablamos Español)
Experience: 25 years in the Florida RV business | Former Florida Licensed Dealer | 4.7 Google Rating
🔗 Helpful Florida Resources
RV Valuation:
Florida DMV & Title Information:
Legal Assistance: