Advice about selling a static caravan with HP

philc_rs4

Hi All,

Basically I have a caravan on a site in North Wales which I can no longer afford because the site fees are atronomical and I'm finding it hard to keep up the monthly payments so I want to sell it. The problem is the site unbeknown to me at the time put a huge mark up on the price of the caravan so my outstanding finance is a lot higher than the current value of the van.

I have 3 options:

1. I can sell it on site but they will take a 15% cut and a lot of people are being put off by the site fees plus I'd still need to make enough to pay off the finance.

2. I can remove it from site so I no longer have to pay site fees and then try and sell it privately. The problem with this is I'd need to clear the finance before selling and I would be lucky to get half of the amount owed on finance.

3. I can sell it to a trader but again the amount they would offer would fall way short of the finance outstanding.

Has anyone else found themselves in a similar position and if so how did you resolve it?

zppp

The problem with HP is that you have to obtain permission from the finance company to sell the asset, because you do not own it until the conclusion of your HP agreement. I think you need to check this first, because if you cannot sell it because they won't allow it, you can only look at surrendering or continuing the agreement if you cannot afford the repayments.

andy.m_2

This may be an obvious question, but have you talked to the site management?

philc_rs4

The site will not buy the caravan back and the finance company have said I can sell it as long as I then pay off the full balance within 3 days.

The main issue is the original price I paid was way above the vendors price so if I sell privately I will still have to find around half of the outstanding finance. If I had realised at the time that the site mark all new vans up by around 20% then I never would have bought it.

madjay

The Problem is that most static caravans are marked up over 35% of the retail value. The increase in site fee do not help. You need to check your contract if you take it off site you be charge by the site owner and there will be also removal charge. It does help you but Static caravan loss their value very quickly due to New updated models coming out each year. I am sorry to say but there is no way of selling your caravan and covering the cost of the finance.

p00

Are you on Haven?

We have a van which we have been trying to sell for a while now but the fees involved put poeple off. We were told that Haven were not going to buy any vans back and due to complications of the site fees not being able to be passed onto the new owners so they would have had to find them also pro rata we lost three sales.

We found the option of removing then trying to sell not viable as where do you put your van in the mean time and a lot of people wont buy off site as they cant find a site to then take them on.

The fees for next year are ridiculous so if we have to we will sell to a trader and cut our losses.

We are fortunate not to have finance on ours but still face a massive loss - a lesson learned.

Not same as you but I wish you luck with selling it and covering your costs.

xxp00

KingElvis

Don't you let these things out over the summer months when you're not using it to cover the costs of the site fees etc?

We've been to Haven a few times and I disliked it but the kids love it. Those huge site fees have to pay for Bradley Bear you know.

philc_rs4

No not on Haven and the site won't allow you to rent out your van.
I think it's looking like either I continue to take the hit or I sell to a trader and cut my losses but still need to clear the finance first some how

[Deleted User]

How much would it cost to "settle" the HP? and at what APR is the Hp?
Thinking maybe you could re-finance via a personal loan?
As for site fees try and negotiate with the site owners,they must be losing alot of tenants atm as people ditch luxuries like caravans when times get tough.