Voluntary repo of RV
My husband and I currently are paying on a 2023 KZ sportsman. The original loan was around $48,000 and i believe we still owe around $43,000. We’ve owned it for coming up on 3 years and have been living in it full time since. However, we just had a baby and we have a dog. We want to live in an apartment, but can’t afford the $600 monthly rv note in addition to the 12-1300 monthly rent for an apartment. Selling it to an rv dealer and paying the rest isn’t an option because we don’t have 20k sitting in the bank to outright pay the deficit balance and we won’t be able to qualify for a personal loan for it either. So we’re exploring the option of a voluntary repo. We know the credit hit it’ll have, and we have decided that we are okay with that as we are not planning to do anything with our credit for 7 years at least. However, I am very scared that the lender could sue us or take us to court for the remaining balance after it gets repoed, and obviously we wouldn’t be able to pay it since the remaining balance will probably be around 20-30k. Right now we pay $600 for rv note and $700 for rv park spot, so if didn’t have the rv we could afford an apartment. How often do rv lenders garnish wages or take you to court? If the deficiency balance gets sold to a collection agency, could we negotiate a low monthly payemt, ideally something cheaper than what we are already paying as a monthly rv note payment of $600? Would this be a good idea or would we be making a bad decision for ourselves?
Edit: definitely seems like a repo is not the best idea, so another question. Would spending 2k on rent a month (apartment rent + rv note) on a $1,000 weekly income with a baby be okay? Our CC debt is maybe $250 a month, $600 a month on groceries. Or should we stick it out in this rv until we make more money?