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Old 03-04-2014, 06:42 PM   #11
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Actually, no I'm not. But it does speak volumes of your character that you find it humorous that some of us here on the forums don't have the ability to pay off a $20+K RV in 3 years.
Dustman:
I'm sorry that's what you think of my character, but if you read my posts CAREFULLY, and realize that there are TWO of them, not one, I did NOT find it humorous that you couldn't pay off a $20K RV in 3 yrs (although I think you should - that's why I'm not driving a $150K MH or even a $50K Class C).

What I found humorous is that in 2014 someone would finance an RV at $249/month for 180 months (that's 15 YEARS, BTW). Imagine how long they'd be underwater on this kind of a loan. All they need to do is lose their job next week or next month, or next year and it's all over. And while people might convince themselves that they'll just pay it off early, for many folks, it never works out. Another kid comes along, the family car needs repair, Billy need braces, etc. This is the kind of smarts that got us into the home financing bubble that burst in 2008, ruined the pensions of probably a lot of the folks on this forum, and drove us into a recession that we're STILL not out of. Haven't we learned ANYTHING in the last 5 years?

That's the kind of CHARACTER that I'm not too thrilled with. I hope you're not one of them.
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Old 03-04-2014, 08:02 PM   #12
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how stupid I must be for just buying a 5th wheel at 308 a month for 15 years.
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Old 03-04-2014, 08:20 PM   #13
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I've been in that situation twice, and posted such earlier. Just feel that how everyone decided to use that credit is their business, not anyone elses. I know I will be upside down in my camper for awhile, even though I put down 8k. I'm OK with that though, because it brings so much happiness to me and my family. You can't put a price tag on family memories.
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Old 03-04-2014, 08:37 PM   #14
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We have not had any issues with our RV dealer..... The salesman, the finance man, the service manager, the sales manager and the owner is all the same person................ Actually our dealer has 3 employees total......

As far as tags it will vary from dealer to dealer & state to state..... I took the paperwork that the dealer wrote up to DMV & got the tags same day. The dealer is not set up to do it. But no charge to write up the papers or dealer prep charges.....
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Old 03-05-2014, 08:59 AM   #15
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Dustman:
I'm sorry that's what you think of my character, but if you read my posts CAREFULLY, and realize that there are TWO of them, not one, I did NOT find it humorous that you couldn't pay off a $20K RV in 3 yrs (although I think you should - that's why I'm not driving a $150K MH or even a $50K Class C).

What I found humorous is that in 2014 someone would finance an RV at $249/month for 180 months (that's 15 YEARS, BTW). Imagine how long they'd be underwater on this kind of a loan. All they need to do is lose their job next week or next month, or next year and it's all over. And while people might convince themselves that they'll just pay it off early, for many folks, it never works out. Another kid comes along, the family car needs repair, Billy need braces, etc. This is the kind of smarts that got us into the home financing bubble that burst in 2008, ruined the pensions of probably a lot of the folks on this forum, and drove us into a recession that we're STILL not out of. Haven't we learned ANYTHING in the last 5 years?

That's the kind of CHARACTER that I'm not too thrilled with. I hope you're not one of them.
My understanding of the housing bubble is that it was primarily caused by investors and those banking on the appreciation of a home in a given market. When those homes didn't appreciate, and even depreciated greatly in most cases, they defaulted. Didn't help that many of the loans were balloon notes or interest only- guaranteed to send one into default in any scenario but the best case. People foolishly purchasing on variable rate loans or with teaser rates didn't help, either. With that said, your method of financing is very risky IMO- to finance short term with very high payments. Seems logical that if one were to lose a job, they'd be in much better condition if they financed long term and had lower payments. All of the scenarios you listed above would be much more difficult for me to manage with a short term high payment loan than a long term low payment one. Like has already been stated, you can pay extra toward the principal. So, what have I learned in the past five years? 1. Work on keeping debt to income ratio low -read, finance longer with lower payments. 2. NEVER finance anything with a variable interest rate or teaser rate . 3. Work hard on getting the best deals. Every dime you save over what the average guy would pay is like a free down payment in my book. 4. NEVER trust anyone else when it comes to your credit- this is where the OP almost messed up big time. 5. NEVER look at anything financial as a guarantee. I live life for today and try to spend as much time with my kids as possible. I can't imagine how the millions of Americans that have sacrificed their entire lives(and when I say sacrifice I mean in every way, such as time with family) banking on their retirement felt as they watched it all vanish.
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Old 03-05-2014, 09:01 AM   #16
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i'm ok with that though, because it brings so much happiness to me and my family. You can't put a price tag on family memories.
amen!!!!
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Old 03-05-2014, 09:19 AM   #17
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Here is another thought on a 15 year loan. As a rule we get pay increases every year, therefore after a few years the payment does not take as big a portion of your budget as it did to begin with.
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Old 03-05-2014, 09:35 AM   #18
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Here is another thought on a 15 year loan. As a rule we get pay increases every year, therefore after a few years the payment does not take as big a portion of your budget as it did to begin with.

That's why I prefer the way we do mortgages north of the border. Only 5 year loans, but on 20-25 year amortizations. We don't lock in the same payment for 35+ years like I hear they do south of the border.

The key to the amortization approach though is to not get locked into paying the loan forever. I've seen a lot of people who take a 25 year amortization, then 5 years later when they're renewing, take another 25 year one. They're never going to get ahead that way. That's why at the end of our term I'll need to make sure the next one is only a 15 year. (We're on a 20 year right now).
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Old 03-05-2014, 09:41 AM   #19
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I am paying $550 for 15 years. I am way in over my head. But love having my RV to play in. Kids will grow up with memories of Glamis, the river.....It is what it is. Close eyes jump in. The water is fine.
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Old 03-05-2014, 10:01 AM   #20
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I suppose, after further thought, my take is similar to some of yours. I see WAY too many people sacrifice their children's present in anticipation of their future. We aren't guaranteed tomorrow- and you've raised one heck of a sorry kid(or you're one heck of a sorry parent- or maybe both) if they prefer your money to your time. Hopefully this doesn't offend anyone- it is just my opinion, and you know what they say about those.
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