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Old 02-28-2014, 12:26 PM   #1
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money- financing and credit hijacked thread

My favorite is at the RV show, when they have a giant sign on some huge rig "Only $249 a month" and then when you check the tiny print underneath it says for 180 months!!

I sure don't want to be paying on a 14 year old camper!

And most of these dealer finance departments seem a little shady. I would much rather deal with my own bank and sell the old unit myself. Takes a lot of the games out of the picture.
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Old 02-28-2014, 12:30 PM   #2
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My favorite is at the RV show, when they have a giant sign on some huge rig "Only $249 a month" and then when you check the tiny print underneath it says for 180 months!!

I sure don't want to be paying on a 14 year old camper!

And most of these dealer finance departments seem a little shady. I would much rather deal with my own bank and sell the old unit myself. Takes a lot of the games out of the picture.

The dealers (RV or Auto) don't do financing anymore. All they'll do is set you up with a bank.
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Old 02-28-2014, 01:17 PM   #3
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The dealers (RV or Auto) don't do financing anymore. All they'll do is set you up with a bank.
Right, but you aren't dealing directly with the bank. I've seen all kinds of under-handed stuff. How do you even know if they are setting you up with the bank that offered the best rate? They can shoot your app to 10 places and then give you the best rate or give you the papers from the bank that pays them highest commission. Most dealers make much higher profit margins on financing, extended warranties, and other add-ons than what they make on the unit itself.

If you use dealer financing, its no different than buying the unit. Have another price to bargain with. If you have a rate from your own bank, then tell them you will give them a shot at finanacing, but don't tell them up front what the rate is you already have. Try to make them put their best offer out there.
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Old 02-28-2014, 05:55 PM   #4
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Wow. I'd be camping in a royal piece of crap if it was cheap enough for me to pay for in 3 years.
So you must be the guy paying $249 for 180 months!
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Old 02-28-2014, 06:10 PM   #5
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So you must be the guy paying $249 for 180 months!
You are wrong, it's $249.99! Just kidding! But I don't even finance cars for 3 years, they're too expensive! unless it's a Coleman Tent with the Sears credit card!

Seriusly now, my bank did offer us a great interest in our unit for 5 years.
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Old 03-01-2014, 03:37 PM   #6
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It's always best to have your financing lined up before you go shopping. I did my home work and got prior approval before we started looking. Then when we found the right one, we gave the salesman a bottom line figure and told him the deal had to meet or beat that amount. They did and we are happy.
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Old 03-02-2014, 10:06 AM   #7
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We had a car dealer that was doing this and Attorney General got involved along with GM and lots of people ended up with bad credit. Dealer went out of business and owner didn't seem to be hurt by it in the least. I will not ever trade anything in unless its paid off, but even then a friend, that owns a car dealership, told me to sell outright you can make more on the vehicle. Dealers have to get the trade for less than its worth so they can afford to let it sit on their lot. This practice you speak of is all to common but is shady and can be detrimental to you.
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Old 03-02-2014, 10:20 PM   #8
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In this economy when jobs suddenly disappear, I advise my kids to finance a vehicle or home for more months than is necessary (if the interest is the same & there are no prepayment penalties). You can pay what ever you wish above the required payment & should the income take a sudden hit before it is paid off; you are ahead & your monthly obligation is less. I feel this allows more flexibility to manage the situation verses maxing the budget for 3 or 4 years (maybe instead of 5 or 6) & getting laid off in 2 years.
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Old 03-04-2014, 09:08 AM   #9
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So you must be the guy paying $249 for 180 months!
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.
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Old 03-04-2014, 09:09 AM   #10
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In this economy when jobs suddenly disappear, I advise my kids to finance a vehicle or home for more months than is necessary (if the interest is the same & there are no prepayment penalties). You can pay what ever you wish above the required payment & should the income take a sudden hit before it is paid off; you are ahead & your monthly obligation is less. I feel this allows more flexibility to manage the situation verses maxing the budget for 3 or 4 years (maybe instead of 5 or 6) & getting laid off in 2 years.
Exactly. With interest rates as low as they are today, it is quite foolish to NOT do it this way, IMHO.
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