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Old 03-03-2016, 06:01 PM   #21
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Glad it worked out. I have Bank of the West as well. I can't get over the dealer being prepared to let the RV go without financing secured. When I was in RV sales a finance manager released a new unit (albeit with no trade) to a customer with the financing still up in the air and almost got fired for it. Financing did end up going through, but if it had not the dealership would have had major problems: locate the buyer/RV, establish dealer ownership, secure return and then, would we possess a new or used RV?
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Old 03-03-2016, 07:28 PM   #22
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Interest and principal can fluctuate month to month depending on the number of days between each posting.
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Old 03-04-2016, 01:43 PM   #23
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A little confusing. If you are financing with the dealer your loan will not be funded until you sign the bank contract with the dealer. You have no worries. I assume part of your loan will include the payoff on your trade. This is just a normal transaction. There is no way any funding can take place until you take delivery and simultaneously sign the bank contract (note). Perhaps you are not stating your concern clearly.
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Old 03-04-2016, 02:48 PM   #24
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Trade before Loan

Please read the comments, if your first loan falls through the dealer has your trailer and WILL find you a loan probably at a higher interest rate. All dealers get a kickback from loan companies. Many dealers add prep, extended warranty and documentation fees to get back to the MSRP, you just lost the 10% below MSRP and your trade in value.
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Old 03-04-2016, 03:01 PM   #25
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Your scenario is not plausible. Nothing is going to happen until you sign the finance agreement at which time you get to see that the payments and terms are as agreed. Only after this will you take delivery of the new and surrender you trade. Your first loan will not fall through as no dealer is going to allow you to take delivery of your new unit until he has approval from the bank. Maybe I'm missing something here or you are both not clear in what you are saying. This is relatively common transaction carried out by thousands of people every day in the automobile industry as well.
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Old 03-04-2016, 08:07 PM   #26
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I took this as he had not been approved yet...

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Old 03-07-2016, 12:38 AM   #27
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Guys, I asked the simple question 4 days into the work week "Is the loan funded by the bank" The F&I person seemed to understand this and said "no, we have not heard yet". I took this to mean that the bank had not yet agreed to the loan.
I was called later in the day and told "the loan has been funded", by which I understood that the bank had agreed to the loan.

I had already signed that super long yellow form which stated the facts of the deal. I was in when when we made the deal and signed all the paperwork last Saturday. Once the bank agreed, I was ready to finish the deal by signing over the trade and did so on this past Friday. I would not have signed over the title if the loan had not been funded for all the reasons others have mentioned.

We went camping this past week-end and had a great time in our new trailer!

Thanks to everyone for their comments.
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Old 03-07-2016, 07:00 AM   #28
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a loan being approved and being funded are not the same thing. Making this post impossible to follow and comment on, since you really don't know what one is referring too. The dealer sure won't let a unit go if loan isn't approved. Funding is when the money actually goes from bank to dealer, and that typically doesn't happen till after delivery, but since contract is done, it's guaranteed to come.
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Old 03-07-2016, 08:10 AM   #29
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It is done in the auto industry all the time. It is called a spot delivery. You go to a car dealer and buy a car and if you sign the contract that states it is a spot delivery that means you can take the car but the financing is not final. On the contract it will state this and will also state that the dealer has so many days to finalize financing and if they are not able to you agree to return the car and be liable for any damage. Check the back of your contract and see if it has a spot delivery clause.
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Old 03-07-2016, 01:05 PM   #30
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All the things I know nothing about in the wonderful world of finance! Thanks for the clarifications, I am just glad it all seems to have worked out!
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