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Old 08-02-2009, 07:30 PM   #1
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U.S. Bank, well, I should have paid cash.

I am reluctant to post this because many folks do not read the original post before replying. Read it all and assume nothing.

Here's the deal...I purchased my 5th wheel 13 months ago from a very good dealer. The good dealer got us financed with U.S. Bank. That's nice.

Fast forward. I was laid off April 17, 2009. Fast forward. The Christian School where my wife was a music teacher closed, giving her 1/2 of her final paycheck. They are broke, in the hole and are selling off all the desks and school materials. They're gone forever. And the wife can't draw unemployment because as a non-profit they were not required to pay into the system.

We now live in a paid for house but we owe $22,000 on the 5th wheel. We live on $350 a week, that's my UI check.

So I call U.S. Bank, and I suggest that since I am still current, we move to a deal where I pay the interest each month, the principle balance remains constant and when I get re-employed, I pick up regular payments again. I keep the trailer, the bank makes even more money than they originally planned and every body is happy.

There response: "NO!"

I explain that a local bank did this for me back in 1982, it is legal, banks do it all the time, and you will make more money this way.

There response: "NO!"

There plan is to beat me over the head "with the contract I willingly signed" and if I should default, then they repo the trailer, sell it at auction and sue me for the difference. Nice. Remember I am current with my payments, not past due on anything (yet)

So I called the reputable dealer and spoke to the owner. Told him all about how U.S. Bank will not work with a customer, even when he is current. And then I suggested that there may soon be an almost new Rockwood 8280SS at auction for say, $10K to $14K at best, so the bank will then be in the RV business competing WITH HIS DEALERSHIP at prices he can't get anywhere near. He was pretty livid about it, since his finance group sold me the loan. And he doesn't like competing with re-po lots. So he said he'd give several folks at U.S Bank a call and read them the riot act, since he sells 50 units a week and 25% of them fiance with U.S. Bank.

Compare this with my local credit union who has the loan on the truck. The loan officer took a lot of notes, noted I STILL have my 755 credit rating, and said she would take this up with "the loan committee" with the assurance that while they might not bite on the "interest only for a while" scheme, they almost always figure out a way to reduce a note for a pro-active customer with good credit.

So when you get the itch to get that next new RV, use your local credit union. Stay away from big brainless banks, and U.S. Bank in particular.

Because when you are down, U.S. Bank will not help you, even if it's in their own best interest.
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Old 08-02-2009, 07:57 PM   #2
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I'm really sorry to read about your camper financing. It's almost like mortgage payments...banks seem to prefer to see someone loose their house for not being able to make their monthly payment rather than working with the customer to get a monthly payment they can afford. For your sake, I hope you can get the financing worked out for your camper and you get/find employment soon.
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Old 08-02-2009, 10:05 PM   #3
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dang Wade that SUCKS big time

We had financed our rig through USB on a 12 year note and they were a PITA to deal with so we ended up paying them off in 4 (I think). Hindsite being what it is we should have used our credit union Randolf Brooks FCU as we have financed all but our house through them. I hope your CU and get something worked our for you.
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Old 08-02-2009, 10:41 PM   #4
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What gets my goat is that if they did it MY way, they'd make $1000 to $2000 more than the original contract. I had a bank do this for me back in 1982, which was a worse recession that this (yet) and my large bank let me pay interest only for 6 months. The car note went from $219 to $35 and that really helped!

And they got all their money, more, and I kept the car, no ding on my credit.

Stupid, stupid bank.
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Old 08-03-2009, 10:20 AM   #5
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US Bank sucks! I have had problems with them in the past. So I just took my money and went some where else.
The problem with US Bank is that they think we are here to service them.
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Old 08-03-2009, 11:39 AM   #6
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Thanks Radio for that info. Our SV233T is financed through U.S. Bank as offered by the dealer 2 years ago. I didn't even consider my credit union......DUH !
If a institution won't work with you or anyone (I know of two people personally who have similar trouble) then they don't deserve any future business. Your info has caused me to look at my credit union to refinance our 233T and get away from U.S. Bank...Thanks.

Jim
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Old 08-03-2009, 07:14 PM   #7
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Good info Radio. We too are financed through USB. I checked with both my CUs and they couldn't even come close to the intrest rate that USB offered and I have an 825 rating! Laugh is on them though as I intend to pay off our MH in 8 years not the 20 we are contracted for.
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Old 08-03-2009, 08:19 PM   #8
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Quote:
Originally Posted by JimChow View Post
Thanks Radio for that info. ........ Your info has caused me to look at my credit union to refinance our 233T and get away from U.S. Bank...Thanks.

Jim
Yeah, that's sort of the idea of posting in the first place.
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Old 08-04-2009, 07:37 AM   #9
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Saw a US bank commercial on TV last night.
It had paper airplanes with the US bank logo on them just
flying everywhere and landing on smiling people.
What could be wrong with that??
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Old 08-04-2009, 01:11 PM   #10
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Quote:
Originally Posted by KyDan View Post
Saw a US bank commercial on TV last night.
It had paper airplanes with the US bank logo on them just
flying everywhere and landing on smiling people.
What could be wrong with that??
Did they show all those people who got hit in the eye with one of those things?
Who's gonna sweep up all those things out of the street?
Oh, I could get a job with federal stimulus money to clean up the banks mess!

Nevermind....that's been done already.

Yeah, I'm nursing a bit of a 'tude about US Bank. The only person I do business with that I allow to cause me pain is my dentist. Not mindless financial institutions.
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