Good Sam rv loan / Bank of the West

Peter0525 · 03-14-2022, 06:18 PM

Decided to go though Good Sam to get a loan for my new camper. Horrible mistake. It’s been almost 7 weeks and still no loan. Credit is beyond excellent so that’s not the problem. I waited 3 weeks befor calling and nagging to find out they hadn’t done anything with the info I sent. I now feel I need to call and sit on hold for 30min each time to ensure they are doing their jobs.

The interest rate is good, but it’s not worth the hassle/frustration it has caused me. I’d recommend avoiding them at all cost.

The loan is really through Essex Bank of the West. Good Sam just funnels the application to the, and then you deal with Bank of the west.

Maybe I’m ranting a bit, but hope I can avoid frustration for others.

elephantrider · 03-14-2022, 07:34 PM

I just made a purchase through bank of america finance. they were extremely efficient with pretty good rates.

FrankG · 03-14-2022, 08:44 PM

Check your local Credit Unions and Banks, Loan Rates are publicized. Make a appointment with a loan officer and within 15 minutes you will be accepted or turned down. That simple. BTW 20% down doesn't hurt either. Bring your signed purchase agreement with you. Rates will be going up next month! If Fuel price remain above $4.00 /gallon RV prices will soften as inventory grows and used RV prices will fall like a rock.

Most RV Dealers represent a variety of financial institutions capable of financing almost anyone, instantly, How did you get away?

Good Luck

Peter0525 · 03-15-2022, 05:43 AM

I’m not out of it. I’m stuck with these guys. I’m scheduled to pick the camper up Friday, but the bank can’t tell me if the loan will be done. The process started in January….

I called a couple local banks. One didn’t do RV loans, the other didn’t know and wanted me to call back later. At that point I figured it would be simpler to go with a bank specializing in rv loans. I was wrong….

aceinspp · 03-15-2022, 07:16 AM

I used USBank was approved in 3 days no hasell. Later RJD

Peter0525 · 03-15-2022, 07:22 AM

Quote:

Originally Posted by aceinspp

I used USBank was approved in 3 days no hasell. Later RJD

I was approved in under 24 hours. That’s the easy part. Lol….then it’s getting them to do the paperwork that is difficult. For some reason it took them 6 weeks to do the same paperwork that any car dealer does in 10 minutes.

GPs37FLH · 03-15-2022, 07:40 AM

When we got ours in May of 2020, I too was wanting to use Good Sam's financing because they had some great rates. I was firm with the dealership that I wanted to use Good Sam's for financing, but they said they'd match the rate I was quoted with financing from another Bank. The dealership had relationships with several institutions and matched us up with US Bank at the same rate. Have had no issues with US Bank and they were very responsive with our loan.

merchjo · 03-17-2022, 07:00 AM

We used Bank of the West to finance our trailer through the dealer and was approved in 5 min and the dealer had all the paperwork the week between of signing the deal and the following weekend we picked it up.

I bought a motorcycle recently and did not finance through a dealer. I know it puts alot more responsibility on you to follow up to get the loan paperwork done. Even still it only took them a day to get it done.

Maybe talk to a supervisor or something? If you have not signed the loan, there is no reason you can't go with someone else so talk to your dealer, they may help you.

LJS1211 · 03-17-2022, 08:09 AM

We used Good Sam as well to purchase from an individual seller in August of 2020 and the approval came right away but the hassle and BS from Bank of the West lasted for almost 6 months. Took them 3 months to process the loan pay off the sellers note at their bank and then took almost another 3 months to register it in our state for us to get our new plates. And no matter what day or time I called it was always a minimum hour wait. The loan rate was 2.5% lower than banks or even my credit union but not sure it will ever be worth it.

Richy R · 03-17-2022, 08:21 AM

Quote:

Originally Posted by FrankG

Check your local Credit Unions and Banks, Loan Rates are publicized.

Credit Unions are owned by the members, not stockholders. Loan interest rates will be lower than the banks.

GPs37FLH · 03-17-2022, 08:31 AM

[QUOTE=Richy R;2709921]

Quote:

Originally Posted by FrankG

Check your local Credit Unions and Banks, Loan Rates are publicized. /QUOTE]

Credit Unions are owned by the members, not stockholders. Loan interest rates will be lower than the banks.

You definitely will get the best loan rates from a Credit Union. The problem is the majority do not do camper, boat, or any recreational vehicle loans, used or new. And, even though they will offer auto loans, the terms do not usually go beyond 60 months. So, there are limitations to the loan services a Credit Union can do for you versus a traditional Bank.

High Country Duramax · 03-17-2022, 08:38 AM

I used Good Sam to finance mine because of the longer terms and lower rates. After a couple years I moved the loan to my local bank. I didn’t have any issues and purchased from a dealer.

Randalpho · 03-17-2022, 10:24 AM

Quote:

Originally Posted by merchjo

We used Bank of the West to finance our trailer through the dealer and was approved in 5 min and the dealer had all the paperwork the week between of signing the deal and the following weekend we picked it up.

X2 Same here. Bought our new trailer last week at Camping World and they went through Bank of the West. Applied on a Friday and the following Friday we signed the paper work.

CaptnJohn · 03-17-2022, 10:30 AM

I’ve used US BANK twice and was approved within minutes. I don’t borrow much, the 2022 Montana with trade and cash loan was $15,052. Paid off now.

Reverse_snowbird · 03-17-2022, 10:35 AM

We got our loan through the dealer and were approved in a matter of minutes. We knew what the loan rate was at the credit union and Bank America beat their rate. The dealer compared rates at several banks and got us the lowest rate. I'd checked before we went to the dealer and they did get us the best rate.
The credit union didn't really want to do a loan on a mh, but the trailer we'd bought a few years earlier was easy to get. The dealer couldn't beat the credit union rate on the trailer.

TomatoMan · 03-17-2022, 10:42 AM

Original RV loan was Bank of the Wedt and went smoothly through the RV dealer. Then a year later did a home refi and pulled cash out to pay off RV loan. B of A sent them the pay of and according to tracking they received it but denied that happened. B of A put a stop pay on the first check and sent another this time sign receipt requested. Finally straightened out but what a hassle Bank of the West was to deal with.

D W · 03-17-2022, 10:49 AM

Quote:

Originally Posted by Peter0525

Decided to go though Good Sam to get a loan for my new camper. Horrible mistake. It’s been almost 7 weeks and still no loan. Credit is beyond excellent so that’s not the problem. I waited 3 weeks befor calling and nagging to find out they hadn’t done anything with the info I sent. I now feel I need to call and sit on hold for 30min each time to ensure they are doing their jobs.

The interest rate is good, but it’s not worth the hassle/frustration it has caused me. I’d recommend avoiding them at all cost.

The loan is really through Essex Bank of the West. Good Sam just funnels the application to the, and then you deal with Bank of the west.

Maybe I’m ranting a bit, but hope I can avoid frustration for others.

Oh my! 7 weeks and still no closing documents? There's something wrong with that picture. Our last loan application through our Credit Union was approved on-line in about 5 minutes and we had closing documents the next morning. Given your lender's performance thus far, it might be shades of things to come.

GreenImp · 03-17-2022, 01:31 PM

I had a flawless previous experience with Bank of the West (initiated through Costco Services). This was a pre-COVID, long distance, purchase from a private party. I later paid off and sold to a private party during the heat of COVID (mid 2021). I never had a single delay or problem with Bank of the West. Rates are always good with them. I'm guessing this is more of a COVID issue than an issue with Bank of the Wests business practices. There is a massive labor shortage going on across all industries.

bobkatz5 · 03-17-2022, 01:31 PM

I financed my 2015 cardinal through the dealer, within an hour I was approved for the loan via Bank of the West. On the other hand I will never deal with B of W again. We decided to pre pay our loan and began by sending a check for the monthly payment plus a large portion toward principal, mark the payment slip appropriately. While traveling received a phone call telling us we were delinquent since we missed a payment. Remember my check was far more than monthly payment, but we were delinquent. Long of the short, after many phone calls with a final call to the CEO of the bank did I get traction and get it cleared up. Needless to say we paid off the loan the following month. We don't have time or patients to deal with stupidity.
You may be better to find another provider.

SQROOT · 03-18-2022, 01:17 PM

Really? BOW is a really bad outfit if you don't live in a town with one to go and set with them. Dealer got us a loan with them and then I refinished thru local credit union and BOW would not send me the info I needed to have to complete. Took six months on the phone and registered letters, finally received a curious secure address that I could email to and get the info. Finally got it done. Warn about them always.

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