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Old 03-28-2009, 12:54 AM   #15
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If you have access to a credit union it will probably give you the best deal available. Right now trying to finance anything is a chore. In a short time you may find things easing up a bit, though.

Personally, I would wait if you can't get favorable terms now, or buy vintage for cash and get out your tools.

Wells tried to give me a home loan at 8% Two years ago. I got it at 5-5/8% at a local lender a few weeks later. They are off my list of potential lenders.

Rich
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Old 03-28-2009, 01:10 AM   #16
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Trying to finance a used A/S and my Bank(Wells Fargo), got me a loan for the full amount for 15 years, 13.8%, and a payment of 409.00 a month. Doesn't seem right. For that deal, maybe I should buy a new one.
Hi, you stated "got me a loan for the full amount....." does this mean that you are financing the full purchase price of the trailer? [no down payment] That in it'self would increase the loan percentage rate versus, maybe 20% down.
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Old 03-28-2009, 08:50 AM   #17
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The credit union wasen't much better as I wrote before. Essex requires 10% down.
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Old 03-28-2009, 12:14 PM   #18
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I finacned a new one in July 08 for 7.5%. They told me the rate would go up if I put down a deposit, something about a better rate if the total loan amount exceeded some threshold. So it ended up being 100% finance for a 15 year loan. Clearly I owe more than I could sell it for and probably will until year 13 or 14.

My thought process at the time was that with the interest deduction, if I could generate a 6% return or more on the money invested in the market, I'd end up better in the long run with the financing than paying cash. So far it's been a bad choice, but who knows what things will look like 10 years from now.
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Old 03-28-2009, 12:17 PM   #19
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I heard from the Airstream Rep. today(Saturday morning). He told me that the dealer is the best place to get local help with financing and suggested to push in that direction, which makes sense. The dealer I spoke to last week said rates are not good at this time and I might do better with a bank that I usually deal with for other banking needs. So, I guess to push the dealer to find better rates would be the way to go since my local bank is talking high rates too.
The rep. also said that AS will have something in place on financing sometime around mid May but warned (as he put on his saleman hat) that the 2008 units are getting bought up fast and that there won't be the same amount of good deals to be had.
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Old 03-28-2009, 12:20 PM   #20
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The credit union wasen't much better as I wrote before. Essex requires 10% down.
What term and interest rate were they talking about with the 10% down?
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Old 03-28-2009, 12:25 PM   #21
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I finacned a new one in July 08 for 7.5%. They told me the rate would go up if I put down a deposit, something about a better rate if the total loan amount exceeded some threshold. So it ended up being 100% finance for a 15 year loan. Clearly I owe more than I could sell it for and probably will until year 13 or 14.

My thought process at the time was that with the interest deduction, if I could generate a 6% return or more on the money invested in the market, I'd end up better in the long run with the financing than paying cash. So far it's been a bad choice, but who knows what things will look like 10 years from now.

That is interesting. Can you tell me more about who did the financing on your unit? I want to see what they offer in todays market.
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Old 03-28-2009, 01:24 PM   #22
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I originally financed ours in 2008 through our broker's bank (Schwab) and used a home equity loan on our house. The rate was around 4% (it started higher and kept dropping). Like 1cericks1, I didn't want to sell any stocks and could earn more keeping the stocks than I was paying in interest. We ended up paying off the line of credit because Schwab wanted me to get a new title policy when I added 5 acres to our land, but that has nothing to do with the principle of what we did to finance the trailer. Of course, loans were easy to get a year and more ago. If you have a brokerage account, usually there's a bank owned by the brokerage company and they may finance a trailer.

Mortgage rates are lower than they have been in at least 40 years, so the money is out there somewhere, perhaps from an online bank.

Certainly if Thor can lend $20 M to Camping World, they could set up their own financing unit like auto companies have done for years. If they want to sell RV's, they have to be creative and proactive. Financing can be a lucrative business. GMAC kept GM going for a long time.

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Old 03-28-2009, 02:02 PM   #23
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That is interesting. Can you tell me more about who did the financing on your unit? I want to see what they offer in todays market.
Yeah it's with Citizens Automobile Finance. I have a pretty solid credit score. The dealer from Windish RV in Denver Colorado arranged it.
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Old 03-28-2009, 02:30 PM   #24
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Gene,
I'll give that a try. I never thought about the broker angle.


1cericks1,
Thanks for that info.
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Old 03-28-2009, 06:31 PM   #25
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Thor GE financed mine at 7.25. Again like the poster above indicated...the interest is deductable so essentually as a second home deduction you are paying close to nothing in interest. Just finished my income tax return last week..
..seeing is believing


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Old 03-28-2009, 07:08 PM   #26
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We financed through our dealer. The loan is with Citizens Auto Financing.

BTW, use the second home interest deduction while you can, but don't count on it. The dips#!ts the stupid liberals (and I'm talking to anybody that voted for 'em) put in office last November are already talking about phasing out the interest deduction on first home mortgages. After hearing Mr. Obama's press conference last week when he talked about what he has to do to pay for all the crap he's already signed, I expect the second home mortgage interest deduction to go the way of the doe-doe quicker than you can say IRS.
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Old 03-28-2009, 08:14 PM   #27
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But those mortgage deductions are so people can buy houses and, therefore, are social engineering. But what do I know, I'm just one of 69,456,897 stupid Americans.

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Old 03-28-2009, 08:54 PM   #28
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Somebody has been spending way too much time at Disney!

Thanks for the amazing insight.

Keep on posting, I'm learning things I didn't know I didn't want to know.

Now, back to the subject at hand...

PLEASE!
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