What The Heck!! Is This Right? - Page 3

Minnie's Mate · 03-28-2009, 09:33 PM

I saw it coming. Sorry, if you didn't.

Back to the issue at hand. It is a conundrum. We tax payers gave a no strings attached (stupid mistake by my side of the aisle) bailout to the banking industry so that credit would start flowing. So far, it didn't...oh yeah. It started enough in early January under the previous administration (mentioned only because someone would take credit for it on behalf of the new administration that didn't come into office until the end of Jan.) for January to show an increase in home sales. There was an increase in home sales in February also...before the stimulus plan was passed. All of the sudden, we hear that the recession has hit bottom and the stock market starts to climb. Hopefully all the good news we are hearing will get consumer credit rates low...lower than 13%. We should know something about March in the next week or so. So keep checking and check other sources.

RV's are luxury items and as such carry higher interest rates than homes and cars so that may attribute the high interest rates because the banks know that the job market is still in the tank and jobs will still be rocky for several months to come...probably 'till mid-May at least. So they realize that if something has to fall by the way side, it will be luxuries like RV's. The rates might close in on mortgage rates in another month or so.

Maybe you should try a trip to Disney. It helps keep me focused on reality.

altamont · 03-28-2009, 09:48 PM

Friend of mine just bought a $27k SOB and is paying 8.99%. Perfect credit and a controller of a billion dollar company. I say he knows where to borrow. Me, I got a 7%, 100% financing but that was 2 years ago.

53flyingcloud · 03-28-2009, 10:17 PM

Quote:

Originally Posted by altamont

Friend of mine just bought a $27k SOB and is paying 8.99%. Perfect credit and a controller of a billion dollar company. I say he knows where to borrow. Me, I got a 7%, 100% financing but that was 2 years ago.

Maybe, you should have spended more time talking with your friend and, enlight him...

ROBERT CROSS · 03-29-2009, 10:12 AM

Airstream and credit... our dealer used Thor, interest rates 6.25% in 2004.
After some on-line research, we decided to cash out early. Will be paying it off next month, yippie!!!!

Thor Credit Corporation - Irvine, California (CA) | Company Profile

**jcanavera** · 03-30-2009, 12:12 PM

Quote:

Originally Posted by ROBERT CROSS

Airstream and credit... our dealer used Thor, interest rates 6.25% in 2004.
After some on-line research, we decided to cash out early. Will be paying it off next month, yippie!!!!

Thor Credit Corporation - Irvine, California (CA) | Company Profile

I wonder if Thor got out of the finance side? I got a letter from them that my payment is now going to GE....although it is being mailed to the same address.

Jack

CrawfordGene · 03-30-2009, 12:30 PM

Quote:

Originally Posted by TROPHYJIM2

Thor GE financed mine at 7.25.

Jim

Jack, Jim's post may be a clue. Perhaps GE Credit took over the Thor Credit facility, or it was really a GE facility, or maybe GE Credit is administering the loan. The usual transparency in the credit business.

Gene

ROBERT CROSS · 03-30-2009, 12:52 PM

Quote:

Originally Posted by jcanavera

I wonder if Thor got out of the finance side? I got a letter from them that my payment is now going to GE....although it is being mailed to the same address.

Jack

I wouldn't be at all surprised if they have given up the financials.

That letter was one of the reasons we decided to pay out early.
Nowadays less debt is more peace of mind.

HowieE · 03-30-2009, 04:37 PM

Quote:

Originally Posted by gc24

The credit union wasen't much better as I wrote before. Essex requires 10% down.

The only person that should be financing 100% of the purchase of anything right now is Warren Buffet and he would only do it as a gift to the system.

It is bad enough to consider financing a depreciating asset of any kind in normal times but in this climate it is suicide.

What the bank is telling you is please go away.

Minnie's Mate · 03-30-2009, 11:31 PM

Quote:

Originally Posted by HowieE

The only person that should be financing 100% of the purchase of anything right now is Warren Buffet and he would only do it as a gift to the system.

It is bad enough to consider financing a depreciating asset of any kind in normal times but in this climate it is suicide.

I don't know. Right now you can get 0% from some of the new car dealers/manufacturers. Seems to me if you can use someone else's money for free you should use all you can. Provided you can pay it back. Even with today's passbook rates, you come out ahead by leaving your money in the bank and using their money to buy the car with, and if you get laid off or something, then take the money out of your account and pay it off or make payments out of the passbook until you get back on your feet.

ROBERT CROSS · 03-31-2009, 12:41 AM

Quote:

Originally Posted by Minnie's Mate

I don't know. Right now you can get 0% from some of the new car dealers/manufacturers. Seems to me if you can use someone else's money for free you should use all you can. Provided you can pay it back. Even with today's passbook rates, you come out ahead by leaving your money in the bank and using their money to buy the car with, and if you get laid off or something, then take the money out of your account and pay it off or make payments out of the passbook until you get back on your feet.

Hit the rivet there, 0% and great deals, now is the time for that new TV if ya can swing it, 'cept maybe Ram.

Could never understand a corporation that names it's trucks with an oxymoron.

53flyingcloud · 03-31-2009, 05:15 AM

Quote:

Originally Posted by ROBERT CROSS

Hit the rivet there, 0% and great deals, now is the time for that new TV if ya can swing it, 'cept maybe Ram.

Could never understand a corporation that names it's trucks with an oxymoron.

Oh, I get it..
GMC is Gov't Motors Corp..

xonvldz · 03-31-2009, 06:44 AM

made an inquiry 2 days ago to an rv/ boat financing broker in connecticut.what has changed from 2 yrs ago is the credit score bar.760 plus score they can get me 6.99%.760 score is the minimum to obtain this rate.not interested in buying ,just curious on what is happening in the market.

ROBERT CROSS · 03-31-2009, 08:00 AM

Quote:

Originally Posted by 53flyingcloud

Oh, I get it..
GMC is Gov't Motors Corp..

Don't be surprised if the GMC truck line is put to rest after this fiasco is over.

Do 'ya ram it or just get out of the way?

Minnie's Mate · 03-31-2009, 05:34 PM

Will the feds let GM go under after taking it over, so to speak? Will the feds put over 100K of its citizens out of work? I doubt it. They will just fork over more of our tax $$$'s for bailout round two so they can end up socializing the auto industry. I think Crystler is so far gone is the reason they are forcing them to sell out to a foreign company. Never thought I'd see the day our government would force the sell of a US company to a foreign one. Well, I guess when they are too far gone, it's the only way to save face.