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Old 03-31-2009, 05:51 PM   #43
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No one else wants Chrysler, even GM turned it down. Only Fiat has enough money to buy a shell of a company so it can get access to its dealer network. Cerebus got it from Daimler for pretty much nothing just to get rid of it.

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Old 04-01-2009, 06:37 AM   #44
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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
We got the same letter from Thor, who financed us for 6.99% with 10% down in 2007. We wanted to refinance now to get a better interest rate, after some phone calls eventually spoke with GE who told us they had "acquired" Thor financing. To make a longish story shorter, Prairieland Credit Union here gave us 5 1/2%, signing the papers this am, takes several years off the loan.

We had thought about making double payments at some point, to pay the AS off early, determined that the tax deduction on the loan interest was more beneficial to us as we have our home paid off and being able to itemize deductions is biggie.

We were told many years ago by a financial advisor that the basic rule of thumb is to use your own money for things that appreciate in value and others' money for things that depreciate, which we generally live by and has served us pretty well. Keeping your credit rating up is critical, and good financing is out there even today.
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Old 04-01-2009, 11:17 AM   #45
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We got the same letter from Thor, who financed us for 6.99% with 10% down in 2007. We wanted to refinance now to get a better interest rate, after some phone calls eventually spoke with GE who told us they had "acquired" Thor financing. To make a longish story shorter, Prairieland Credit Union here gave us 5 1/2%, signing the papers this am, takes several years off the loan.

We had thought about making double payments at some point, to pay the AS off early, determined that the tax deduction on the loan interest was more beneficial to us as we have our home paid off and being able to itemize deductions is biggie.

We were told many years ago by a financial advisor that the basic rule of thumb is to use your own money for things that appreciate in value and others' money for things that depreciate, which we generally live by and has served us pretty well. Keeping your credit rating up is critical, and good financing is out there even today.
Your financial advisor is nuts. It is smart to go into debt for things that appreciate, dangerous to go into debt for things that depreciate. Think it over.
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Old 04-01-2009, 11:43 AM   #46
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Your financial advisor is nuts. It is smart to go into debt for things that appreciate, dangerous to go into debt for things that depreciate. Think it over.

Exactly what I was told last month, that's why were paying out early.
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Old 04-01-2009, 11:56 AM   #47
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Your financial advisor is nuts. It is smart to go into debt for things that appreciate, dangerous to go into debt for things that depreciate. Think it over.
He is NUTS is a polite way of putting it.

That is why we are in this mess and have millions of people upsidedown in auto, boat, and trailer loans.

A good financial adviser would have told you, if you can't afford to pay cash for a depreciating asset you can't afford it. But that is not the American way.
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Old 04-01-2009, 01:40 PM   #48
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Hmmmmmmmm. Some very strong feelings on this matter! I do see what you are saying, don't agree there is only one way to do this.

We are 60 and in our second full year of retirement, have a paid for home, a nice chunk of money with Edward Jones and our only debt is our AS Interstate---so we have apparently made some pretty good decisions with our money over the years. We have excellent credit, have had loans for cars/appliances/carpet, etc., all of them at 0% financing for the past 10 years or so. We get the use of the purchased item while making a monthly payment---everything then paid off before or by the time due. It has worked very well for us. We would NEVER have pulled out cash to pay for our Interstate.
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Old 04-01-2009, 01:51 PM   #49
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0% financing is wonderful. Each payment, because of inflation, is less in real dollars than the last one. You have make sure you are not paying more for the item because of the financing deal. Sometimes auto companies offer 0% or a rebate—I usually take the rebate in that case.

In a depression or severe recession, when there is deflation over a period of time, then debts can be more expensive to pay off with each payment when income drops and debt payments stay the same. This happened in the Great Depression, the Long Depression (after Civil War) and various Panics prior to WWI. Without serious government stimulus, deflation will occur and even more people will default on loans.

There are different ways to deal with credit and it depends on individual needs and financial standing. Mortgage interest can be useful if at a low rate because it does allow the itemized tax deductions. When you have medical expenses that you can't deduct unless you have other deductions, mortgage interest can help get past the thresholds, for example. It takes some understanding of how the tax code works to take advantage of these things.

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Old 04-01-2009, 02:20 PM   #50
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Wow! Thank you, Gene. Your depth of understanding here far exceeds ours, but we ARE careful and don't allow ourselves to be screwed (pardon). We are very middle-income, were both raised by "Depression kids" and have a generally frugal approach to life---although we like a nice home and a nice travel home , we stay small so we can have nice and still live within our means. We have maintained a very good level of savings the past 15 years or so, the ability to pay off immediately in cash any debt we have taken on, should the need arise, and have never defaulted on anything.
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Old 04-01-2009, 03:48 PM   #51
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Way to go D&M! BTW, houses are considered assets that appreciate...until last year when the average house lost 19.8%. I guess nothing is depreciation proof. I guess that means no one in America except the super wealthy can afford to own a house anymore.
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Old 04-01-2009, 10:09 PM   #52
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Oh great another pizzen contest.

The operative word here is....ZERO%.

Why pay interest on something thats worth less and less every day? Pay it off if you can.
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Old 04-01-2009, 11:24 PM   #53
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Well, It just looks like it is still not the right time to finance a new trailer.
Just to speculate a little, I think that the interest rates will come down a little more on items like RV's and TT's in the next few months. When that happens I'll be ready to jump on a good deal and I'm pretty sure the dealerships that are still standing will want to deal at that time too. Also, by then the 2009 model will be an old model year as the 2010's will start to roll of the line in Jackson Center. I have a 2009 in my site.
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Old 04-02-2009, 12:31 AM   #54
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There was a time when Airstream did offered a RV loan program but, the requirements was extremely tight and, YOU had to have a outstanding credit rating. My experiences: There were only a very, very small handful of people who would fitted that profile.
Good Luck 2 you~ it can be done..
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Our experience with Airstream was that THOR had financing at reasonable rates, one buying a new 22' CCD in 2004 from a dealer in CA and the second one buying a used 25' CCD from a dealer in TN. Both were 15 year terms with a reasonable amount down.

THOR probably won't loan on a private Airstream purchase but the loan terms might make purchasing from a dealer more attractive than buying from a private party.
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Old 04-02-2009, 09:55 AM   #55
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Will there be many 2009's to buy? Production was down last year and the factory was closed a lot—something like from the latter part of December until late February. Have they brought down inventory?

Generally, inventory from all manufacturing piled up in mid 2008 and by late 2008, factories were slowing down production or closing, the same as Airstream. At some point inventory is worked off, prices start to rise and slowly, ever so slowly, a few people are hired back and production starts to increase a little with the manufacturers hoping to keep prices up to make up for all their losses. Recovery does not blast forward. The stock market will go up before anything else does, but whether this present upward trend is real or not—ask me in 2010.

So the sweet spot to buy may be now, maybe later. The thing to watch is inventory, both nationwide and for Airstream. Buy before inventory has gotten really low because low inventory increases prices.

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Old 04-02-2009, 11:28 AM   #56
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For a good deal, timing is everything, as is the desire (desperation?) of a dealer to sell, whether a tv he's paying interest on to the bank(?) to carry his inventory, or an Airstream. My wife and I have quit buying anything not essential, and are busy paying off all debt. Things are going to get worse.

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