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07-18-2018, 01:50 PM
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#15
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Senior Member
Join Date: May 2015
Location: Icard, NC
Posts: 272
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Another thing to remember is the dealership is making money on the interest rate in the form a kickbacks from the lenders. The rate your quoted may be 1-2 or more points higher than what the lender is telling you. You accecpt the higher rate, the dealership either 1. Gets the difference, or 2. Gets a kickbacks, "rebate" from the lender.
It's whatever the lender, and Dealership has agreed on.
When you apply for financing, tell them you want the Buy Rate.
That's the lower rate quoted to the dealership.
I learned this from RV Pricing and Values, David Lester
Of course if you secure your own financing, or pay cash, it's a moot point.
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07-18-2018, 02:03 PM
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#16
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Senior Member
Join Date: Apr 2017
Location: Oklahoma
Posts: 153
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I worked the deal in a couple different directions. With our lender and the dealer. At first the dealers rates were higher until I presented the BOA’s rate quote. The dealer squirmed around and finally took another one percent off and we went with them. Just take your time.
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07-18-2018, 02:28 PM
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#17
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Senior Member
Newmar Owners Club Fleetwood Owners Club
Join Date: Jul 2013
Location: DFW
Posts: 1,473
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I’m getting 5.14 through dealer which is a little lower than Essex.
__________________
2009 Fleetwood Excursion 40E
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07-18-2018, 04:36 PM
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#18
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Senior Member
Join Date: Aug 2017
Posts: 544
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As I stated before, I am getting 4.75 from the dealer. Got me wondering now, might call B of A to see what they offer me directly.
__________________
2004 Newmar Mountain Aire 3781
2019 Ford Explorer Limited
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07-18-2018, 04:48 PM
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#19
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Senior Member
Join Date: Oct 2010
Location: OH - H - EYE - OH
Posts: 735
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OK, I will be the one. Buy something that you can pay for in cash. Pay cash or don't buy it.
__________________
On 10/15/10,
Puchased a 1989 Class B Dodge Xplorer In Cash
On 5/2/15, Fiance' purchased 2002 Dynamax Carri-go in cash.
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07-18-2018, 04:55 PM
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#20
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Senior Member
Join Date: Aug 2017
Posts: 544
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Quote:
Originally Posted by goreds2
OK, I will be the one. Buy something that you can pay for in cash. Pay cash or don't buy it.
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You are funny. We can pay cash. I made 14% on my investments last year. This year is going at least as well. If I take the money out and pay cash, I earn 4.75%. Pretty easy to figure out what way to go. Let your money work for you.
__________________
2004 Newmar Mountain Aire 3781
2019 Ford Explorer Limited
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07-19-2018, 08:41 AM
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#21
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Member
Join Date: Jun 2002
Posts: 32
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Totally agree. If you have the cash, don't use it to buy the RV. Not a smart move. You can have your investment returns pay the interest, plus an additional 5%. Paying cash may be a "feel good" thing but it makes no financial sense.
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07-19-2018, 09:02 AM
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#22
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Senior Member
Monaco Owners Club
Join Date: Oct 2014
Location: Rigby, Idaho
Posts: 3,943
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Lemme see...4.24% interest on a tax deductible loan, vs 25% roi that I got last year. Even with Obamanomics I did better than 4.24%, and with Trumponomics I've been killing! I think I'll leave my money in the market and use my 800ish credit score to get cheaper money from my credit union.
__________________
Cheers,
TonyMac
2006 Monaco Safari Cheetah 40PMT
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07-21-2018, 08:13 PM
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#23
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Junior Member
Join Date: Jan 2018
Posts: 23
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Just financed today...through dealership...they went through Bank of America...4.24% for 20yrs. Financed 105k.
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07-21-2018, 08:28 PM
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#24
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Senior Member
Tiffin Owners Club Freightliner Owners Club
Join Date: Oct 2008
Location: Merritt, BC
Posts: 3,753
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You might try Excel Credit Their rate was lower than Essex, and were very easy to deal with.
__________________
Bob, Sherron & Kinsey (RIP 2013-2022)
2017 Tiffin Phaeton 40QBH
2014 Jeep Cherokee Limited
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07-21-2018, 09:00 PM
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#25
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Senior Member
Join Date: Nov 2011
Location: Florida
Posts: 1,456
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Quote:
Originally Posted by funmoneypit
You are funny. We can pay cash. I made 14% on my investments last year. This year is going at least as well. If I take the money out and pay cash, I earn 4.75%. Pretty easy to figure out what way to go. Let your money work for you.
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I make more on my investments than the 3.9% on our loan but consistent 14%plus...do you invest your self or use a broker?
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07-21-2018, 09:02 PM
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#26
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Senior Member
Join Date: Nov 2011
Location: Florida
Posts: 1,456
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Quote:
Originally Posted by TonyMac
Lemme see...4.24% interest on a tax deductible loan, vs 25% roi that I got last year. Even with Obamanomics I did better than 4.24%, and with Trumponomics I've been killing! I think I'll leave my money in the market and use my 800ish credit score to get cheaper money from my credit union.
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I thought 14% was good .. can you enlighten me on how to get 25%? I would like to retire.
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07-22-2018, 12:18 AM
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#27
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Junior Member
Thor Owners Club Freightliner Owners Club
Join Date: Jun 2018
Location: Laguna Niguel
Posts: 15
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Dealer offered us 5.25% for 15 years. I shopped around and found a loan with US Bank for 4.99% for 15 years. Dealer ended up matching it. Credit is also around 800. Why didn't the dealer just give us the best rate for our new MH from the beginning?
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07-22-2018, 05:29 AM
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#28
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Senior Member
Join Date: Feb 2017
Location: Livingston TX
Posts: 308
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A couple years ago I went to my bank, Wells Fargo, for a loan for a new MH. I was putting 40% down. My bank said their rate was 10% but I didn't qualify anyway since I was retired and didn't have a job (my credit score is over 800). So I went to the dealer and in under 5 minutes had the loan at 4%
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