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Old 08-06-2011, 10:15 AM   #29
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On my car, the dealer offered me a better price if I financed it. I agreed, made one payment then paid it off.

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Old 08-06-2011, 10:27 AM   #30
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Paid cash for the last MH but couldn't quite squeeze the full amount for this one. Put down a big chunk and paid it off in a year.

At one point the house we owned still had a mortgage but we had enough cash to pay it off so we asked our tax guy if it was a better deal to pay it off or take the deduction. He said it is like 2/3 to the bank or 1/3 to Uncle Sam. Did cash for current sticks and bricks.

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Old 08-06-2011, 11:16 AM   #31
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Originally Posted by Dave and Jaime View Post

On the other hand, I have read many times where car dealers, in particular, may have arrangements with lenders and get a commission or kickback from lenders to whom they steer buyers. So, when they calculate their net profit on the deal they also figure what they will get from the bank, as part of it, if you indicate you will be financing. (Sometimes the "bank" may be the franchise's financial institution, like GMAC).

Auto and RV dealers have at least 3 profit centers for themselves. The sale of the unit, The financing of the unit and the service department. Right now unit sales are the lowest margin profit centers (Unless you get taken). If your going to finance, get with your bank, and take the dealer a pre-approved line of credit letter, stating the amount your approved for on the coach you want to buy. If they want to arrange financing for you then tell them sure but you must beat the pre-approved financing! More often than you think they can beat what you've arranged just because they buy blocks of credit at discounted rates. They offer you a rate that may be 1/2 percent higher than the buy rate for their block of credit. Guess who get the extra 1/2%. Tell them you want your APR at their buy rate!
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Old 08-06-2011, 07:34 PM   #32
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Originally Posted by MickBrennan View Post
You get a MUCH better deal with a pile of Benjamins.
Many dealers like to 'help' arrange or provide the financing, and will give you a better deal when they can 'help'.

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Old 08-06-2011, 07:46 PM   #33
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I put 70% down and paid off the balance 2 months later. I needed to pick up my new MH before enough cash was ready to come out of my investment acct without penalty. I asked my financial advisor if I should keep the loan for the 5 year term or pay it off. He said pay it off.

In the current economy it feels good to be debt free and the fewer payments I have to make each month, the better my mood.
Barb (RVM18), Sena (capuchin monkey, RVM Head Mascot) & Lily (Maltese/Yorkie)
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Old 08-06-2011, 08:00 PM   #34
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Cash, no question.

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